Royal Exchange’s Premium Rose by 34% in Q2

Royal Exchange Plc said its written premium rose by 34 per cent to N8.43bn in the second quarter of this year from N6.28bn in the corresponding period of 2015.

A statement by the firm said its gross premium income also grew by 17 per cent toN6.46bn in the second quarter from N5.50bn in the second half of 2015.

It added that the firm’s net premium income grew by five per cent to N4.34bn in the period under review from N4.12bn in the second quarter of last year.

The Group Managing Director of the company, Alhaji Auwalu Muktari, said that the half-year results on the top-line items witnessed significant growth, which showed that Royal Exchange, as an insurance group, was focusing on its growth objectives set out at the beginning of the year, by participating in large-ticket financial transactions, as well as playing in the retail insurance market.

He said, “Despite the very harsh operating environment being witnessed in the Nigerian economy today, we are greatly optimistic that by focusing our efforts on aggressive sales of our various product and service offerings, increasing our presence and participation in the retail sales space, reducing our operating costs profile and embarking on various expense optimisation strategies; we will be able to surpass our financial targets set for ourselves at the beginning of the year.”

The company stated that in recognition of the efforts being undertaken to reposition the company, Royal Exchange Plc recently won two awards from BusinessToday Online.