• Contact Us
  • About
  • Advertise
  • Privacy & Policy
Thursday, July 10, 2025
  • Login
E3P Motor Insurance
  • Home
  • Insurance
  • Pension
  • Business Unlimited
  • OIL & ENERGY
  • Feature
  • News
  • Home
  • Insurance
  • Pension
  • Business Unlimited
  • OIL & ENERGY
  • Feature
  • News
No Result
View All Result
Business Post
No Result
View All Result
Home Insurance

Royal Exchange General Rolls In N10.58b

Nwanne Ikemefune by Nwanne Ikemefune
January 30, 2021
in Insurance
0 0
0
Royal Exchange AGM picture

L-R: Director, Adejumo Adeyemo; Executive Director, Mrs Jane Ekomwereren; Coy Sec, Ms Sheila Ezeuko; Managing Director, Benjamin Agili Director, Nnamdi Oragwu at Royal Exchange AGM in Lagos.

0
SHARES
122
VIEWS
Share on FacebookShare on TwitterShare on WhatsApp

Royal Exchange General Insurance Company (REGIC), one of Nigeria’s leading insurance companies offering general and special risks protection policies, has declared a gross written premium of N10.58bn of the financial year ended December 31, 2019.

This was disclosed by the Chairman of the company, Alhaji Rabiu Gwarzo, OON, at the company’s 12th Annual General Meeting, held virtual, in Lagos on Tuesday, 18th August, 2020 at the company’s office in Lagos.

Alhaji Gwarzo also stated that the company is on the path of profitability and sustained growth, as all financial indices are positive for the company.

A further review of the National Insurance Commission approved results show a Gross Premium Income of N10.86bn while total net claims paid to policyholders stood at N1.11bn and underwriting profit was N1.14bn for the period under review.

Total assets for the company for the year under review was N21.94bn with Shareholders Funds standing at N9.61bn, profit before tax amounted to N974.6m and a profit after tax of N654.7m was reported for the 2019 financial year.

Speaking to reporters after the meeting, the Managing Director/Chief Executive, Mr. Benjamin Agili, said that despite the very harsh operating environment, the company was able to grow its topline figures and maintain its leadership in key corporate accounts, participating in large-ticket insurance transactions, its renewed focus on the retail markets – which shall be a growth driver in the future – and agriculture insurance, which is beginning to gain traction in the insurance market in Nigeria.

According to Agili, “We are expanding our strategic focus to these 3 main areas: – Digital Insurance, The Retail Insurance Market and; Agriculture Insurance – as farming is a key economic activity in Nigeria.”

On the firm’s recapitalization plans, in line with NAICOM’s directive for Phase 1 of the revised recapitalization guidelines, Agili said that Royal Exchange General, with its approved 2019 financials is poised to surpass the NAICOM directive and plans are in top gear to ensure that REGIC is well capitalized and able to take advantages of the opportunities that will present itself in the insurance market in Nigeria.

“REGIC will continue to reinvent itself to be more responsive to the needs of the customer, offering them the products and services they need, in ways that they want. We are adopting a customer-centric approach to all our businesses to ensure we are competitive in the market,” he stated.

On agriculture insurance, Agili said that Agriculture Insurance is a key focus area for the company in the years to come and it is vital that knowledge, penetration and understanding about the values and usefulness of insurance in Agriculture is promoted”. He said “recall that Royal Exchange General Insurance Company (REGIC) was among the first 3 insurance companies to obtain NAICOM approval for Weather Index Insurance (WII) and we have also recently obtained approval for livestock, poultry and fish farming insurance which is already being taken up by livestock farmers in the country.”

Also, the company just organized a series of webinars, stating that “these agriculture insurance webinars we just concluded is the company’s way of expanding the frontiers of agriculture insurance adoption in Nigeria, making it easier to be understood and accepted by farmers, agro-processors, agropreneurs, farming cooperatives, off-takers and other stakeholders nationwide.”

Previous Post

BOLA ONIGBOGI: Opening Vistas For Insurance Broking Through Strategic Engagements

Next Post

CFC Extends Life Science Product Suite

Nwanne Ikemefune

Nwanne Ikemefune

Related Posts

Universal Insurance Plc Earns N15.25bn in 2024, Profit Hits N2.8 bn, Q1 Suggests More to Come
Insurance

Universal Insurance Plc Earns N15.25bn in 2024, Profit Hits N2.8 bn, Q1 Suggests More to Come

July 10, 2025
NHIA Entrenches Enrollees Rights, Expands National Health Insurance Cover to HIV, TB
Insurance

NHIA Entrenches Enrollees Rights, Expands National Health Insurance Cover to HIV, TB

July 9, 2025
SanlamAllianz Raises Ceiling For Brokers Event Sponsorship
Insurance

SanlamAllianz Raises Ceiling For Brokers Event Sponsorship

July 9, 2025
Next Post
CFC Extends Life Science Product Suite

CFC Extends Life Science Product Suite

Please login to join discussion
NEM INSURANCE NEM INSURANCE NEM INSURANCE
  • Trending
  • Comments
  • Latest
Loss Adjusters Receive Charge To Match Speed Of New Developments

Loss Adjusters Receive Charge To Match Speed Of New Developments

April 27, 2024
tope smart NIA former chairman

Insurance Milestone: A Beacon To Follow

April 3, 2022
Custodian Investment To Acquire 51% Stake In UACN Property

Penetration: Operators Call For Insurance-In-Action

November 2, 2022
NCRIB And Universal In Pictures

NCRIB And Universal In Pictures

May 4, 2024
Reinsurance Rates May Increase Into 2022, But Momentum To Wane: Fitch

