Royal Exchange Nigeria Plc is positioned for increased returns on premium and profitability with multi dimensional strategic business focusing on diversified earning opportunities, cost optimization and deployment of more earning new products.
The company revealed that it has strengthened plans to unbolt new growth potential that will increase consumer value and better returns on investment to its teaming shareholders.
Speaking to shareholders at its 48th Annual General Meeting in Kano,
Daily Times Nigeria gathered that Chairman, Royal Exchange Plc .Mr. Kenny Ezenwani Odogwu, made the disclosure, as he assured shareholders that the future of the company is bright, stating that management has done very well in growing the business and bringing stability in her operations.
“As always, Royal Exchange stays abreast with many of the initiatives it has put in place to grow its market share and attain market leadership position.” He said.
According to him, the group is currently streamlining major components of her business, service delivery, processes and operations to deliver superior returns in the short-term to the shareholders.
“This we believe will reposition our great company as not only a major industry player, but as potential game changer, Odogwu assured.
In the financial year ended December 2016, the group recorded a 16 percent growth in gross written premium from N10.79 billion in 2015 to N12.52bn in 2016, while total assets of the group witnessed a growth of 19.4 per cent, from N26.5bn in 2015 to N31.67bn, as at December 31, 2016.
Group Managing Director of the company, Alhaji Auwalu Muktari, stated that Royal Exchange Plc would strive to pay dividend next year having maximized available growth opportunities, including investment and underwriting during the year.
He said, “For the future that we behold, our goal is to continuously redefine, reinvent and differentiate ourselves in the market place. The focus would be on achieving sustainable growth for our company through deepening of our revenue base, improving service delivery support system and at the same time keeping a lid on our group-wide costs.”.
Royal Exchange has interest in general insurance, life insurance, asset management; healthcare as well as micro finance banking is taking advantage of synergies, as a financial conglomerate in its new drive for growth.
Its new growth potential, according to the chairman, is to be aided with a new inroad into agric insurance, the country’s new expanding goldmine, having secured approval to underwrite agric-business from the National Insurance Commission (NAICOM).
Stories: Bonny Amadi