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.

Article

AFRICAN ALLIANCE GROWS MARKET SHARE BY 23% YOY, TARGETS 50% GROWTH BY YEAR-END

Posted on: 30th Jul 2021

AFRICAN ALLIANCE GROWS MARKET SHARE BY 23% YOY, TARGETS 50% GROWTH BY YEAR-END

African Alliance Insurance Plc said it has grown its market share by 23% year on year, higher than the industry’s average of 18%, disclosing that it is focusing at a minimum of 50% growth by the end of the year.

The Managing Director and Chief Executive Officer, Mrs. Joyce Ojemudia disclosed this while briefing members of the Nigerian Council of Registered Insurance Brokers (NCRIB), Abuja Council Area at its Members’ Evening held in Abuja yesterday on the activities of the company.

On the company’s unaudited report for the second quarter of 2021, she said the firm’s Gross Premium Income rose by 66% YOY from N1.8 billion to N3.05 billion, adding that it has paid 29% more claims YOY from N2.43 billion to N3.12 billion.

She described the performance as “an obvious testament to our ongoing commitment to paying genuine claims as due.”

She said all efforts are backed by a robust reinsurance treaty with top reinsurers in the business which she said has helped “us spread our risks and also aided our capacity to take in more risks at any point in time.”

On market expansion, she told the brokers that the firm has recently opened a branch office in Abeokuta, noting that one of the firm’s strategic goals for 2021 is to grow our premium income via deliberate market expansion and identifying regions that have good prospects for life insurance.

She said, “This Abeokuta branch -and the others soon to be opened- brings us closer to realizing those goals. This further demonstrates our growing retail strength and I must quickly say this would be the first new branch the company will open in recent years. Over the next few weeks, we are opening another in Akure, Ilorin, and another in the South East as soon as we conclude our feasibility. studies.”

Mrs. Ojemudia also briefed the brokers on the other developments in the company including the strides so far recorded in the past year, and the company’s plans going forward.

Product Development

As a life insurer of repute with a continuous quest for customer satisfaction, we are currently working on an array of products as demanded by the market. First, our Esusu plus is being revamped in response to our customers’ yearnings. Then we have concluded work on our innovative Term Assurance plan, a product sure to excite the market for its short-term focus and value addition. These products are outcomes of a customer survey and therefore address their needs whilst ensuring viable benefits for all and sundry.

Digital Adoption

It is clear the direction every forward-thinking organization must go: increased digital footprint. We are easily one of the most active insurers across the major social media platforms including Facebook, Instagram, LinkedIn, and until recently, Twitter.

In addition, we have set up a self-service policy take-up platform specifically for brokers as it concerns our Term Assurance product. Call it a do-it-yourself portal, the portal is customized for all brokers to buy end-to-end without the need for any intervention from us, the insurer. This is one of the ways we are embedding technology in the way we work just so we can achieve more quickly and do faster.

Human Capital Development

The quality of an organization is directly linked to the quality of its staff. For four generations of staff, African Alliance has led in producing first-class human capital across departments and business lines. In recent times, you would agree with me that our industry demands a nimble, well-informed, and constantly upgraded workforce to meet the market expectations and deliver on time for the Z generation.

To ensure we are not left behind, we have hired an in-house Training and Development expert, someone whose years of experience across various sectors and industries has, in a short while, grown our human capital on a budget. This is in a bid to ensure we are ahead of the game in offering the best value and on time to you our respected brokers as well as our teeming customers out there.

We have now incorporated a robust training and retraining schedule into our human capital management across all staff cadre. Several of these pieces of training have already been completed while a couple more are in progress. Also, we have centralized our claims system whilst restructuring the entire claims team. Now led by a versatile claims professional, the department has been adequately fortified with more staff and new processes put in place. This has given us immediate results as our claims profile suggests with faster and prompt claims payment now the order of the day.

Our ICT team has been beefed up with a Head of the department with demonstrated experience across the financial services. The impact is being felt in the area of digital adoption and we are definitely excited about the many more innovations to come in the weeks ahead from this reenergized ICT team.

Our Wins

In less than one year of this new tenure, we have recorded outstanding wins on several fronts. First, our ISO 22301 certification was renewed following an extensive audit by the global ISO audit team. We make bold to say we are one of the very few insurance firms with an ISO-certified business continuity management in place. This confirms our oft-repeated affirmation that we will be with our customers for life. With this recertification, we have exhibited practical success in ensuring we remain with you for life, through thick or thin, come rain, come shine.

Within the period of our assumption of office, Champion Newspapers, one of the leading newspapers in the Nigerian media recognized us as the Insurance Company of the Decade. The recognition was bestowed on us for our resilience and boundless staying power which has become the stuff of legends. This win means a lot to us as a business because it clearly shows that our best efforts and complementary results are not unnoticed by the fourth estate of the realm. We look forward to many more of these awards, as they keep us on our toes and help us get better at what we do.

Article

African Alliance Expands Its Retail Market, opens new branch in Abeokuta

Posted on:

African Alliance Expands Its Retail Market, opens new branch in Abeokuta

Foremost Life Insurer, African Alliance Insurance PLC has announced opening a branch office in Abeokuta, Ogun State. Speaking at the tape-cutting event held recently in Abeokuta, the firm’s Managing Director/Chief Executive Officer, Joyce Ojemudia, reiterated the importance of a viable retail presence in the sale of life insurance. “We often say life insurance, especially in this part of the world, is not bought but sold; therefore, we cannot but ensure we remain in close contact with our target markets to drive penetration.

