Tag: Prestige

  • Prestige gets N4.79b premium

    Prestige Assurance Plc has posted a Gross Written Premium (GWP) of N4.792 billion in its 2018 financial year.

    This is coming just as the company sought the shareholders approval to increase the firm’s authorised share capital from N3 billion to N10 billion by creating 14 billion ordinary shares at 50 kobo which will rank pari-pasu with existing shares of the company, and he was granted the permission by the shareholders.

    The former Acting Chairman of the company, Sir Muftau Oyegunle, made this known at the firm’s 49th Annual General Meeting (AGM) in Lagos.

    He stated that the firm achieved an increase of 26 per cent performance with the N4.792 billion as N3.809 billion was recorded in 2017.

    He said: “The gross premium income stood at N4.66 billion, pre-tax N645 million while the total assets moved from N11.8 billion to N13 billion. Claims paid stood at N1.23 billion and a dividend of 3 kobo per share for 2018 financial year, was paid to shareholders.

    “The company’s board has taken certain steps to increase gross premium income, as well as retention capacity. The objective is to grow premium and profit margins including after tax through expanding and deepening the deployment of digital marketing; retail sales; strengthening portfolio of products and increasing physical presence across the nation by expanding network of micro-offices.

    Having secured the nod of the shareholders, he implored them to pick up their rights issues to enable the firm meet the new capital requirement.

  • Prestige to increase authorised capital to N3b

    Prestige Assurance Plc has secured the approval of its shareholders to increase its authorised share capital to N3billion from the initial N2, 223,489,000 by  creating 1,553,022,000 ordinary shares of N.50 each.

    Shareholders also asked the company to issue bonus shares from its share premium account in the sum of N7, 82,569,517 being 41 new shares for every 100 shares held thereby increasing the issued share capital of the Company from N1, 908,706140 to N2, 691,275,658 by issuing 1,565,139,035 ordinary shares of N0.50 kobo each, to shareholders who are on the Register Members at a date to be determined.

    The company’s Chairman, Hassan Usman, who spoke at the Company’s 48th Annual General Meeting (AGM) held in Lagos, stated that gross premium income rose 45.7 percent at the end of the financial year ended December 31, 2017 to N3.81 billion from N2.61 billion in 2016.

    He said the investment income also appreciated remarkably by 98.9 percent to N830.91 million from N417.82 in 2016.

    He said: “Profit for the year stood N531.84 million, 139 percent increase from N22.99 million in the previous year. While total assets rose 21.53 percent to close at N11.78 billion in 2017, from N9.69 in the previous year, earnings per share rose 139.7 to close at 9.90 kobo in the review year.

    “The world economic crisis has created avenues for business growth and development, stating that Prestige Assurance see strength and not weakness and as such is prepared to widen her business horizon to deliver quality returns to her stakeholders. It is obvious that there are great potentials for the insurance industry in Nigeria, particularly with the various initiatives that our regulator, the National Insurance Commission (NAICOM) and trade association have put in place to bring sanity into the industry as well as policies that are needed for business to thrive.

    “Our company has positioned itself to succeed in a vibrant financial market and more importantly in insurance sector by introducing new products and processes that guarantee good returns on investments, as such, no stone will be left unturned to build financial supermarket that delivers quality services and generate profits to our loyal and esteemed shareholders.”

    He added: “We realise the competitive environment of the insurance industry could be as challenging as ever, especially with the entrance of international giants into the Nigeria market. We welcome this development, not only because of the opportunity it presents to upgrade insurance practice in Nigeria, but also in recognition of the rare competitive strength we have built over the years as one of the oldest and most experienced operators in the Insurance Nigeria market.

    “At Prestige, our in-depth knowledge of the Nigeria market with very strong international links gives us cause to believe that we are well poised to tap into areas of opportunity in the Nigerian market with our market-winning products and services.”

  • AIO suspends Prestige, others over fees

    THE African Insurance Organisation (AIO) has suspended Prestige Assurance Plc, Standard Alliance Plc and Industrial and General Insurance (IGI) for failing to pay subscription fees for more than three years.

    This was announced during AIO report  of the executive committee to the 45th Annual General Assembly held in Accra, Ghana. The body said other companies suspended from Nigeria were Cosmic Insurance brokers and National Cooperatives Insurance.

    Companies suspended from Ghana are: Donewell insurance Company and Quality Insurance company while Jubilee Insurance from Tanzania was also suspended.

    Angola’s A MUNDIAL Seguros S.A. and Ethiopia’s Nib Insurance Company were also suspended.

  • Prestige records N2.6b gross premium

    Prestige Insurance Plc said it recorded gross premium of N2.61 billion in the 2016 financial year, the same as in 2015, the Chairman, Mr. Hasan T. M. Usman, has said.

