Despite worries about the harsh business environment, four underwriting firms were able to pool about N130.62 billion in gross written premium (GWP) out of total gross premium revenue of N630.4 billion generated by the industry in 2021, The Guardian has gathered.
The operators attributed the performance to growth across all lines of business in the market, even as stakeholders believe that one of the ways to drive industry penetration is through increased financial capacity of the players.
The four underwriting firms are AllCO Insurance Plc, AXA Mansard Insurance Plc, Sovereign Trust Insurance Plc and Guinea Insurance Plc.
The breakdowns of their premiums showed that AllCO Insurance Plc generated N71.6 billion, AXA Mansard Insurance (N44.97 billion), Sovereign Trust Insurance Plc (N12.7 billion) and Guinea Insurance (N1.35 billion).
Speaking on the performance, the Managing Director and Chief Executive Officer, AIICO insurance, Babatunde Fajemirokun, said: “Our half-year results are a testament to the resilience of our business model”.
The firm’s N71.6 billion GWP in 2021 was 15.6 per cent up compared with N61.9 billion recorded in 2020.
According to the chief executive, creating products that customers need to navigate uncertainty and trust is key to the company’s improved performance.
“Every insurance policy we sell is a contract with customers and a promise that we take very seriously. For us at AIICO Insurance, all our efforts are geared towards ensuring that our customers can believe us when we say that we are here for the long haul, come rain or shine,” said Fajemirokun.
The Chief Financial Officer, AXA Mansard Insurance, Ngozi Ola-Israel, said: “We delivered double-digit revenue growth of 21 per cent year-on-year (YoY), which was N45.1billion up from N37.2 billion and 31 per cent YoY net premium income growth from 17.4b to 22.7b in the first half of the year despite tough macro-economic conditions.”