African Alliance posts N6.29b income

Posted on: 9th May 2018

African Alliance Insurance Plc posted its results for 2017 showing a gross premium income of N6.2 9 billion. The firm, which marks its 58 years of service on May 6, 2018 also had 32.5 per cent growth in claims payout from N6.56 billion in 2016 to N8.69 billion in 2017.

Managing Director, African Alliance Insurance Plc, Mrs. Funmi Omo, commended the achievements of the company stating that it is only the beginning of the transformation rolled out by its present management with the approval of the Board. She said that African Alliance Insurance strategic vision and culture of innovation has been sustained since its inception in 1960.

We are proud of our milestone achievements, but this is only the beginning. As a financial services company with a vision of improving the quality of life in Nigeria, we realise that we cannot achieve this without technology. We are currently working on the complete transformation of our systems and processes to provide excellent services and relevant solutions to our customers,

she said.

She indicated that one of the company’s top priority is establishing a sound corporate governance track record to further establish the confidence of shareholders.

We have partnered with the foremost accounting and auditing firm, Deloitte & Touche to ensure that all remittances, policies, regulations and deadlines are strictly adhered to. We have also partnered with Ernst & Young for sound technical advice to better position our company. Our shareholders have complete confidence in our ability and commitment to returning value to them and to the society

.

To celebrate the 58th anniversary, African Alliance Insurance Plc has commenced a campaign to educate the public on the value of insurance as a means of increasing and protecting wealth.

Original Article Published Here:The Nation

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African Alliance Insurance @58, Grows From Single Branch To 18

Posted on: 8th May 2018

Commences Insurance Investment Campaign

Mrs. Funmi Omo celebrates one year as CEO

African Alliance Insurance Plc, Nigeria’s foremost life insurance company with over 35,000 customers, has reached an exciting milestone as it celebrates its 58 years of service on May 6, 2018.

The company has grown from single branch Insurance Company to its current over 18 branches across Nigeria.

It also recently posted encouraging results for the year ended 2017 citing a gross premium income of N6.29bn and a 32.5% growth in the payout of claims from N6.56bn in 2016 to N8.69billion in 2017.

The Managing Director, African Alliance Insurance Plc, Mrs. Funmi Omo, who also celebrated her one year anniversary as the company’s CEO having resumed in May 2017, commended the milestone achievements of the company stating that it is only the beginning of the transformation rolled out by its present management with the approval of the Board.

She said that African Alliance Insurance Plc’s strategic vision and culture of innovation has been sustained since its inception in 1960.
“We are proud of our milestone achievements, but this is only the beginning. As a financial services company with a vision of improving the quality of life in Nigeria, we realise that we cannot achieve this without technology. We are currently working on the complete transformation of our systems and processes to provide excellent services and relevant solutions to our customers”, she said.

She indicated that one of the company’s top priority is establishing a sound corporate governance track record to further establish the confidence of shareholders.

“We have partnered with the foremost accounting and auditing firm, Deloitte & Touche to ensure that all remittances, policies, regulations and deadlines are strictly adhered to. We have also partnered with Ernst & Young for sound technical advice to better position our company. Our shareholders have complete confidence in our ability and commitment to returning value to them and to the society”.

To celebrate the 58th anniversary, African Alliance Insurance Plc has commenced a campaign to educate the public on the value of insurance as a means of increasing and protecting wealth.

The campaign tagged MyFuture10 encourages people to set aside a minimum of 10% of their monthly income for investment with insurance element to take care of their future projects and protect the future of their loved ones.

Serving over 32,000 customers across 18 branches, African Alliance Insurance Plc is the foremost life insurance business in Nigeria, re-positioning itself for the 21st-century business environment.
In line with its founding principle of innovation, the company has embarked on initiatives to provide the utmost value to shareholders, customers, employees and other stakeholders.

Original Article Published Here:TECH ECONOMY

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African Alliance claims settlment hits N8bn in 2017

Posted on: 24th Apr 2018

The Management of African Alliance Insurance Plc, Wednesday, announced payment of N8.69 billion in claims settlement in 2017, reiterating commitment to corporate governance.

Managing Director, African Alliance Insurance, Mrs Funmi Omo, gave the figure in a statement, saying that the figured increased by 32.5 percent from N6.56billion paid in 2016, recording a gross premium income of N6.29billion in the year under review.

Omo said, “Our shareholders and customers have been satisfied with our level of transparency and commitment to them. Last year 2017, we paid N8 billion in claims settlement as a testament to our good faith and goodwill and we specifically pledged to continue to uphold our integrity and maintain the highest level of corporate governance.”

She hinted that the company recently engaged the services of foremost accounting and auditing firm, Deloitte & Touche to ensure that all remittances, policies and regulations are strictly adhered to, maintaining that the company is prioritising technology and people to drive cost efficiency and provide the maximum value to stakeholders.

She said,”the moves were necessary in line with the company’s new strategy which highlights maintaining a high level of corporate governance as one of its strategic goals.”