    Usman, who spoke at the Company’s Annual General Meeting in Lagos, said during the year under review, the principal activity of the company continued to be insurance business and there were no changes in the year under review as gross premium stood at N2.61billion.

    He said the company’s reinsurance expenses stood at N1.44 billion while result from operating activities was N350.9 million. He stated that the company recorded a profit before tax  of N340.39 million and profit after tax of N221.99 million.

    According to him, at the beginning of  the financial year under review, immense challengeswere anticipated as a company, he was, however, happy that not only did they successfully address the challenges but their experience in the past financial year endowed them with a stronger, agile and more robust operating framework.

    On the company’s plan to restructure its balance sheet, he said the board of directors having sought professional advice decided that pursuant to section 106 of the Companies and Allied Matters Act cap C20, laws of the federation of Nigeria and the company and subject to the confirmation of the court, the issued share capital be reduced from N2,685,216,000 to N1,908,705,000 by cancelling and extinguishing 1,553,022,000 of the issued ordinary shares of 0.50kobo each in the company, each of which is fully paid up and the amount so reduced be applied in writing off the capital which is lost or unrepresented by available assets.

    The Managing Director, Dr. Balla Swamy, said the years 2015 and 2016 were used for pending claims settlement thereby creating a cord in the insurance market as the company is now known for its prompt claims settlement.

  • Prestige records N2b premium

    Prestige records N2b premium

    Prestige Assurance Plc has recorded a gross premium income of N2.4 billion in its financial year end 2015. Chairman, Prestige Assurance Plc, Hassan Usman made this known during the company’s 2015 Annual General Meeting (AGM) in Lagos.

    According to him, the company’s profit before tax stood at N20.3 million while loss incurred after tax stood at N145.3 million during the year under review due to the peculiarity of the tax laws guiding insurance companies where  tax is levied against premium earned and not profit made.

    He disclosed that underwriting expenses stood at N1.7 billion just as result from operating activities was N39.6 million. He noted that the company was well poised to tap into areas of opportunity to go forward.

    He said: “Our unmatched depth of knowledge of the market and very strong international links, gave us cause to believe that we were well poised to tap into areas of opportunity in the market with our market-winning products and services.

    “As part of our strategy to achieve our intention to be one of the top three insurance companies in Nigeria, the strategic business unit, e-business and Ikeja branch office were opened and made operational. There are plans to open more branches with the intention of acquiring more market share of the insurance industry.

    “We are also working tirelessly to adapt technology to our business and we have been able to integrate our software, Global Insurance Business Solution, to our operations’ lines and services while introducing a number of value-added products and services that would considerably enrich the company’s customer experience.”

  • Shareholders force board change at Prestige Assurance

    The Indian chairman of board of directors of Prestige Assurance has stepped down and a new Nigerian chairman appointed following demand by shareholders for a Nigerian chairman for the board of the insurance company.

    A reliable source said Mr. Gopalan Srinivasan, the Indian chairman of the board of directors, stepped down at a board meeting last week and Mr Hassan Musa Usman was immediately appointed as chairman of the company.

    The change, the source hinted, was due to demand by shareholders, who had raised objection that the board and management should not be headed by Indian appointees of the majority core investor. At the 45th annual general meeting of the company July 13, 2015, shareholders had called for a change in the composition of the board of directors, especially the chairmanship of the board.

    The former chairman, Srinivasan, represented the interest of the New India Assurance Company Limited, which held the 51 per cent largest equity stake in Prestige Assurance. New India Assurance is a multinational company operating in 27 countries with a network of 19 branch offices, 12 agency offices, four associate companies and three subsidiary companies. It is the largest general insurance company in Afro-Asia, besides Japan with a global premium of over $1 billion.

    Srinivasan had joined the New India Assurance Co Ltd, Mumbai, India in 1979 as a scale I officer and rose through the ranks to become Managing Director, New India Assurance Co Ltd, Trinidad and Tobago and later chairman and managing director of New India Assurance Company.

    Besides the chairmanship, the management of Prestige Assurance is dominated by Indian appointees of the majority shareholder. At the last count, the managing director, the second most senior management executive and another management executive holding strategic position were Indians.

    The new chairman, Usman, immediate past managing director of Aso Savings and Loans Plc, is a chartered accountant with career spanning two decades in finance and investment advisory as well as privatisation services.

    Usman graduated with a BA, in Economics from the University of Sussex, and an M.Phil. in Development Economics from Darwin College, University of Cambridge. He is an Associate of the Institute of Chartered Accountants in England and Wales. He is also a Registered US National Association of Securities Dealers Series 7 Investment Banking Representative.

    He had worked in many organisations including as executive director , investment,  Abuja Investment and Property Development Company Ltd, Bureau of Public Enterprises (BPE), Citibank, Arthur Andersen S.C London and the Central Bank of Nigeria (CBN).

