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