NSIA INSURANCE GROWS PREMIUMS TO N22.3BN, REPORTS PROFIT SURGE
Detailed Breakdown:
NSIA Insurance Plc reported impressive financial growth in 2023, increasing its Gross Written Premiums by 24% to N22.3 billion, up from N18 billion in 2022. This growth was driven by strong performances in both the non-life and life insurance segments.
Key Financial Highlights:
Non-Life Business: Grew by 19% to reach N11.3 billion.
Life Business: Increased by 17% to N8.6 billion.
Profit Before Tax: Rose by an impressive 344% to N3.2 billion.
Profit After Tax: Surged by 400% to N3.1 billion.
In addition to profitability, key performance metrics showed significant improvements:
Return on Equity (RoE): Jumped from 5% in 2022 to 19% in 2023.
Return on Assets (RoA): Grew from 3% to 9%.
Claims Payments: NSIA Insurance fulfilled claims payments totaling N7.8 billion in 2023, adding to the over N27 billion in claims disbursed over the last five years.
Outlook: Moving forward, the company aims to expand its footprint in the retail insurance sector, with a focus on making its products more accessible to every household. The insurer remains committed to improving customer experience through enhanced service initiatives for individuals, organizations, and communities.
Conclusion:
Despite challenging economic conditions, NSIA Insurance has demonstrated resilience and strategic growth, positioning itself as a key player in the Nigerian insurance sector.
Detailed Breakdown:
NSIA Insurance Plc reported impressive financial growth in 2023, increasing its Gross Written Premiums by 24% to N22.3 billion, up from N18 billion in 2022. This growth was driven by strong performances in both the non-life and life insurance segments.
Key Financial Highlights:
Non-Life Business: Grew by 19% to reach N11.3 billion.
Life Business: Increased by 17% to N8.6 billion.
Profit Before Tax: Rose by an impressive 344% to N3.2 billion.
Profit After Tax: Surged by 400% to N3.1 billion.
In addition to profitability, key performance metrics showed significant improvements:
Return on Equity (RoE): Jumped from 5% in 2022 to 19% in 2023.
Return on Assets (RoA): Grew from 3% to 9%.
Claims Payments: NSIA Insurance fulfilled claims payments totaling N7.8 billion in 2023, adding to the over N27 billion in claims disbursed over the last five years.
Outlook: Moving forward, the company aims to expand its footprint in the retail insurance sector, with a focus on making its products more accessible to every household. The insurer remains committed to improving customer experience through enhanced service initiatives for individuals, organizations, and communities.
Conclusion:
Despite challenging economic conditions, NSIA Insurance has demonstrated resilience and strategic growth, positioning itself as a key player in the Nigerian insurance sector.