    Prestige Assurance Plc had recently raised N1.5 billion in new equity funds from existing shareholders.

     

  • Prestige records N2.65b premium income

    Prestige records N2.65b premium income

    Prestige Assurance Plc has written a recorded a gross premium of N2.65 billion in the financial year ended 2014, the company Managing Director, Balla Swamy has said.

    He made this known at the Company’s 45th Annual General Meeting (AGM) in Lagos.

    According to him, profit for the year was N176.75 million while reinsurance expenses stood at N1.52 billion.

    He added that while taxation stood at N160.8 million during the year under review, retained earnings stood at N14.18 million.

    He said the net premium income is N1.33 billion, profit before taxation is N176.75, profit after taxation is n14.18 million, total assets is N11.89 billion and shareholders’ funds is N4.58 billion.

    Speaking on prompt claims payment, Swamy said the company continues to improve on its prompt claims payment policy with the sum of N1.93 billion payout in 2014.

    He added that the solvency margin of the company in the year under review is N4.69 billion as against the N3 billion required noting that this bears a testimony to the strength of the company.

    He pointed out that the 63 years old company is set to reposition its business and turn around its fortune through delivery of prompt, efficient and qualitative services to its numerous clients, constantly rewarding its shareholders with adequate returns on their investments and also contribute to the development of insurance business in the Nigerian economy.

    He added that in the quest to reposition the Company in the industry and increase its share capital, it offered for subscription N1.5 billion rights issue which was 113.59 per cent subscribed.

    He said: “In a renewed vigor for providing excellent on-line-real-time services, the Company has launched its operations into Cloud which is accessible via cloud computing whereby large group of remote servers are networked so as to allow sharing of data-processed tasks, centralised data storage, and online access to computer services or resources via the browser.

    “In pursuant to the positive impact of good corporate governance structure in every forward looking organization, the Company remained committed to the principle that promotes good corporate governance hence there is constant review of processes and practices to ensure compliance with the legislative and best practice changes in the global corporate governance environment.

    “In support of the local content in Nigeria, Prestige is finalising reinsurance program for oil and energy treaty to the tune of $10 million covering Nigerian oil and energy risks both on shore and off shore and five million US$ for aviation.”

    He stressed that the company was embarking on opening of more branches in addition to its four branches in order to reach easily and serve efficiently our numerous clients.

    As a proactive organisation, Prestige has positioned itself as a mega financial supermarket for its esteemed clients by offering Lease Financing, Guaranteed Commercial Papers, Bankers’ Acceptances and investment in real estate for letting to positively reflect in the company’s performance, he said.

     

  • Dana crash: 24 families to get $70,000 balance, says Prestige

    CHEQUES of $70, 000 each of 24 victims’families of last year’s Dana Air crash out of 101 are ready, the underwriter Presitige Insurance has said.

    The Dana Air’s Boeing McDonnel MD-83 flight No. 992 on June 3, last year crashed in Iju-Ishaga area of Lagos State, killing all the 153 passengers and the crew on board. It destroyed properties and killed about 13 victims on ground.

    In a statement, Presitige Managing Director, Mr Arnand Prakash Mittal, said over 101 deceased passengers’ family cheques and fund transfer certificates had been released to the lawyers for the initial liability payment of $30,000.

    He also said the company has handed over the cheques for some of the third party property on ground, which were certified and forwarded to them by the legal firm.

    He noted that other co-insurers working with the relevant government agencies would continue to work round the clock to ensure the processing and payment of these claims and compensations once proper documentation is done.

    He reiterated the company’s commitment to honouring its contract to families of victims of the Dana air crash that occurred in Lagos exactly a year ago.

    In his words, “As the nation marks the first anniversary of the Dana air crash, the management of Prestige Assurance Plc, the lead insurance underwriter to Dana Air, commiserates yet again with the families of victims of the crash that occurred in Lagos exactly a year ago.

    “The company seizes the opportunity of the one year anniversary of the accident to pray God to continue to repose in the families of the deceased the fortitude to bear the loss of their loved ones.

    “Suffice it to say that as responsible risk bearers, Prestige Assurance Plc is committed to honouring its contract and, therefore, reiterates its preparedness to settle all genuine claims arising from the unfortunate incident and certified by the solicitors appointed by the lead reinsurers (overseas) as provided by the Dana aviation policy terms and condition”.

    He further said: “On behalf of other co-insurers, the company wishes to assure families of victims of the air disaster that the insurance companies will pay compensations to all beneficiaries once their documentations are certified genuine and okay for payment by the competent authority.

    “Consequently, the company solicits the cooperation and understanding of victims’ families to exercise restraint and settle their internal differences and come up with proper documentations to enable settlement of their claims without further delay.

