NSIA Insurance pays N27bn claims in five years, unveils retail expansion plans

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NSIA Insurance Limited paid its customers over N27bn claims for various losses they experienced in five years.

The Chairman of NSIA Insurance Limited Dr. Adesegun Akin-Olugbade, disclosed this on Friday at a media briefing in Lagos, while talking on the company’s remarkable growth in 2023 and retail expansion plans

He said, “Our proud moments are all the opportunities presented to us to fulfill our obligations to our esteemed customers. We made claims payment of N7.8bn in 2023 and over the past 5 years, we have made claims payment in excess of N27bn. We remain unflinching in our commitment to fulfill our obligations to our customers as we are prominently known.”

The chairman noted that 2023 has been a period of tremendous and unprecedented growth for NSIA Insurance, representing another successful year for the company.

Despite the difficult operating environment, the company’s initiatives and strategies produced significant results that demonstrated the dedication and tenacity of all stakeholders to go above and beyond the status quo.

As a customer-centric organization, he said putting the customers at the heart of what it does is a cardinal principle guiding and shaping its values and operations.

He disclosed, “This mutual trust is reflected in our Gross Written Premium growth of 24% from N18bn in 2022 to N22.3bn in 2023. The Insurance Service Result also grew by 18% to N19.8bn from N16.8bn in 2022.

“This growth permeated across the business lines with the Non-life and Life business achieving double-digit growth of 19% and 17% respectively, from N9.5bn and N7.3bn in 2022 to N11.3bn and N8.6bn in 2023.

“We were able to successfully navigate the stormy macroeconomic in 2023 by deploying cost optimization initiatives and leveraging our technical and management expertise to deliver Profit Before Tax of N3.2bn and Profit After Tax of N3.1bn indicating a growth rate of 344% and 400% respectively.

“Our positive performance was also reflected in other key metrics such as Return on Equity (ROE) which improved from 5% in 2022 to 19% in 2023 and Return on Asset (ROA) which improved from 3% to 9%.”

He said that the vast opportunities in the retail insurance segment remain untapped.

“We are steadily increasing our footprint in the retail sector as we are poised to ramp up operations to meet the needs of the retail segment and provide excellent service delivery to ensure that there is an NSIA Insurance product in every home,” he said.

L-R: Chigoziem NKEMIBEGBULAM (Head, Internal Control), NSIA Insurance Limited; Thomas YEBOUET (Chief Operating Officer); Udo OKEKE (Head, Internal Audit); Moruf APAMPA (MD/CEO); Dr. Adesegun AKIN-OLUGBADE (Chairman, Board of Directors); Oluwafolayemi BALOGUN (Head, Human Capital Management); Abideen MUSA (ED, Technical); Adetutu ARUSIUKA (Head, Business Development); and Steve UMA (Head, Information Services & Technology), at a press briefing in Lagos on Friday

The chairman added, “As we look forward, we will intensify our excellent customer service delivery initiatives to continuously improve our customers’ experience.

“Our main goal is to keep assisting individuals, organizations, associations, communities, and governments in recovering from unforeseen events. It is incumbent on us to guarantee that with NSIA Insurance customers can save for a comfortable future and protect the people and assets that are most valuable to them.”