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Tag: Royal Exchange

  • Royal Exchange gross premium grows by 22%

    Royal Exchange gross premium grows by 22%

    Royal Exchange Plc has announced a 22 per cent growth in its Gross Written Premium from  in the first nine months of the year from N8.87 billion to N10.82 billion as at September 30.

    Its Group Managing Director, Alhaji Auwalu Muktari, disclosed  while speaking on the third quarter results.

    Muktari, who said the result had been announced on the floor of the Nigerian Stock Exchange (NSE), said the company achieved this growth in the 2015/2016 financial year.

    He said the Group witnessed an increase of 15 per cent growth in its Gross Premium Income from N8.19 billion to N9.38 billion.

    He said: “Net claims paid to Royal Exchange clients grew marginally by four per cent from N2.43 billion to N2.52 billion for the third quarter.  Net income for the period amounted to N2.67 billion, with a modest growth of 12 per cent over that of last year, which stood at N2.36 billion. Profit before tax grew to N274.60 million as at the third quarter of 2016 from N111.34 million achieved in the corresponding period in 2015, resulting in a growth rate of 14 per cent.

    “In spite of the economic recession, Royal Exchange was able to grow its business portfolio by focusing on the ever-growing retail insurance market as well as participating in large-ticket corporate transactions.The company witnessed growth along most of its performance indicators because the company focused more on its core business of insurance and implemented a cost optimisation strategy across all the subsidiaries of the group, which resulted in profitability and growth across the Group.”

    He added that the results  released showed that by focusing on the Group’s growth objectives set out at the beginning of the year, Royal Exchange will be able to continually grow its business portfolio and provide substantial returns to its shareholders.

    He said the firm will continue to focus its efforts on aggressive sale of its various products and services as well as sustain its cost optimisation strategy to meet the Group’s forecast in the year.

  • Royal Exchange generates N8b premium in six months

    Royal Exchange generates N8b premium in six months

    Royal Exchange Plc has generated a gross written premium of N8.43 billion from its business activities in the first half of the 2016 financial year, representing an increase of 34 per cent over last year’s figure, which stood at N6.28 billion.

    Gross Premium Income also witnessed a growth of 17 per cent over the 2015 figure, with the 2016 figure standing at N6.46 billion, compared to the N5.50 billion generated in the corresponding period in 2015.

    Net Premium Income for the period amounted to N4.34 billion, with a modest growth of five per cent over that of half year 2015, which stood at N4.12 billion.

    Total Net Claims paid for the period under review amounted to N1.95 billion, an increase of 42 per cent from half year 2015, which was N1.37 billion.

    Group Managing Director of the company, Alhaji Auwalu Muktari, who made this known in a statement, said the half-year result on the top-line items witnessed significant growth, which showed that Royal Exchange as an insurance group, is focusing on its growth objectives set out at the beginning of the year, by participating in large-ticket financial transactions, as well as playing in the retail insurance market.

  • Royal Exchange tasks youth on leadership roles

    Royal Exchange tasks youth on leadership roles

    Nigerian youths must be ready to step into the shoes of those leading the country today, the Group Managing Director, Royal Exchange Plc, Chike Mokwunye has said.

    Speaking at the 8th Annual Leadership Conference for Secondary School Prefects from 40 secondary schools with over 800 prefects across Lagos State, he told the youths that they are potential entrepreneurs, business leaders who must be ready to step into the shoes of those leading today.

    The forum was organised by the Foundation for Youth Empowerment and supported by Royal Exchange Plc.

    The conference had The Nigerian Youth in an Entrepreneurship focused economy as its theme.

    Mokwunye said the company was motivated by an abiding sense of duty and patriotism to contribute to nurturing the youths to be productive and responsible citizens.

    He stated that the Royal Exchange brand is well known for its empathy and high sense of patriotism, adding that the partnership reflects tthe firm’s belief in the potential of the  youths to soar and excel in their chosen field when given the opportunity.

    He said: “The leaders ruling today will not be here tomorrow and as prefects in your respective schools, you are being thrust into the limelight, with a hope of a better Nigeria, resting on your shoulders.