    “It is on record that over 101 deceased passengers’ families’ cheques/fund transfer certificates have been released to the solicitors for the initial liability payment of $30,000, while about 24 of them have been able to provide the required Letters of Administration and their cheques for the balance of $70,000.00 each, as final payment have also been handed over to the firm of solicitors to enable them hand over same to appointed administrators of the deceased passengers’ estate, after  finalisation of the legal processes involved. In addition to this, we have also handed over the cheques for some of the third party property on ground which were certified and forwarded to us by the legal firm”.

  • ‘Prestige Assurance, Dana Air insincere’

    Five months after the Dana Airline crash which claimed about 200 lives, families of some of the victims have accused the insurer of the ill-fated aircraft, Prestige Assurance, of insensitivity for refusing to pay the claims of their dead beloved ones.

    A lawyer said the law stipulates that within 30 days from crash date, the advance payment of $30,000 should be made to those who are entitled to it.

    Some of the family members, who spoke with The Nation, lamented that they have been subjected to untold hardship since the sudden death of their breadwinners and the failure of Prestige Assurance to pay them. They also lamented that they had submitted all the papers demanded by Dana Air and the insurance firm for payment only for them to remain mum.

    Mr James Okafor, who lost his brother, Nwabuwa, in the crash, said he conveyed the body from Lagos to Anambra State, bore his burial expenses, and has since been taking care of the late man’s children from his meagre income.

    Also, Mrs Titi Shobowale, who lost her husband, Femi, said she had submitted the papers demanded by the airline and the insurance firm but had not received any response from them.

    “I have completed all the fromalties, yet I have not recieved any positive response from either Prestige Assurance or Dana. I am tired of the ‘come today, come tomorrow’ by the two of them,” she said.

    For Chief Obi Awani, a retiree, who lost his daughter and a nine- month-old grandson, it was a bitter tale too. According to him, after submitting all the documents demanded by the airline and the insurance firm, he was told that there was a division in his family and was advised to go and sort it out. “That was strange to me because there was no such problem among my family members,” he said.

    Efforts to get the reaction of the management of Prestige Assurance proved futile as phone calls put to its Managing Director, Dr Anand Prakash Mittal, were not picked while the short message service (SMS) sent to him failed to elicit any response.

    But the spokesman of Dana Airlines, Mr Tony Usidameh, said it was not true that Dana is uncaring. According to him, the families of about 80 families out of all the victims have been paid the mandatory $30,000. The balance would come from the reinsurers abroad, he said.

    He said the cause of the delay was not from Dana and that it was difficult for the families to obtain letters of administration from the court as demanded by law. He assured that the Nigerian Civil Aviation Authority (NCAA) and Dana Air were working with the Lagos State government to simplify the process.

    He said the insurers would only pay if they have the right documents.

    He said Dana does not delight in the suffering of the families of those who died in the crash. On the $15,000, he said it was not true. He said the law stipulates $30,000 as compensation for a victim and that is what they were paying.

    He added that another cause of the delay for payment was of multiple family members coming for claims.

    Meanwhile, lawyers representing some of the victims’families have accused the airline and its insurer of playing games with Nigerians and the families of the dead to frustrate them.

    They said it was a deception against Nigeria and its people and wondered why the management of the airline and the insurance firm were treating Nigerians like that.

    They appealed to President Goodluck Jonathan, members of the Senate and the House of Representatives, the Minister of Aviation, Mrs Stella Oduah and the National Insurance Commission (NAICOM) to prevail on the Prestige Assurance’s and Dana Air’s management to pay the mandatory $30,000 due to the surviving family members of the victims.

    They called on the Senate and House Committees on Aviation and the NCCA Director-General, Mr Harold Demuren and other Nigerians to compel Dana Airline and Prestige Assurance to pay the mandatory compensation to alleviate the sufferings prevailing in these families

    A group of legal practitioners, Dr Bunmi Awoyemi of the M.O. Awoyemi & Co., Mr Gbenga Eguntola, an aviation lawyer and Mr Aminu Ayama of H. Ibrahim & Co, Kano, who represent about 40 of the affected families, said they had done everything possible to get Prestige Assurance and the airline to alleviate the sufferings of the family members of the victims.

    Awoyemi said the law states that within 30 days from the crash date, $30,000 should be paid to those who are legally entitled to it.

    But after over five months, he said, Dana and its insurers have only paid 13 out of the 40 families. He said Prestige Assurance paid $15,000 instead of $30,000 to four more.

    He gave their names as: Rajulie Oyosoro; Ugabio Oyosoro; Jessica Ibe and Echendu Ibe. He said the others had not had any payment even after submitting their documents.

    Eguntola accused the airline and its insurer of not doing enough for the 18 ground victims whom, he said, had approached him to help seek redress.

    Dana Air was not interested in bearing their responsibilities, he alleged.

    Ayama said of the five families he represents, about 25 orphans were left without resources, adding that many of them were out of school.