African Alliance Insurance PLC, has declared a profit before tax (PBT) of N5.67 billion at the end of 2020 financial year.
The amount represents an increase of over 1300 per cent year-on-year compared to a loss of N7.04 billion reported in 2019 .
Addressing shareholders at the company’s hybrid 52 annual general meeting held in Lagos and streamed online, the Chairman, Dr Anthony Okocha, whose retirement was later announced at the event, highlighted the progress made by the company in the year under review.
He said: “Your Company was able to grow its asset base by 29 per cent from over N40 billion to N56.3 billion.
This was as a result of substantial capital injection which gave us a boost on our bottom line to the tune of N5.67 billion from the 2019 loss position of – N7.04 billion. These profits have been immediately assigned as retained earnings to further boost our ongoing quest to revamp our books and grow the overall financial standing of your Company,” .
Further analysis of the books shows that the company paid N8.16 billion in claims, a 21 per cent reduction year-on-year when compared to the previous year’s figure of N10.4 billion.