    “The students attending the conference are already in positions of authority in their respective schools, and we want a situation where they continue to be seen as examples for others to follow. At the end of the training, we expect the prefects to be role models, ready to lead, direct and positively influence others around them.

    “Considering the evolutional stage of our nation, Nigeria, there is no better place to discuss the topic of Leadership than now. You have been placed in a position of leadership in your various schools and I believe that the authorities must have seen something unique before selecting you as prefects.”

    At the national level, he said the country is blessed with abundant resources. “All we need is to put the right leaders in place and we can begin the march towards national prosperity. All of you here represent the future of the nation. That is why we, at Royal Exchange, believe that any investment in the youth is an investment in the future of our nation.

    “There is the element of achieving something positive under the guidance of a change agent who must enjoy the respect and followership of others. So as prefects, your colleagues look up to you as a beacon of hope. As a leading light, each of you has been invested with a responsibility to do the right things and to point the way for others to follow.”

    The Coordinator of the Foundation for Youth Education, Mr. Patrick Ajogwu said the Foundation was founded with the aim of instilling academic excellence, promoting qualitative education and leadership attitude development.

    Ajogwu said the aim of the conference, which is in its eight edition is to enable students start early by developing the necessary leadership skills. It also assists the students with counselling and direction as they begin to make their career decisions.

    Royal Exchange Plc started operations in 1921 and has been sponsoring the School Leadership Conference for the past four years.

  • Royal Exchange partners NGO on youth education, leadership

    Royal Exchange partners NGO on youth education, leadership

    The Royal Exchange Group said it is determined to instill leadership qualities in Nigerian youth.

    Its Managing Director, Mr. Chike Mokwunye, said it will go into partnership with a non-governmental organisation called Foundation for Youth Education, to accomplish the objective by conducting leadership training and conference for secondary school prefects in Lagos State.

    He said his company’s decision to partner with the NGO, is motivated by an abiding sense of duty and patriotism to contribute to nurturing the Nigerian youth to be productive and responsible citizens.

    A conference was held on November 5, at the College Hall, Igbobi College, Yaba, Lagos, and it brought together over 800 secondary school prefects from 40 schools across Lagos State.

    He said the students attending the conference are already in positions of authority in their respective schools, and they want a situation where they will continue to be seen as examples for others to follow. “At the end of the training, we expect the prefects to be role models, ready to lead, and positively influence others around them,” Mokwunye added.

    He continued: “The Royal Exchange brand is well known for its empathy and high sense of patriotism. This partnership reflects our belief in the potential of the Nigerian spirit and the ability of the Nigerian youth to soar and excel in their chosen fields when given the opportunity.”

    The Coordinator of the Foundation for Youth Education, Mr. Patrick Ajogwu, said the NGO was founded with the aim of instilling academic excellence, promoting qualitative education and leadership attitude.

    Ajogwu said the aim of the conference, which is in its fourth edition, is to enable students start early by developing the necessary leadership skills, adding that it will also assist the pupils, counselling and giving them direction as they begin to make their career decisions.

    Royal Exchange, which had previously sponsored the Nigerian Idol, has been sponsoring the School Leadership Conference for the past three years. It started operations in 1921 and continues to be driven by innovation and determination to offer services that are of exceptional value to its customers.

  • Royal Exchange makes N828.2m

    Royal Exchange makes N828.2m

    Royal Exchange Plc has posted a profit before tax of N828.21 in its financial year ended December 31, 2013 as against N703.09 million in the previous year.

    The company comprises Royal Exchange General Insurance Company Ltd, Royal Exchange Prudential Life Plc, Royal Exchange Healthcare Ltd, Royal Exchange Finance & Asset Management Ltd and Royal Exchange Microfinance Bank Ltd.

    Shareholders of company are to receive a dividend of 5k per 50k ordinary share for the year under review.

    The company also generated gross written premium of N9.08 billion, while that of the preceding year was N7.61 billion, an increase of 19 per cent.

    Claims expense for the year amounted to N2.48 billion in comparison with N1.63 billion reported in 2012, an increase of 52 per cent while underwriting expenses increased by three per cent from N2.13 billion in 2012 to N2.20 billion in 2013.

