Crystalife Assurance records N1.09b premium


Thursday, 19 August 2010 00:00 Editor


CRYSTALIFE Assurance Plc has recorded a gross premium income of about N1.09 billion for the financial year ended December 2009 as against N1.07 billion achieved in 2008.

The report was presented to her institutional and individual shareholders at the company’s 12th yearly general meeting held recently in Lagos.  This year’s AGM is the first meeting of all the company’s shareholders as a public liability company. The report also reveals a 15 per cent increase in profit before tax and exceptional item in the 2009 financial year.

The company also recorded excess in life insurance fund of about 22 per cent resulting in a surplus of over N309 million in the actuarial valuation. This revelation further strengthens the company’s position as a strong life assurance service provider.

Shareholders funds increased to over N3.1 billion reinforcing the company’s position as the most capitalised life insurance provider in the industry, while her total assets are valued at over N4 billion in the year under review.

The Chief Executive/Managing Director, Mrs. Oluseyi Ifaturoti reiterated that the company was resolute in providing ‘The Better Life’ to all stakeholders by meeting and surpassing their expectations. She further mentioned that the company would continually endeavour to correct the market by raising the bar against unethical practices amongst the practitioners.

In spite of the economic slowdown, the company is not relenting in its efforts to invest in human capital with the commitment to upgrading them with adequate competencies and skills. The DGM, Corporate Development & Strategy, Mr. Adeniyi Aromolaran, said that the company was leaving no stone unturned to ensure that her workforce could deliver excellent customer service at all times.

He also reiterated that the CrystaLife Academy would continue to initiate muti-level training programmes to empower staff.

The company has also integrated the Insurance Enterprise Solution, a web based software, which affords online transactions real time. The solution will facilitate a seamless flow of all the company’s operations. Besides, The Executive Director Operations, Mr. Teju Ogunjimi, said that the company was strategically executing plans to make her products and services more accessible to the people, create more awareness about her bouquet of product and service offerings as well as harness opportunities in alternative distribution channels.


Source: Guardian



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