GNI settles N273.35m claims

Great Nigeria Insurance Plc has said that it paid claims totaling N273.35m in 2010 to its policy holders.The companys Chairman, Segun Oloketuyi, disclosed this during the companys 47th Annual General Meeting in Lagos on Friday.He said, In our determination to regain the confidence of the insurable public, we have instituted effective measures to ensure prompt processing and settlement of reported claims. Therefore, claims paid increased to N273.35m in the reporting period from N212.34m in the corresponding period of the financial year ended December 31, 2009.In spite of the challenges in the economy, he said that the strategies evolved by the board and management towards strengthening the confidence of the insuring public in the company had been yielding results, as evidenced by improvements recorded in the period under review.He said that the company recorded a marginal growth of 3.8 per cent, from N6.66bn in 2009 to N6.92bn in 2010.He explained that the growth in assets was primarily driven by conscious efforts at growing its short-term investments portfolio and value enhancement arising from marking quoted stocks to the market.The companys gross earnings, he said, rose by 10 per cent from N1.05bn in 2009 to N1.16bn in 2010.The increment was attributable to concerted efforts to expand our participation in the oil and gas sector underwritings and deepened our share of the insurance underwriting purse of our high profile customers, he said.He said that the companys underwriting profit increased by 35.4 per cent from N448.9m in 2009 to N608.1m in 2010. The chairman said, In an attempt to ensure we have and retain quality hands that will take the company to its rightful position at the top of our sector on all positive indices, we have been able to inject a mixture of youth and experience to create the right balance. This, we believe will yield positive dividends in the coming years.He assured that the company would continue to ensure continuous reviews and restrategising on its activities.Our commitment to excellent service delivery and our focused strides towards profitability remain unchanged. Coming up with innovations and being proactive to meet customers needs will also be our focus. We know that this will only be achieved through sustained fiscal discipline and supports of all our stakeholders, Oloketuyi said.
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