Also profit after tax of the firm rose to N1.2 billion from N214.32 million it made the previous year.
The group also incurred a net claims of N3.21 billion at the end of the financial year ended
The Chairman of the company,
He said the group's profit before tax went up from N23.6 million in 2019 to N1.15 billion in 2020.
He further said the group's total underwriting profit also grew from N2.92 billion in 2019 to N3.29 billion in the year under review while total underwriting expenses came down from N6.55 billion in 2019 to N6.18 billion in 2020.
He added that the group's total assets appreciated from N30.75 billion in 2019 financial year to N39.72billion in 2020.
Speaking at the virtual meeting, Coordinator Emeritus,
According to him, despite the difficulty experienced during the covid-19, the company was able to present better financial indices.
He however expressed his disappointment at the company's failure to pay dividend adding that things were tough in the country and the minority shareholders needed to be put into consideration when crucial issue such as dividend was being discussed.
Also, former president of
According to him, the company should be able to take advantage of the big customer size of the bank to sell insurance.
In his response, the chairman, assured shareholders that the ongoing transformation in the company since the last few years had already paved way for further growth and turning over the benefits to the shareholders.
"One thing that is very common to all the shareholders who raised questions is about dividend pay, protection of the minority shareholders. I think the two things that are also salient is making sure that at the end of the day, existing shareholders derived maximum mileage for their investment in one form or the other.
"And if you look at what we are doing at
Also speaking, Managing Director of
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