NAIC grosses N1.2bn, returns to profitability

Federal Government owned agricultural insurer, Nigerian Agricultural Insurance Corporation (NAIC) has returned to profitability following strategic initiatives by the Company’s management to develop new markets for higher penetration.

From a loss position of N505.18 million in 2013, the Company posted N394.95 million profit at the end 2014 financial year.

Its underwriting profit also grew remarkably from a loss position of N806.77 million in 2013 to N126.77 million profits during the review year, an indication of increased efficiency in risk management.

At the end of 2014, NAIC posted a gross premium written figure of N1.24 billion as against N995.82 million in the previous year, showing about 24.6 percent increase, while the investment income was N472.48 million from N402.17 million in 2013.

Bode Opadokun, the managing director/CEO of the Company presenting his scorecard after assumption of office a year earlier in the year said the Corporation’s goal is to continue to play the leadership role in the agricultural and general insurance business through a deep commitment of service excellence to its clientele.

“We intend to gain deeper insights into customer’s specific needs and learn to deliver the relevant products to the right types of customers, at the right price and at the expected level of service.”

We will therefore continue to review our business process and models in order to build resilience and achieve this laudable goal, Opadokun stated.