Article

UN POLAC Honours Ojemudia

Posted on: 12th May 2022

Ojemudia gets UN POLAC Honour

The Managing Director/Chief Executive Officer of African Alliance Insurance PLC, Mrs. Joyce Ojemudia, has been honoured by the United Nations Positive Livelihood and Awards Centre (UN POLAC Foundation) as a Distinguished Woman of Peace and Honour with the conferment of its prestigious Queen Amina Heroine Award. The Distinguished Woman of Peace and Honour Awards (DWOPHA) generally honours the inspiring work of women whose encouragement, leadership, and commitment to peace stand out as beacons of strength and hope while the Queen Amina Heroine category celebrates women who have exhibited uncommon bravery and strength in the face of adversity to achieve success.
Mrs. Joyce Ojemudia is an accomplished insurance professional and astute manager of resources with over twenty years of experience in insurance sales, business development, risk management, claims administration, and reinsurance. She is an alumnus of the prestigious Lagos Business School (SMP 40) and the University of Lagos where she had her first and second degrees in Insurance and Risk Management respectively. Indeed in 2021, she was recognized by Business Day Media as one of 30 Notable Alumni of the prestigious Lagos Business School. She is also a Fellow of the National Institute of Marketing of Nigeria, and an Associate of both the Chartered Insurance Institute of Nigeria and the Institute of Chartered Economists of Nigeria.
In 2020, she was elected the President of the Professional Insurance Ladies Association (PILA), the elite body of professional women in insurance. Under her watch, the professional association successfully hosted her first-ever Africa-wide side event at the continental African Insurance Organisation (AIO) Conference during its 47th edition held in Lagos. Few months after her ascension to the PILA top position, she was appointed the Managing Director/Chief Executive Officer of African Alliance Insurance PLC, Nigeria’s foremost indigenously-owned life insurer with some 50,000 active policyholders spanning over three generations. As head honcho at the legacy insurer, Ojemudia had instituted a virile cost-saving strategy that is driving a top to bottom change within the organization while aggressively growing her market share by making viable and humane life insurance accessible to more Nigerians. Recall that last year, her shrewd management style enabled African Alliance Insurance PLC to clear years-old legacy indebtedness to the Pension Transitional Arrangement Directorate (PTAD); a move that industry watchers consider ‘bold and groundbreaking’ in all ramifications.
According to the Letter of Award signed by the Director-General, UN-POLAC, Prof Halo B. Eton, “United Nations POLAC Foundation was established as an international autonomous institution following the UN General Assembly with its aim and objective to select high profile individuals across the six geopolitical regions in Nigeria as Volunteers to propagate peacebuilding in Nigeria and assist in the implementation of UNDP programmes initiatives.” Going further, the letter informed Ojemudia that “as a Woman of Peace, you may be called upon for peacemaking, conflict resolution and other activities that encourages peace and positive living in line with international best practices.”

Signed
Bankole Banjo
Brand, Media, and Communications Manager, African Alliance Insurance PLC

Article

African Alliance Hosts NCRIB South-South Area Committee

Posted on: 15th Mar 2022

NCRIB

Foremost life insurer, African Alliance Insurance PLC, has restated its commitment to stronger and better business relationships with the Nigerian Council of Registered Insurance Brokers (NCRIB).

This assurance was delivered by the MD/CEO of the company, Joyce Ojemudia, to the members of the South-South Area Committee of the NCRIB during their Members’ Evening sponsored by African Alliance Insurance PLC in Port Harcourt.

Speaking at the event, Ojemudia said: “We do not take your support for granted, knowing well your critical role in our industry as well as being our longstanding partner in progress. For every business we have gotten from you, we say thank you. But like Oliver Twist, we want more.

Wanting more for us is not just about raking in more premiums, it is also about partnering with you to grow your businesses too while bringing succour to our mutual clients as well as driving the industry’s penetration. We reiterate our unstinting commitment to making you happy; after all, we are all in the business of putting smiles on people’s faces.”
Highlighting the company’s claims profile in the ongoing business year, she said in the first two months of the year, i.e January and February 2022, the firm had already paid a total of N1.42bn in claims.

