“I am very delighted to report a strong financial performance for the pool for the ended 31st December 2021 notwithstanding the uncertainties that engulfed the world in the aftermath of the Covid 19 pandemic.”
That was the tone of the board chairman, Nigeria Liability Insurance Pool, Ms Adetola Adegbayi, (pictured) as she unveiled the 2021 annual report to members at the 12 annual general meeting today in Lagos.
2021 was the second year of the Pool’s current five rolling year, and it grew its gross premium by 10.73%, from N1.13bn to N1.25bn in the previewed year. The claims paid paid to member companies increased by 5.06%, from N252million to N264million. Also, investment income and other income grew to N50.1million from N28.5million, representing a 75% increase. Besides, net surplus for for the year was N339million as against N279million which is 21.% rise.
Still surfing on the “impressive performance of the Pool in 2021,” Adegbayi announced and got approval of a surplus of 190 kobo per N1share, with the board charge that “distribution will be carried out subsequently within a reasonable timeframe.”
She also applauded members improved cession to the Pool, also significant, was increases in employers contingent liability (77.7%), and builders & occupiers liability (38.7%). The dominant premium cession, third party liability improved by 23%; others followed, directors & officers liability 6%, public liability 5.4%, professional indemnity 4.6%. However, workmen’s compensation was the only class with a reduction of 19%. No reason was offered.
Confident for another run based on current improvement, she said this is reinforced by expected increase in the insurance industry gross premium this year, “hence the Pool expects more cessions of businesses from member companies as their business portfolios increases.”
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