Royal Exchange grows premium income by 14 per cent

Royal Exchange Group in 2015 financial year recorded a gross premium income of N10.79 billion as against N9.43 BILLION IN 2014, showing 14 percent increase.

Kenneth Odogwu, chairman of the Company made the disclosure at the firm’s Annual General Meeting (AGM) in Lagos.

He said the firm’s net premium income peaked at N8.08 billion, profit/loss for the period (N1.29 billion) and total assets N 26.53 billion.

According to him, the firm’s net claims was N3.04 billion, as against N2.43 billion recorded in 2014, while the underwriting expenses decreased by four per cent from N2.74 billion in 2014 to N2.64 billion last year.

He noted that the management expenses were N3.27 billion as against N3.09 billion in the previous year, adding that an increase in reserve of N1.2 billion was made by the group for the insurance and investment liabilities of the life subsidiary with the period under review.

A shareholder, Gbenga Idowu commended the firm for looking into the future through investment in information technology that would help drive its operations.