“Broken down; we paid N268.14m in Group Life claims; N248.79m in Individual Life claims; N165m in Takaful claims; Esusu took N8.77m while Annuity was N726.18m,” she said.
A major attraction at the event was the special lecture titled ‘Solutions Mindset’ was delivered by Mr Kalada Apiafi, Chairman, Wider Perspectives Limited. Apiafi emphasized the place of creativity in coming up with solutions stating that problems are always in abundance whereas very few engage in creative processes that inspire solutions. A raffle draw for all attendees where various prizes were won was the highlight of the evening.

In continuation of its Brokers Roadshow, the company has concluded plans to host Abuja Area Committee on the 24th of March. The Abuja event will include an Insurance Awareness Walk, a collaboration between the NCRIB Abuja Area Committee and African Alliance Insurance PLC.

Incorporated in 1960 to transact life businesses in Nigeria, African Alliance Insurance PLC has grown in leaps and bounds while providing succour for individuals and aiding businesses across the country for over six decades.

Article

REQUEST FOR EXTENSION OF TIME TO FILE AFRICAN ALLIANCE INSURANCE PLC’S AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2021 AND Q1 2022 UNAUDITED FINANCIAL STATEMENTS.

Posted on: 3rd Mar 2022

AFRICAN ALLIANCE INSURANCE PLC – PRESS RELEASE ON DELAY OF 2021 AFS AND 2022 Q1 UFS – APPROVED BY NGX

Article

Speech delivered by MD/CEO, Joyce Ojemudia at NCRIB Lagos Members Evening

Posted on: 23rd Feb 2022

NCRIB

The President NCRIB,
Members of the Council of NCRIB,
Distinguished Elders,
All brokers here present,
The Management and Staff of African Alliance Insurance,
Our Guest Speaker,
Members of the Press,
Ladies and gentlemen,

As always, it is my delight to stand here today to share with you, African Alliance Insurance gospel of resilience, strength and perseverance. Despite the global economic uncertainties, the foremost life insurance company has served so many, across generations, having being in the business of insurance for 62 years, we believe it is our duty to intimate our critical stakeholders, the body of brokers, of our strides thus far as well as our plans to be the most agreeable business partner for all of you.
Ladies and gentlemen, I boldly state that we have made progress, there is no better word to define the massive changes, and growth experienced in our business in the past 1 Year+ of my resumption as the MD/ CEO of our great organization. Indeed the grace of God has been sufficient, even amiss the pandemic, we have moved upward and forward.
In the next few minutes, I will be taking us through the progress we have made thus far, as it relates to our mutual interests.

Our Claims Profile
It is paramount to every insurer to pay claims as this is fundamental to our existence as a business. This principle is taken as a responsibility in our company and has inspired us to continually pay claims promptly which is demonstrated in the billions we have paid in claims year in year out.
In 2021 business year, we paid claims exceeding N7.59bn to our customers, a substantial bulk of which were for annuity claims and the Group Life. This shows an increase of over N590m in claims payment in the prior year. As earlier stated, this is a clear confirmation of our unchanging commitment to paying genuine claims.
For proper representation, I will begin to highlight the breakdown of the figures of claims by product line paid for 2021 business year;

CLAIMS JAN- DEC 2021
INDIVIDUAL 1,234,586,643.21
GROUP 1,356,946,902.47
TAKAFUL 626,484,201.07
ESUSU 25,178,089.57
ANNUITY 4,348,670,916.82
TOTAL 7,591,866,753.14

Refocussing our attention to the present, in January 2022, we have paid a total of N723.96m in claims.
Group Life N81.89m
Individual Life N137.96m
Takaful N128m
Esusu N7.3m
Annuity N368.78m

Our claims efforts have been helped by strong reinsurance treaties with top reinsurers as our partners.

NCRIB

Our Recapitalisation Plans
• The company injected about N14.4B through assets conversion as at December 2020, this has indeed improved our shareholders fund considerably and increased our asset base.
• Furthermore, the company will be increasing its capital base through right issues targeted at significant shareholders in addition to getting new investors to buy into the company.
• Business combination which is our last resort in the event that the above plans are not adequate.

Market Expansion
The key strategic goal in 2021 was to grow our premium income via deliberate market expansion into untapped regions with good prospects for life insurance. To that effect, we have launched the retail marketing expansion strategy which led to the opening of offices in Abeokuta and Akure. In 2022, we are moving northwards as we look to reestablish presence in Ilorin and Jos as well as other prospective locations.