Indeed, as you may know, one of our strategic goals for 2021 is to grow our premium income via deliberate market expansion and identifying regions that have good prospects for life insurance. This Abeokuta branch -and the others soon to be opened- brings us closer to realizing those goals. As a heritage company ourselves, we at African Alliance are proud to reestablish our roots at the famous heritage city of Abeokuta, by adding life-changing financial value to the city and environs while taking advantage of the proximity to Lagos to grow the market exponentially.”

She further added that the opening of new branches is going to help the brand’s ongoing digital adoption and further grow its market share. “Our digital adoption is in top gear, by the time we synchronize physical branches with our ever-growing digital platforms, we would have delivered on our mandate to bring life insurance not just closer to the consumers but also expand our growth potential,” Ojemudia said.

 

Bankole Banjo, the firm’s Brand, Media, and Communications Manager, also added “The proximity of Ogun State to Lagos usually gave a false sense of possible appropriation by Lagos sales teams. However, anyone who understands both terrains would easily acknowledge that is not exactly a sustainable arrangement. For us, therefore, we know Abeokuta is a market deserving attention and by opening this office, we have identified with our market’s yearnings for an insurer that identifies with them and can create products for them whilst being available next door for time-to-time engagement.

We are looking forward to driving change and making a positive influence in the life insurance business and the people of Abeokuta.” He gave the address of the Abeokuta Office as Suite 006, Providence Mall, near OOPL, Abiola Way, Abeokuta.

 

Widely recognized as the most experienced and strongest specialist Life Assurance Company in Nigeria, African Alliance boasts 18 branches in the country and continues to expand. It is set to host the body of brokers in Abuja in the coming days while plans are underway to open more branches across the country.

Article

PRESS RELEASE: NOTIFICATION OF DELAY IN THE FILING OF AFRICAN ALLIANCE INSURANCE PLC’S UNAUDITED FINANCIAL STATEMENTS FOR THE PERIOD ENDED 3OTH JUNE 2021

Posted on: 16th Jul 2021

AFRICAN ALLIANCE INSURANCE PLC – PRESS RELEASE ON SUBMISSION OF Q2,2021 UNAUDITED FINANCIAL STATEMENT

Article

PRESS RELEASE: NOTIFICATION OF DELAY IN THE FILING OF AFRICAN ALLIANCE INSURANCE PLC’S AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2020

Posted on: 5th Jul 2021

PRESS RELEASE OF AFRICAN ALLIANCE INSURANCE PLC – APPROVED BY THE NIGERIAN EXCHANGE LIMITED

Article

Text of the Chairperson’s Speech at the Pride Women Conference delivered by Mrs Joyce Ojemudia

Posted on: 2nd Jun 2021

The Convener, Pride Women Conference, Mrs. Ijeoma Anyiam-Osigwe,

All our Guest Speakers,

My Team from African Alliance Insurance, led by my amiable Executive Director, Finance, Mrs. Olabisi Adekola,

Members of the Fourth Estate of the Realm,

Guests and Friends,

Ladies and gentlemen,

It is my pleasure to chair this year’s Pride Women Conference. I thank the organizing committee and my sister, Mrs Ijeoma Anyiam-Osigwe, for finding me fit for this esteemed role. As most relentless advocate for women empowerment, when I got the invitation, I was never going to say no. For me, women need better, should be better, deserve better and should be driven to get better. Indeed, the overall wellbeing and betterment of the female folk should be non-negotiable for every one of us. After all, we are the pivot upon which life rotates.

The theme of this year’s conference is very topical considering what the entire world has been through: “Thriving Emotionally, Economically and Physically in the Post Covid-19 World”. That covid-19 has devastated the world is not an understatement. Typically, especially in our part of the world, the women folk tend to bear a huge burden when things keel over. Covid-19 is not an exception. The pandemic has imposed on us a new normal and therefore we need new strategies to thrive and grow in this new normal. No old ideas will work, old things must become new. Our line-up of speakers is an impressive one and I am certain they will do justice to this theme.

In his famous book, The Purpose and Power of Woman, Bahamian minister, Dr Myles Munroe of blessed memory, asked the valid question: What is the purpose of a woman? He goes ahead to break down the place of woman in God’s original plan which has, of course, been distorted by culture and tradition. By nature, we women are multipliers; we have a natural knack for maximizing little and making more from less. But our issue has always been us conceding our God-given assets to others.  It is time we stood up for ourselves.

First, the older ones should make themselves available to guide and mentor the younger ones. There is very little they will go through that we have not. Indeed, like I like to say, we have gone through so much so they don’t have to go through the same. Therefore, we need to take the act of mentorship more seriously as this is the fastest and easiest way to help the womenfolk thrive and scale in this world of ours.

Ladies and gentlemen, second, it is not enough to know, it is much better to do. Doing is better than knowing. But many times, the strength to do is not there and so we need people, we need each other. In my professional career and in my personal life, I have never been shy to ask for help or ride on buddy supports to get ahead. Today, I advocate collaborations at all levels for us to scale. In my position as the President of the Professional Insurance Ladies Association (PILA), I always push the narrative that no woman should be an island. Collaboration multiplies efforts and accelerates results. Now than ever, the need to collaborate has never been more palpable.

This conference promises to be a game-changer. I look forward to the robust engagements and discussion that will happen here; I am open to learning, open to getting better, open to leave here accomplished. You should too. Let’s collaborate.

Thank you and God bless.

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