Prestige Assurance is the only company that met 100 per cent claims that amount to N2 billion to its policy holders
Prestige Assurance company, a subsidiary of the New Indian Assurance Co.Ltd, revealed that said it has successfully paid N2bn in 942 Insurance claims in 2014.
The Managing Director and Chief Executive Officer of the company, Dr Bala Swamy revealed this during an exclusive interview with The UNION Monday, in Lagos.
According to Swamy the company paid a total number of 942 claims to the tone of N1,928,477,162.08 in 2014 with Gross Premium Written that stood at N2,653,695,000 while Gross Premium Income showed N2,856,366,000.
For the year under review ,the Company recorded Total Assets that stood at N11,893,946,000, Total 2014: Prestige Assurance Paid N2bn For 942 Claims Liabilities N7,317,798,000, Shareholders’ Fund N4,576,147,000, Insurance Contract Liabilities N4,173,905,000, Net Claims Expenses N1,515,700,000, Underwriting Expenses N828,706,000, Underwriting Result (693,988,000), Net Operating Income N176,755,000, Management Expenses N532,718,000, Profit/(Loss) after tax N14,187,000 and Solvency Margin N4,691,964,000.
Looking at the 2013/2012 financial year, the company equally paid a total of N2.192 billion on 918 claims in 2013 compared to 2012, when the company paid N3.4m in 1,042 claims.
A breakdown of these claims in 2013 are Fire with 195 claims that amounted to N1.075bn, General accident recorded 221 claims amounting to N227.369million while motor had 265 claims that amounted to N76.713million
Other claims include, Marine & Aviation with 117 claims, Engineering had 23 claims, WC with 91 claims and Oil & Gas having 6 claims which amounted to N509.910, 000, N29.048, 000, N39.849, 000 and N233.613,000 respectively.
In Fire recorded N1, 600,000 in 134 claims, Marine &Aviation gulped N787 ,000 in 435 claims ,Motor took N80,000 while others had 254 that amounted to N817,000.
But looking at the Gross Premium written (GPW) at the year under review ,the company there was a decrease of 11.85 per cent recording N4,222,338bn in 2013 as against N4,790,054bn in 2012.While the Net premium income amounted to 748737bn in 2014 compared to N1846,156bn in 2013 indicating a 5 per cent decrease.
The Company had a total assets of N10.134, 493bn in 2013 showed a 4.26 per cent increase to N9.720,860 in 2012 . Even though that the company’s financial report sent to NAICOM is still being reviewed ,it is on record that the company took on 8 per cent of the risk and paid $2.609 million dollars, being compensation to victims of the deceased Dana Air that crashed on June 3, 2012.
The company was also among the 14 insurance companies that joined in the Energy and Allied Risks Insurance Pool of Nigeria (EAIPN) that contributed 40 per cent of their subscribed lines amounting to $4 million and have also been prompt in submitted their financial report to NAICOM.
Swamy had at the NCRIB member evening last week said that the company is putting in the expatriate knowledge of the mother company, The new Indian Assurance Co ltd that is rated A-excellent by AM Best of USA with over US$5bn assets base and shareholding that increased to 69.5 per cent in January 2015 to reposition and move the company to a greater height.