NAIC returns to profitability
THE Nigerian Agricultural Insurance Corporation (NAIC) has returned to profitability following strategic initiatives undertaken by the company’s management to develop new markets for higher agricultural penetration.
Specifically, from a loss position of N505.18 million in 2013, the company posted N394.95 million profit at the end 2014 financial year.
Its underwriting profit also grew remarkably from a loss position of N806.77 million in 2013 to N126.77 million profit during the review year, an indication of increased efficiency in risk management.
At the end of 2014, NAIC posted a gross premium written figure of N1.24 billion as against N995.82 million in the previous year, showing about 24.6 per cent increase, while the investment income was N472.48 million from N402.17 million in 2013.
The managing director/CEO, Bode Opadokun, presenting the scorecard after assumption of office a year earlier said the corporation’s goal is to continue to play the leadership role in the agricultural and general insurance business through a deep commitment of service excellence to clientele.
“We intend to gain deeper insights into customer’s specific needs and learn to deliver the relevant products to the right types of customers, at the right price and at the expected level of service.”
We will therefore continue to review our business process and models in order to build resilience and achieve this laudable goal, Opadokun said.
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