African Alliance Insurance PLC announces N8bn claims settlement in 2017

The Management of African Alliance Insurance Plc has said that N8.69billion was paid in claims settlement in 2017, a 32.5 per cent increase from the N6.56 billion it paid in 2016. The company also recorded a gross premium income of N6.29 billion in 2017. The figures were released by the Managing Director, Mrs Funmi Omo, in Lagos 

She said “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”.

In the same vein, Mrs. Omo said 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 also 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.