Product Development
In 2021 in a quest for customer satisfaction, we revamped our Esusu plus in response to our customers’ yearnings to have both a year-long plan as well as a two-year option. We also launched our innovative Term Assurance plan in the market, a product that has excited the market with its short-term focus and value addition. In 2022, we look forward to actively engage in customer surveys to further develop our products and increase customer satisfaction.

Adoption of Technology
Our self-service policy platform specifically for brokers as it concerns our Term Assurance product is up and running. We have also commissioned the design of a new core business application which comes with a wealth of benefits.
• We will be able to speed up our efficiency and effectiveness in terms of service delivery to you our dear partners;
• It will enhance collaboration with our stakeholders.
• It will significantly aid our digital footprints and support various remote policy buying capabilities.
We are also working on having a claims portal where all claims can be lodged from the comfort of your homes and treated in a timely manner.

Closing
In the previous year, your support and trust in us contributed immensely to what we have built and the capacity on which we stand today. I am confident that the God who has started this great work in our company will see it to perfection. He will continue to order our steps and lead us to an expected end.
I thank you for believing in us and buying into our vision. Esteemed gentlemen and ladies, another great season is upon us, we call you forth to join us as we sour even higher.
Thank you for your attention.
Long live NCRIB.
Long live African Alliance Insurance PLC.
Good Evening All.

Article

African Alliance Insurance excites customers with N7.5B claims

Posted on: 29th Dec 2021

Joyce Ojemudia

Foremost life insurer, African Alliance Insurance PLC has revealed that in the month of December 2021, it has paid ₦475M claims to its customers ahead of the yuletide season. This is part of a larger N7.5bn claims paid thus far in the year.

Speaking on the firm’s claims profile, Joyce Ojemudia, MD/CEO, African Alliance Insurance PLC, reaffirmed the company’s commitment to satisfying her teeming policyholders. “At African Alliance Insurance PLC, we are in the business of paying genuine claims as due. This is more important as the year rolls to an end with many uncertainties that may affect the festivities. For us, we have promised we will be with them for life, this is our ongoing fulfilment of that mantra,” the MD/CEO said.

Going further, she restated the company’s long history of claims payment while informing stakeholder that the firm has instituted a seamless claims process which included “fortifying the claims unit with agile and nimble claims experts enabled by technology to join the team on ground. This has resulted in a faster processing time for claims. As we end this year on a good note, we are reassuring our customers that we won’t renege on our commitment to paying claims as due.”

According to the year-to-date break down presented to the media, the life insurer has paid N1.23bn in Individual Life claims; N1.36bn Group Life; N626m Takaful; N25.2m Esusu payouts as well as N4.35bn in Annuity payments.

Incorporated in 1960, African Alliance Insurance PLC is widely regarded as the strongest and most experienced life insurance specialist in these climes. Operating out of its HQ in Lagos and 18 branches nationwide, the ISO certified firm recently demonstrated its ambitions in the retail space with the opening of two new branches to aid penetration.

Bankole Banjo
Brand, Media and Communications Manager

Article

African Alliance grows assets, declares profit, announces retirement of Board Chair

Posted on: 29th Nov 2021

African Alliance

Foremost life insurer, African Alliance Insurance PLC, has declared a profit before tax of N5.67bn in 2020 compared to a loss of N7.04bn in 2019 representing over 1300% year-on-year increase. This was made known at the company’s hybrid 52nd Annual General Meeting held in Lagos and streamed online

Writing in the Chairman’s Statement to shareholders, the company’s Chairman, Dr Anthony Okocha, whose retirement was later announced at the event, highlighted the many progresses of the company in the year under review. “Your Company was able to grow its asset base by 29% from over N40 billion to N56.3 billion. This was as a result of substantial capital injection which gave us a boost on our bottom line to the tune of N5.67 billion from the 2019 loss position of – N7.04 billion. These profits have been immediately assigned as retained earnings to further boost our ongoing quest to revamp our books and grow the overall financial standing of your Company,” he said.

A further analysis of the books shows that the company paid N8.16bn in claims, a 21% reduction year-on-year on the previous year’s figure of N10.4bn. This, according to the Chairman, was as a “result of shrewd underwriting/ vibrant risk selection process which saw us cede strategically to reinsurers.” The firm’s income from investments dropped also by 19% from N3.02bn to N2.46bn, a direct outcome of the decline in market rates, however, the company’s operating expenses also reduced by 14% as a precautionary counterbalance to the reduced earnings.

