Oasis Insurance Plc has said that it was currently reinforcing to increase its mark in insurance industry and a better return on investment for its shareholders.
The Chairman of the company, Chief Samuel Adegbite, who stated this at the 18th Annual General Meeting of the company held in Lagos recently said it has mapped out strategies, which was aimed at further repositioning the going concern for increased dividend yield to shareholders as well as expand operation.
Adegbite stated that it became necessary to meet shareholders’ expectations and deliver on company’s promise of superior returns to all stakeholders.
He noted that the company’s gross premium income for the year 2009 was N895 million as compared to N1.226 billion in the current year showing a growth of 32 per cent over the previous year.
Adegbite added that the underwriting profit increased to N730 million in 2010 from N572 million recorded in 2009 thereby showing a 21 per cent growth.
“This is a good indication despite the fact that 2010 was a very challenging year and barring all circumstances, the management will strive hard to surpass this performance in the coming year to ensure better financial position for the company that will yield good returns on investments,” he said.
Speaking on the prospects of the company, he expressed optimism and gave assurance that the company would continue to build on its efforts to deliver extremely good services to the insuring community and general public as a whole through innovative products, up-to-date technology, competent and highly motivated and dedicated staff.
He noted that the volume of business written by insurance companies in 2009 grew by 33.5 per cent.
He said with increased awareness, product development and distribution coupled with the implementation of NAICOM’s Marketing Development and Restructuring Initiatives (MDRI) which emphasised the enforcement of compulsory insurances, Oasis Insurance would be repositioned to benefit immensely, adding that the company was presented with the opportunity to grow its oil and gas business significantly.
“We have remained resolute in our efforts towards profitability and equally unrelenting in our determination to add unequalled value to our various shareholders and customers throughout the country,” Adegbite said.
?