Crusader records N5.23bn gross earnings

Crusader Nigeria Plc has said that its gross earnings increased by 3.9 per cent to N5.23bn in the 2010 financial period.The Chairman of the group, Prof. Monsur Kenku, stated this at the companys 41st Annual General Meeting in Lagos .He said, A more prudent management of operational and management costs, coupled with a stable stock market, obviated the need to make significant write down of investment, which culminated in a profit for the year before transfers to insurance funds, compared to the loss incurred in 2009.He said while the companys life insurance business achieved a phenomenal increase of approximately 53 per cent in gross earnings over the 2009 figure, the non-life business recorded a reduction of nine per cent.The chairman observed that the insurance industry had continued to be extremely competitive, adding that the uneconomic pricing of products continued unabated.He expressed the hope that the enforcement of the compulsory insurance policies by the regulatory body, the National Insurance Commission, would be deepened in the coming years.
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