- Royal Exchange Gets Approval to Underwrite Agric
Royal Exchange Plc said it had received approval from the National Insurance Commission to underwrite agribusiness.
According to a statement obtained from the firm, Royal Exchange is set to unlock new growth potential that will increase consumer value and better returns on investment to its teaming shareholders.
The Chairman, Royal Exchange, Mr. Kenny Ezenwani Odogwu, told shareholders during the company’s 48th annual general meeting in Kano that the future of the company was bright, and that the management had done very well in growing the business and bringing stability to its operations.
“As always, Royal Exchange stays abreast with many of the initiatives it has put in place to grow its market share and attain market leadership position,” he stated.
According to the statement, the group recorded a 16 per cent growth in gross written premium from N10.79bn in 2015 to N12.52bn in 2016, while the total assets of the group witnessed a growth of 19.4 per cent from N26.5bn in 2015 to N31.67bn in 2016.
The Group Managing Director, Alhaji Auwalu Muktari, while responding to shareholders’ questions, stated that Royal Exchange would strive to pay dividend next year, having maximised available growth opportunities, including investment and underwriting during the year.
He said, “For the future that we behold, our goal is to continuously redefine, reinvent and differentiate ourselves in the market place. The focus will be on achieving sustainable growth for our company through deepening of our revenue base, improving service delivery support system and at the same time keeping a lid on our group-wide costs.”