"The year 2011 witnessed the successful conduct of the 2011 general elections which created renewed confidence in Nigeria’s political process despite its chequered democratic credentials. Despite this, the year remained challenging with escalated violence and increased internal security issues, particularly within various locations across the Northern Region of Nigeria. In spite of the heated political environment, Standard and Poor’s reviewed the nation’s BB+ long term credit ratings from stable to positive while Fitch reviewed its BB- rating from negative to stable."
"The year 2010 was one of recovery of the financial markets, credits squeeze in the economy and bank debt crises, which led the Federal Government to establish the Assest Management Corporation of Nigeria"in order to stimulate the recovery of Nigeria's financial system... In line with the projection for overall 2010 growth of 7.85%, real Gross domestic product(GDP) grew by 7.86% driven by the non-oil sector, especially agriculture with support from services, and general commerce."
"The year 2010 sees improvements in the financial sector, with a healthier stock market performance. As such, your Company should witness an upturn in its book losses, whilst taking full advantage of new opportunities to continue to sustain its position as an insurer of choice".
"2008 ended as a melting year. It was a year that started bouyantly, with a halo of confidence for the fundamentals of the Nigerian financial market, which subsequently dropped away under the weight of the global financial crisis, heralded..."
"The year 2007 witnessed the conclusion of the insurance industry consolidation exercise which culminated in the reduction of the number of insurance companies from 103 to 49 at the end of the consolidation exercise. On the heels of consolidation, the insurance industry enjoyed renewed vigour with market capitalisation being put at an estimate of N241.5 billion. Insurers gained from investor's confidence in the growth potential of the industry as a whole within the context of an emerging economy..."
Excerpt from Chairman's Statement.
2006 A/C pdf
"Against the background of the operating environment, the Company witnessed significant growth in performance as perceived "safe" insurer. The Company enjoyed a 26% increase in its Gross Premium income from N4.5b in 2005 to N5.7b in 2006, but with a significant jump in claims incurred by an overwhelming 88% from N938.5m in 2005 to N1.8b in 2006.."
Excerpt from the Chairman's Statement.
2005 A/C pdf
"..The 2005 operating environment continued with the wave of capital increases for banks and other financial services providers, particularly insurance companies. The new capital base for insurance companies, which was greeted with initial apprehension, has now been accepted as a way of contributing to long term sustainable economic growth…”
Excerpt from Chairman's Statement
2004 A/c
"Against the background of the operating environment, the Company achieved a 30% growth in Gross Premium Income from 2.9b in 2003 to 3.8b in 2004. This was largely contributed from assured savings under Life Business’ deposit administration plans, which recorded a significant growth of 92%, as opposed to a modest growth of 20% under general business. The year was also remarkable in terms of claims incurred, which went down marginally by 11% from 995.6m..."
Excerpt from Chairman's statement
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