    These translated into net income before overhead expenses of N3.40 billion, as against N2.67 billion in 2012.

    Management expenses, on the other hand, rose to N2.53 billion as against an expense of N1.98 billion in 2012, signifying an increase of 28 per cent.

    The gross revenue grew to N9.08 billion in 2013, up from N7.61 billion recorded in 2012, which translated to net income before overhead expenses of N3.40 billion, as against N2.67 billion in 2012.

    The company’s rise in gross revenue was due principally to increases in premium contributions from the group Life insurance business, Royal Exchange Prudential Life PIc.

    Chairman of the Group, Kenneth Odogwu, made this known at the company’s 45th Annual General Meeting (AGM) in Lagos.

    He said the increase was in accordance with their business expansion initiatives group-wide.

    He explained that the rise in management expenses was attributable to branch expansion, retail business development and investments in e-business and information technology.

    Group Managing Director, Chike Mokwunye said their philosophy of delivering value to our shareholders without compromising on service standards remains sustainable.

    This, he said, was reflective on our performance metrics in 2013 as earnings per share rose 45 from 11 kobo in 2012 to 16 kobo at the close of 2013.

    He said: “Royal Exchange commenced operations for the year kicking off its three-year Strategic Implementation Programme tagged ‘Road to 25’. This unique initiative – to be concluded in 2015 – is billed to have far-reaching transformative impact on our structure, operations and businesses and would reinvigorate our brand towards becoming a stronger, more market-oriented organization with deeper tentacles in the financial services value chain; most especially in the areas of retail insurance, asset management and banking services.

    “Our objective is to build an enduring business premised on’ efficient service delivery and sharper market responsiveness by leveraging on technology to strengthen our market penetration, product innovation and distribution channel.

  • Royal Exchange appoints Mukesh Group Head

    Royal Exchange Plc has appointed Mr. Mukesh Malhotra, an Indian national, as its new Group Head, Strategy and Business Planning.

    In a statement, the Group Managing Director, Mr. Chike Mokwunye, said the appointment of Malhotra is in continuation of the company’s resolve to employ seasoned professionals who can impact positively on the fortunes of the Group and build a market-oriented organisation that would be responsive to the needs of the market and the ever-changing demands of clients.

    He added that the appointment will also enable the firm to redefine its strategic vision, develop new products and channels to meet the ever-changing needs of the consumer and also enable the Group to be a dominant player in the insurance industry and other financial services sectors.

    He said Mukesh will be responsible for developing different business strategies for the various business subsidiaries, develop new products, enhance existing products/channels and also implement the revised three year strategic plan for the organisation encompassing all the functions in the organisation.

    Malhotra is a seasoned executive with over 17 years of rich experience in the areas of finance, corporate strategy and mergers and acquisitions in companies such as BhartiAirtel, eBay, Coca Cola, Dell and Ricoh.

  • Royal Exchange makes N743m profit

    • Declares 4k dividend

    Royal Exchange Group has made a profit before tax of N743 million in the financial year ended 2012 as against the N210 million recorded in 2011.

    The company, however, gave out dividend of 4k per 50k ordinary share for shareholders for the year ended December 31, 2012.

    Chairman, Royal Exchange Group, Kenneth Odogwu told shareholders at the 2012 Annual General Meeting in Lagos that the result was credited to marked improvement in the performances of subsidiaries, except for Royal Exchange Prudential Life Plc which posted a low of N223million.

    The group consists of Royal Exchange General, Royal Exchange Healthcare, Royal Exchange Prudential Life, Royal Finance, Royal Exchange Microfinance Bank.

    Odogwu said despite the hostile operating environment, experience by the insurance sub-sector and in finance industry in general, Royal Exchange Group remained resilient in its performance, exploiting new opportunities and maintaining a strong hold on its existing business in 2012.

    He said: “During the period under review the company generated gross written premium of N7.6 billion,while that of his preceding year was N6.82 billion, representing 11.85 per cent..

    “Claims expenses during the year amounted to N1.63 billion similar to N1.64 billion spent in 2011. In relative terms, the claim ratio dropped from 35 per cent in2011 to 30 per cent in 2012.”