Recall reports that the Nigerian Stock Exchange (NSE) imposed a fine of N46.1 million on the company for breaking its rule on account submission, while the NSE X-Compliance Report, released on April 12, 2018, explains that the fine is for late submission of its 2015 and 2016 audited accounts.

According to the NSE, the company filed its audited and interim financial statements after the regulatory due date, this applied sanctions in accordance with the rules for filing of accounts and treatment of default filing under the Rulebook of the Exchange.

Original Article Published Here:VANGUARD

African Alliance settles N8b claims, reaffirms pledge to governance

Posted on: 23rd Apr 2018

African Alliance Insurance Plc has reiterated its commitment to continue to uphold integrity and maintain the highest level of corporate governance to satisfy both shareholders and customers.

The Managing Director of company, Funmi Omo, disclosed that in 2017 alone, the insurance firm paid N8.69 billion in claims settlement, a 32.5 per cent increase from the N6.56 billion paid in 2016.

According to her, the company also recorded a gross premium income of N6.29 billion last year, a testament to the firm’s commitment to give shareholders something to cheer about.

Omo, while reacting to recent media reports about the company’s commitment to shareholders and customers, stated that, “our shareholders and customers have been satisfied with our level of transparency and commitment to them.

“Last year (2017), we paid N8 billion in claims settlement as a testament to our good faith and good will, and we specifically pledged to continue to uphold our integrity and maintain the highest level of corporate governance.”

The Managing Director also announced that recently, the company engaged the services of foremost accounting and auditing firm, Deloitte & Touche, to ensure that all remittances, policies and regulations were strictly adhered to.

She also affirmed that the company was prioritising technology and people to drive cost efficiency and provide the maximum value to stakeholders.Omo, stated that the moves were necessary in line with the company’s new strategy, which highlights maintaining a high level of corporate governance as one of its strategic goals.

The new strategy was put in place shortly after the resumption of the Managing Director, Mrs. Funmi Omo, in May 2017.The company is the foremost life insurance business in Nigeria, re-positioning itself for the 21st-century business environment.

In line with its founding principle of innovation, the company has embarked on initiatives to provide the utmost value to shareholders, customers, employees and other stakeholders.The insurance firm currently serves over 32,000 customers across 18 branches in the country.

Original Article Published Here: GUARDIAN

African Alliance Insurance Pays Over N8billion Claims Settlement In 2017

Posted on: 19th Apr 2018

Reaffirms commitment to corporate governance


African Alliance Insurance Plc has announced that N8.69billion was paid in claims settlement in 2017, a 32.5% increase from the N6.56bn paid in 2016.The company also recorded a gross premium income of N6.29billion in 2017.

The figures were released by the Managing Director, Mrs Funmi Omo, in reaction to a recently published article addressing the company’s commitment to shareholders and customers.

Our shareholders and customers have been satisfied with our level of transparency and commitment to them. Last year 2017, we paid N8billion in claims settlement as a testament to our good faith and good will, and we specifically pledged to continue to uphold our integrity and maintain the highest level of corporate governance,

the Managing Director, Mrs. Funmi Omo said.


In the same vein, Mrs. Omo announced that the company recently engaged the services of foremost accounting and auditing firm, Deloitte & Touche to ensure that all remittances, policies and regulations are strictly adhered to. She also affirmed that the company is prioritising technology and people to drive cost efficiency and provide the maximum value to stakeholders.


She stated that the moves were necessary in line with the company’s new strategy which highlights maintaining a high level of corporate governance as one of its strategic goals.


The new strategy was put in place shortly after the resumption of the Managing Director, Mrs. Funmi Omo, in May 2017.

Serving over 32,000 customers across 18 branches, African Alliance Insurance Plc is the foremost life insurance business in Nigeria, re-positioning itself for the 21st-century business environment.


In line with its founding principle of innovation, the company has embarked on initiatives to provide the utmost value to shareholders, customers, employees and other stakeholders.


Original Article Published Here:TECH ECONOMY

African Alliance Insurance Says N8.0 Billion Claims Settled in 2017

Posted on:

The Management of African Alliance Insurance Plc has announced that N8.69billion was paid in claims settlement in 2017, a 32.5% increase from the N6.56bn paid in 2016. The company also recorded a gross premium income of N6.29billion in 2017.

The figures were released by the Managing Director, Mrs Funmi Omo, in reaction to a recently published article addressing the company’s commitment to shareholders and customers.

Our shareholders and customers have been satisfied with our level of transparency and commitment to them. Last year 2017, we paid N8billion in claims settlement as a testament to our good faith and good will, and we specifically pledged to continue to uphold our integrity and maintain the highest level of corporate governance,

the Managing Director, Mrs. Funmi Omo said.

In the same vein, Mrs. Omo announced that the company recently engaged the services of foremost accounting and auditing firm, Deloitte & Touche to ensure that all remittances, policies and regulations are strictly adhered to. She also affirmed that the company is prioritising technology and people to drive cost efficiency and provide the maximum value to stakeholders.

