The National Insurance Commssion (NAICOM), has approved the 2014 accounts of the Nigeria Reinsurance Corporation .
The approval was given to the corporation by the commission in a letter dated July 3rd, 2015.
Announcing the approval to journalists, Managing Director of the Corporation, Mrs. Isioma Chukwumah said the it has in the last two years met the NAICOM June 30th deadline for submission of accounts for insurance and reinsurance operators in Nigeria. According to her, this achievement reinforces the Corporation’s strategy. to be among the top rated and compliant companies in the industry.
She said that at the beginning of year 2014, the Corporation objectively reviewed its operations and set a goal that is encapsulated in one phrase “To be a Profitable Global Player in the Reinsurance Market.
”The Corporation set out to achieve the goal by restructuring her operations, focusing on service delivery and more specifically on prompt settlement of claims, deepening existing clients’ relationship, improving on the Corporation’s visibility, monitoring sector challenges within the industry and delivering superior returns”, she stated.
The approved accounts shows that the Corporation recorded an improvement of 18 percent in the Gross Premium Income from N629Million in year 2013 to N743 Million in year 2014.
The account further reveals a strong balance sheet figure of N18.86 Billion. Claim settlement was given priority during the year as part of the overall strategy to clean up the books and satisfy its clients. The Nigeria Re boss concluded that with the approval of the accounts and the rating in place, the corporation is set to soar higher in business.