    The Royal Exchange boss said this translated in to net income before overhead expenses of N3.5 billion as against N3.1 billion of 2011, an increase of 11.91 per cent.

    “Similarly, investment income increased significantly by 35.1 per cent from N475.2 million in 2011 to N642 million in 2012. The appreciable recovery of the capital market and pricing of money market instruments enhanced the ability of your company to maximise returns from our quoted equities and cash portfolios within the year,” he added.

  • Royal Exchange chief urges school prefects on leadership

    Royal Exchange Plc has urged secondary schools’ prefects to consider leadership in their schools and in future.

    Its Group Managing Director Chike Mokwunye gave the advice at the yearly leadership conference for secondary school prefects in Lagos.

    He said there was no better time and place to discuss the topic ‘Leadership’ than now, considering the evolutional stage of the country and, most appropriately, the prefects place in schools.

    He said: “As prefects, God has placed you in the position of leadership in your various schools and I want to believe that the authorities must have seen something unique and adorable in you before selecting you as prefects.

    “At the national level, it is often said that God has blessed this country with abundant resources. All we need is to put the right leaders in place and we can begin the march towards national prosperity. All of you here represent the future of the nation. That is why we, at Royal Exchange, believe that any investment in the youth is an investment in the future greatness of our nation.

    “As prefects, your colleagues look up to you as a beacon for direction. As a leading light, each of you has been invested with a responsibility to do the right things and to point the right way for others to follow.”

    The Royal Exchange boss said the conference was one of those initiatives designed to impact in the pupils, the virtues of honesty, diligence, hard work and empathy.

    He urged the prefects to respect constituted authority, such as government and the schools management, saying it is their duty to regulate activities either in the schools or in the larger society.

    “So, I enjoin you to continue to show exemplary conducts and to uphold high ethical standards that will make you all good ambassadors of your school and the nation at large.

    “Royal Exchange Pic is Nigeria’s first insurance company, founded in 1921. After 92 years and have since diversified into providing a wide spectrum of financial services which include general and healthcare insurance, life assurance, finance and asset management as well as microfinance banking.

    “We are here to identify with your aspiration as future leaders of this great nation because we believe in the potential of youths to be the best in their chosen field of endeavour, be it sports, music, engineering or medicine,” he said.

    He praised the Lagos State Government for its investment in education, which has seen the elaborate renovation of school infrastructure and sustained human capacity building of the staff.

    It is this focus on education that has attracted our firm to support the training of pupils, Mokwunye added.

  • ‘Royal Exchange to boost performance’

    ‘Royal Exchange to boost performance’

    Royal Exchange Prudential Life is focusing on the deployment of a robust retail marketing strategy to take insurance to the grassroots and improve on financial performance, its Managing Director, Mr Wale Banmore, has said.

    Speaking at a retreat for the company’s management staff, he said the company also identified improved service delivery to boost its premium income in the financial year.

    He said the company has begun the training and upgrade of its marketing personnel, in line with realities, who are expected to impact positively on the fortunes of the company.

    He noted that the management believes in the Royal Exchange’s brand and its people, adding that it’s most important resource, are more than capable of delivering outstanding service to existing and potential clients, nationwide.

    Speaking on efforts of the staff, which has resulted in winning ways for the company, he challenged them to work harder in the years ahead, in order to achieve objective of becoming a world class company by 2015.

    Also, the Group Managing Director of Royal Exchange Plc, Mr Chike Mokwunye, urged staff of REPLA to focus on customer service excellence, among other major initiatives, to drive its quest for market leadership and enhance the company’s status as a dominant player in the life insurance industry in the next three years.

    He said: “The customer is at the heart and soul of every organisation’s growth and success and it is very important to keep them satisfied if one wants to remain in operation. If the customer is treated well, he or she stays with you, but if they receive shabby and unsatisfactory treatment, the customers will take their business elsewhere.

    “The future of insurance in Nigeria is the life business, which has not been fully tapped into, and for Royal Exchange Prudential to seek market leadership, an effective and efficient policy of customer service, loyalty and retention must be in place in the organisation.”