Foremost life insurer, African Alliance, continues to defy the odds with a string of impressive performances that have seen the 59-year-old insurer stabilise its business and earn positive reviews from industry watchers.
At a media parley Tuesday at the company’s headquarters in Lagos, Managing Director and CEO, African Alliance, Funmi Omo, while listing the giant strides the firm have made in less than two years, restated the management’s commitment to sustaining the upward growth trajectory across all metrics.
“Ours is a business that has seen it all and survived it all. Our position in just two years compared to now is testament to the unstinting leadership and guidance of our Board, the relentless drive of the executive management and a most committed and flexible staff who never shies away from challenges in any form,’ Omo said.
According to a statement obtained from the company, the firm’s premium income grew by 68 per cent from N3.00billion at the end of Q3, 2018 to N5.12 billion at the end of Q3, 2019; while by the end of the third quarter, the firm has also paid claims of about N6 billion naira to keep up with its promises of maintaining customer amazement.
In her submission, Olabisi Adekola, Executive Director, Finance, added that the firm’s all round growth earned it a ‘stable outlook’ and Bb+ by Agusto, foremost financial ratings agency in Nigeria. “That Agusto rated us Bbb+ is a win for us, considering where we were. But we are not relenting, .all hands are on deck to sustain this growth and earn a most elite rating consistent with the elite investments we have made in the business.
On the company’s recapitalisation plans, a confident Funmi Omo said: “NAICOM gave a ‘No Objection’ to our plans which means we are on course. Come June 2020, you will see how far we have come. We do not say we are with you for life for fun; we mean every word.”
African Alliance is a publicly quoted life insurance company incorporated in 1960.
The firm operates out of the corporate headquarters in Ikoyi, Lagos as well as in 18 branches nationwide. Earlier in the year, the firm was rebranded for the first time in its 59 years history in line with the management’s desire to refresh the brand and reposition it for growth.