Whilst giving her remarks at the event, Joyce Ojemudia, Managing Director/Chief Executive Officer, African Alliance Insurance PLC, restated the management’s commitment to optimising costs and growing the market. She said, “Our main focus next year is to grow our market share substantially. This will be achieved by massive beef-up of the sales team (field force and corporate marketers) and provision of necessary tools to aid marketing activities. We will reopen branches in locations we have found promising and enhance our presence in existing locations. Our quest to maintain physical presence resonates with our integrity drive as insurance is a business of trust especially amongst the retail market. This effort will be supported by digital technology as we adopt a two-prong onslaught on the market.” She also listed as priorities the renewal of the company’s ISO certification as a business tool to enhance market confidence; staff training and retraining to aid knowledge acquisition; recruitment into key technical areas as well as massive IT upgrades to support the business goals.

Also at the meeting, the retirement of Dr Anthony Okocha, the company’s Board Chairman, effective 20th September, 2021, was announced. Sylva Ogwemoh SAN, a Non-Executive Director of the Company, who chaired the meeting, described the retired Chairman as a man who was passionate towards the cause of African Alliance Insurance PLC. “For a man to have led the board for 9 years is testament to his resilience despite all odds. We wish him a happy retirement and on behalf of the Board, management, staff and shareholders of the company, we thank him for his contributions to the growth of the company,” Ogwemoh said. Recall that under Dr Okocha’s watch, the company successfully conducted the first rebranding exercise in its 61 year history firmly making it attractive to younger professionals and repositioning it for future success.

Incorporated in 1960, African Alliance Insurance PLC is widely regarded as the strongest life specialist in the industry. With a policyholder base of over 50,000 policies, spanning more than three generation, the company is adequately positioned to provide innovative and customized plans for the Nigerian market.

Signed

Bankole Banjo

Brand, Media and Communications Manager

Article

2020 Annual Report of African Alliance Insurance PLC

Posted on: 23rd Oct 2021

2020 Annual Report of African Alliance Insurance PLC

Article

Notice of the 52nd Annual General Meeting of African Alliance Insurance PLC

Posted on: 15th Oct 2021

Notice of the 52nd Annual General Meeting of African Alliance Insurance PLC

Article

PILA Challenge Women To Lead in International Exchange Summit

Posted on: 28th Aug 2021

The Professional Insurance Ladies Association (PILA) has challenged professional women to be leaders in their various spheres of influence by taking charge and creating value. This was the takeout from the women association’s first virtual Education Summit that focused on the theme, Redefining Success in A Changing World.

Setting the tone for the event, the President of the association, Joyce Ojemudia, who is also the MD/CEO of African Alliance Insurance Plc, in her inspiring speech, said, “As we all know, success, by its very essence is about meeting and exceeding set expectations. In this COVID-19 imposed new normal, the parameters for measuring success has become quite stricter. However, if there is one thing we all here have in common, it is that we are in the business of uncertainty being Insurance Practitioners. We, therefore, are supposed to naturally thrive in uncertainties due to our training and professional leanings. But you and I know this is usually not the case. It is with this at the back of our minds that the Professional Insurance Ladies Association has put together this Education Summit to help us, reinvigorate us, remind us and indeed realign our thoughts towards success despite the uncertainties.”

Joyce Ojemudia

Frederick Bowen John, foremost Gambian Insurance expert spoke on redefining insurance in Africa in the 21st century as well as gender diversity from an international perspective. He highlighted the challenges facing Insurance globally and in the African market and the possible solutions to address these challenges. Yinka Ogunde, CEO of Edumark Consult, spoke about leadership and climbing the corporate ladder as a woman. During her session, she said “Preparation is very important if you want to get into the C-Suite. It is a place that requires extensive experience, proven impact, excellent leadership skills, strong management attributes and great problem-solving capacity, the vision to see what others see and before others see.”

Speaking about funds and retirement, Folashade Onanuga, a retirement planning specialist said “If you are planning for a good retirement, you must be able to distinguish between your needs and your wants right now. To retire well, you need money, you need assets and don’t put all of your assets in one basket, diversify. Always avoid the desire for quick returns and most importantly manage your health.”

