PRESTIGE ASSURANCE FOCUS ON RETAIL BUSINESS
Key Points from the Announcement:
1. Renewed Focus:
- Objective: Prestige Assurance Plc aims to enhance its retail business to reach more customers and strengthen its market presence.
- CEO's Statement: Rajesh Kamble, Managing Director/Chief Executive Officer, emphasized that the company will focus on improving its retail offerings by developing new products tailored for the retail market and strengthening customer relationships.
2. Performance in Financial Year 2023:
- Profit Before Tax: The company reported a profit before tax of ₦1.40 billion for the financial year 2023, reflecting an improvement compared to the previous year.
- Gross Premium Written: There was a 19.56% increase in gross premium written, rising to ₦14.88 billion from ₦12.44 billion in 2022.
- Profit for the Year: The profit for the year surged to ₦1.31 billion, marking a 160.91% increase from ₦502 million in 2022.
3. Strategic Plans:
- Customer Engagement: The company plans to enhance customer engagement by offering personalized services and integrating their offerings into customers’ daily lives, particularly through digital platforms.
- Adaptability: Prestige Assurance aims to quickly respond to new social, commercial, and economic trends that impact their customers' financial lives.
- Cost Management: The company will focus on maintaining a lean culture and reinforcing cost-conscious practices.
4. Chairman's Confidence:
- Chairman’s Statement: Mrs. Funmi Oyetunji, Chairman of the Board, expressed confidence in the company's ability to deliver superior returns to shareholders. She highlighted the implementation of strategies to tackle emerging challenges and the importance of attracting talented staff to achieve strategic goals.
5. Performance in 2024:
- Second Quarter Growth: Prestige Assurance saw a 41.06% increase in revenue in the second quarter of 2024, rising from ₦6.2 billion the previous year to ₦8.8 billion.
Key Points from the Announcement:
1. Renewed Focus:
- Objective: Prestige Assurance Plc aims to enhance its retail business to reach more customers and strengthen its market presence.
- CEO's Statement: Rajesh Kamble, Managing Director/Chief Executive Officer, emphasized that the company will focus on improving its retail offerings by developing new products tailored for the retail market and strengthening customer relationships.
2. Performance in Financial Year 2023:
- Profit Before Tax: The company reported a profit before tax of ₦1.40 billion for the financial year 2023, reflecting an improvement compared to the previous year.
- Gross Premium Written: There was a 19.56% increase in gross premium written, rising to ₦14.88 billion from ₦12.44 billion in 2022.
- Profit for the Year: The profit for the year surged to ₦1.31 billion, marking a 160.91% increase from ₦502 million in 2022.
3. Strategic Plans:
- Customer Engagement: The company plans to enhance customer engagement by offering personalized services and integrating their offerings into customers’ daily lives, particularly through digital platforms.
- Adaptability: Prestige Assurance aims to quickly respond to new social, commercial, and economic trends that impact their customers' financial lives.
- Cost Management: The company will focus on maintaining a lean culture and reinforcing cost-conscious practices.
4. Chairman's Confidence:
- Chairman’s Statement: Mrs. Funmi Oyetunji, Chairman of the Board, expressed confidence in the company's ability to deliver superior returns to shareholders. She highlighted the implementation of strategies to tackle emerging challenges and the importance of attracting talented staff to achieve strategic goals.
5. Performance in 2024:
- Second Quarter Growth: Prestige Assurance saw a 41.06% increase in revenue in the second quarter of 2024, rising from ₦6.2 billion the previous year to ₦8.8 billion.