She stated that the moves were necessary in line with the company’s new strategy which highlights maintaining a high level of corporate governance as one of its strategic goals. The new strategy was put in place shortly after the resumption of the Managing Director, Mrs. Funmi Omo, in May 2017.

Original Article Published Here: INVEST ADVOCATE

African Alliance Insurance Reaffirms Vow to Corporate Governance, Pays N8b Claims

Posted on:

The management of one of the leading insurers in Nigeria, African Alliance Insurance Plc, has reiterated its commitment to continue to uphold its integrity and maintain the highest level of corporate governance as well as satisfying both its shareholders and customers.

In a statement issued on Wednesday in Lagos, Managing Director of African Alliance Insurance, Mrs Funmi Omo, disclosed that in 2017 alone, the insurance firm paid N8.69 billion in claims settlement, a 32.5 percent increase from the N6.56 billion paid in 2016.

According to her, the company also recorded a gross premium income of N6.29 billion last year, a testament to the firm’s commitment to give shareholders something to cheer about.

Mrs Omo, while reacting to recent media reports about the company’s commitment to shareholders and customers, stated that, “Our shareholders and customers have been satisfied with our level of transparency and commitment to them.

Last year 2017, we paid N8 billion in claims settlement as a testament to our good faith and good will, and we specifically pledged to continue to uphold our integrity and maintain the highest level of corporate governance.

The Managing Director also announced that recently, the company engaged the services of foremost accounting and auditing firm, Deloitte & Touche, to ensure that all remittances, policies and regulations were strictly adhered to.

She also affirmed that the company was prioritising technology and people to drive cost efficiency and provide the maximum value to stakeholders.
Mrs Omo stated that the moves were necessary in line with the company’s new strategy which highlights maintaining a high level of corporate governance as one of its strategic goals.

The new strategy was put in place shortly after the resumption of the Managing Director, Mrs Funmi Omo, in May 2017.

African Alliance Insurance Plc is the foremost life insurance business in Nigeria, re-positioning itself for the 21st-century business environment.
In line with its founding principle of innovation, the company has embarked on initiatives to provide the utmost value to shareholders, customers, employees and other stakeholders.

The insurance firm currently serves over 32,000 customers across 18 branches in the country.

Original Article Published Here:BUSINESS POST

African Alliance: we have paid N46.1m NSEs fine

Posted on: 18th Apr 2018

African Alliance Insurance said it has paid N46.1 million fine slammed on it by the Nigerian Stock Exchange (NSE) for late submission of its 2015 and 2016 financial account, its Managing Director, Mrs Funmi Omo has said.

She spoke against the backdrop of media reports that the NSE imposed the fine on the firm for breaking its rule on account submission.

Mrs Omo said: “We were fined by the NSE but we have paid. Perhaps, the reason why the fine is still in the exchange report is because we have not (formally) written to the Exchange (to notify it about the payment).”

The fine on the company was shown in the Exchange X-Compliance Report of the NSE last updated April 12, 2018.

According to the NSE, the company filed its audited and interim financial statements after the regulatory due date, stating that it applied sanctions in accordance with the Rules for Filing of Accounts and Treatment of Default Filing under the Rulebook of The Exchange.

In addition, the Exchange described the company as a delinquent filer of audited accounts as it fell short of the minimum listing standards.

in terms of timely disclosure of its audited annual financial performance and has Missed Regulatory Fillings (MRF) or Awaiting Regulatory Approval (AWR) of their primary regulators which is the Nation Insurance Commission (NAICOM).

Original Article Published Here:THE NATION

African Alliance rewards productive agents

Posted on: 19th Mar 2018

As part of efforts to deepen insurance penetration and strengthen the distribution channels in the country, African Alliance Plc has rewarded some of its best performing agents and agency networks.

The company has also reiterated its commitment to training and capacity development of the agents of the company.

The Managing Director, Mrs. Funmi Omo, said during the training programme and award night organised in Lagos that the productive agents were rewarded with different gifts to motivate them.

She said, “In order to encourage them, we are giving the agents and agencies awards in different categories in terms of policy counts and premium generation. We also do capacity training for them not just on insurance but we expose them to other financial service sectors and make them better equipped to give advice to customers.”

Omo observed that a lot of work needed to be done in taking insurance closer to the grass roots because the country still had an untapped market.

While speaking on the roles of the marketing executives, she said they were very significant in fostering insurance penetration and growth.

According to the Deputy Controller/Head Agency Operations, Mr. Victor Peters, the agency award night is an annual event by African Alliance Insurance to reward some of its members, who have distinguished themselves by outstanding production performance in various production criteria.

He said, “The categories of members who received awards in the 2017 Agency Award Ceremony are: top three agency managers in the first year and renewal premium income; top three unit managers in the first year and renewal premium income; top three agents in the first year and renewal premium income; top two agency managers in group individual product; and top agents in the group individual product.”

Others, he added, were top three unit managers in Takaful Islamic products and top three agents in Takaful Islamic products.