Adetola Adegbayi, Executive Director, Corporate Services, Leadway Assurance, reminded the audience of the redefined place of woman in the modern day: “Our society now requires and says women must come to the front and when they come to the front, they must be fearless, they must not say this is how things are done.  They must be careful of dogmas, they must challenge everything. We have to see how we can create value and as we create that value, where we need to be, the ladder we need to step, the mountains we need to climb and the flag we need to fly on top of that mountain would obviously come.”

The 2021 Women in Insurance Summit kickstarted with the opening speech given by PILA’s Education Secretary, Omotola Sotade.  She mentioned that the summit was founded in 2002 as an educational seminar for women in Insurance which later transformed into an international program where members would embark on an educational tour in an African country.  This year’s summit is the association’s first virtual summit due to the restriction of COVID-19.

Article

PTAD clears African Alliance of Indebtedness to legacy funds, commends the firm’s leadership.

Posted on: 31st Jul 2021

African Alliance's Management Team with the Executive Secretary, Pension Transitional Arrangement Directorate (PTAD)

The Pension Transitional Arrangement Directorate (PTAD) has given the all-clear to African Alliance Insurance PLC after the legacy life insurer settled its outstanding indebtedness to the directorate. Consequently, the directorate has presented the widely acclaimed foremost life insurer with a certificate of non-indebtedness at a brief presentation in Abuja.

At the presentation, the Executive Secretary, PTAD, Dr. Chioma Ejikeme, while handing over the certificate to a team of senior management staff from African Alliance, commended the leadership of the company for its commitment to settling the debts against all odds.

She said: “My congratulations go to the MD and her team for this uncommon accomplishment. While we thank African Alliance Insurance PLC for her commitment towards the liquidation of this lingering debt within the shortest period of time by the current MD, Mrs. Joyce Ojemudia, we must add, without fear of contradiction, that the Directorate will not hesitate to approach African Alliance Insurance PLC for further clarification on Legacy Funds and Assets whenever the need arise.”

She further called on all other Insurance underwriters holding on to Legacy Funds and Assets to release the funds as a matter of urgency for the Directorate to meet obligations to pensioners.

In her response, the visibly excited Managing Director/Chief Executive Officer of African Alliance Insurance PLC, Mrs. Joyce Ojemudia, thanked the Almighty God for making the settlement of the debt possible whilst acknowledging the unstinting support of the board as well as the drive of the in-house committee on PTAD.

“With God, all things are possible. And with a Board like ours, ably led by the inimitable banker and financial guru, Dr. Anthony Okocha, impossible is nothing. I am grateful for the Board’s support throughout this process, indeed, their support was the sail under our wings.

I must not forget to thank my team, especially our amazing and reliable Executive Director, Finance, Mrs. Olabisi Adekola, for working assiduously with the PTAD Committee, as we call them in-house, to make this happen.

African Alliance Insurance has scaled yet another hurdle in our quest to aggressively grow our market share and bring viable and humane life insurance to more Nigerians.”

Incorporated in 1960, African Alliance Insurance PLC is recognized as the strongest specialist life insurer in these climes. Following the assumption of Joyce Ojemudia as the MD/CEO under a year ago, the firm has continued to experience an upward trajectory in its overall growth, branch network, staff emancipation, and consistent payment of claims.

Recently, the firm demonstrated its drive to expand its market with the opening of a new branch in Abeokuta, the first of two planned for 2021, as well as hosting the body of Brokers in Lagos and Abuja with the Port Harcourt leg soon to happen.

Signed

Bankole Banjo

Brand, Media and Communications Manager

African Alliance Insurance PLC

African Alliance's Management Team with the Executive Secretary, Pension Transitional Arrangement Directorate (PTAD)

L-R: Patrick Eka-Iloma, Risk and Compliance Officer; Olabisi Adekola, Executive Director, Finance; Joyce Ojemudia, MD/CEO, all of African Alliance Insurance; Dr. Chioma Ejikeme, Executive Secretary, Pension Transitional Arrangement Directorate (PTAD); Amaka Okafor, Head, Northern Region and Bode Raji, Head, Finance, both of African Alliance Insurance at the handing over of the certificate of non-indebtedness to the foremost life insurer today in Abuja.

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