Equity Assurance assures stakeholders of better value

Equity Assurance Plc has assured its stakeholders of positive trends in its performances. This followed its return to profitability during the 2010 financial period, with a profit of N29m.In a statement on Friday, the Chairman of the company, Femi Somolu, was quoted as disclosing this during its 24th Annual General Meeting in Ijebu Ode, Ogun State.He said, Positive trend would be sustained in the years ahead.According to him, the firm aims at increasing its market share by introducing new products.He said due to the companys credit policy and its strict adherence to the prudential guidelines issued by the National Insurance Commission, Equity Assurance recorded a gross premium income of N2bn in 2010, while its underwriting profit hit N1.08bn in the year under review.In the same year, he added, Equity Assurance introduced cost reduction measures, which led to a decrease in its operating expenses by 4.48 per cent. According to him, the controls were achieved without sacrificing the future growth potential of the business.While noting the importance stakeholders placed on the quality of corporate governance, he said the companys board carried out a detailed review of its governance framework, especially in the way board roles were defined; its committee, its chairman, and the chief executive, and benchmarked it against best practices in corporate governance.
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