Reinsurance Rates May Increase Into 2022, But Momentum To Wane: Fitch

April 13, 2021
ncrib logo

NCRIB Sets The Stage For Adaramola’s Tenure

June 7, 2023
Preferred PenCom Logo

PenCom Board Crafted To Hedge Setback

February 1, 2021
Linkage Assurance Aligns With Brokers For Growth

Linkage Assurance Aligns With Brokers For Growth

December 6, 2021
PTAD Wipes 21,227 Parastatals Pensioners From Payroll

PTAD Wipes 21,227 Parastatals Pensioners From Payroll

January 31, 2021
Preferred PenCom Logo

PenCom Board Back-To-Work Pass, Gets Tick Over

May 4, 2025
Anchor MD Loses Father

Anchor MD Loses Father

2
Regulators Clear Guinea Insurance  For Private Placement

Regulators Clear Guinea Insurance For Private Placement

2
NAICOM Helmsman Thomas Leads African Insurance Supervisory Authorities

NAICOM Inaugurates Discount Rate Committee To Ease Insurance Contracts Under IFRS 17

2
Insurance Mastercard Joe Irukwu Passes On

Insurance Mastercard Joe Irukwu Passes On

2
AIICO Head office

Car Insurance Takes A New Turn With AIICO, ETAP ‘Redefine Partnership’

2
Authenticity Of Motor Policy, Technology Crowns Policyholders Verifying Partners

Authenticity Of Motor Policy, Technology Crowns Policyholders Verifying Partners

2
NAICOM Helmsman Thomas Leads African Insurance Supervisory Authorities

NAICOM Helmsman Thomas Leads African Insurance Supervisory Authorities

2
Ebere Nwoji Makes It Back To Back As 2023 Print Media Reporter

Ebere Nwoji Makes It Back To Back As 2023 Print Media Reporter

2
Loss Adjusters Receive Charge To Match Speed Of New Developments

Loss Adjusters Receive Charge To Match Speed Of New Developments

2
NAICOM Helmsman Thomas Leads African Insurance Supervisory Authorities

Federal Government & NAICOM Working On New Guidelines For Insuring Government Assets

2
Universal Insurance Plc Earns N15.25bn in 2024, Profit Hits N2.8 bn, Q1 Suggests More to Come

Universal Insurance Plc Earns N15.25bn in 2024, Profit Hits N2.8 bn, Q1 Suggests More to Come

July 10, 2025
NHIA Entrenches Enrollees Rights, Expands National Health Insurance Cover to HIV, TB

NHIA Entrenches Enrollees Rights, Expands National Health Insurance Cover to HIV, TB

July 9, 2025
SanlamAllianz Raises Ceiling For Brokers Event Sponsorship

SanlamAllianz Raises Ceiling For Brokers Event Sponsorship

July 9, 2025
Fola Daniel To Chair NAIPE Conference Set For October 8th

Universal Insurance, NHIA, PTAD, Rite Foods, Sponsor NAIPE 2025 AGM

July 3, 2025
Merger: NAICOM Hands Over New Licenses to SanlamAllianz Life and General Insurance

Merger: NAICOM Hands Over New Licenses to SanlamAllianz Life and General Insurance

July 2, 2025
Leadway Health HMO Establishes a Trend With Third Straight HMO of the Year Award

Leadway Health HMO Establishes a Trend With Third Straight HMO of the Year Award

July 1, 2025
Image Spin: Insurance Professionals Spill Insurance Potentials to Secondary Schools And Undergraduates

Image Spin: Insurance Professionals Spill Insurance Potentials to Secondary Schools And Undergraduates

July 2, 2025
Image Spin: Insurance Market Takes The Veil Off, Projects All Risks Commitment, Necessity For Today And Future

Nigeria’s Future Gets Insurers Paramount Appeal, Flaunt Bourgeoning Effectiveness And Reliability

June 30, 2025
Image Spin: Insurance Market Takes The Veil Off, Projects All Risks Commitment, Necessity For Today And Future

Image Spin: Insurance Market Takes The Veil Off, Projects All Risks Commitment, Necessity For Today And Future

July 1, 2025
Insurers Improve Performance by 56%, Rake in N1.56tr in 2024, Commitment to Claimants Hit N622bn

Insurers Improve Performance by 56%, Rake in N1.56tr in 2024, Commitment to Claimants Hit N622bn

June 30, 2025
ADVERTISEMENT

Recent News

Universal Insurance Plc Earns N15.25bn in 2024, Profit Hits N2.8 bn, Q1 Suggests More to Come

Universal Insurance Plc Earns N15.25bn in 2024, Profit Hits N2.8 bn, Q1 Suggests More to Come

July 10, 2025
NHIA Entrenches Enrollees Rights, Expands National Health Insurance Cover to HIV, TB

NHIA Entrenches Enrollees Rights, Expands National Health Insurance Cover to HIV, TB

July 9, 2025
SanlamAllianz Raises Ceiling For Brokers Event Sponsorship

SanlamAllianz Raises Ceiling For Brokers Event Sponsorship

July 9, 2025
Fola Daniel To Chair NAIPE Conference Set For October 8th

Universal Insurance, NHIA, PTAD, Rite Foods, Sponsor NAIPE 2025 AGM

July 3, 2025
Merger: NAICOM Hands Over New Licenses to SanlamAllianz Life and General Insurance

Merger: NAICOM Hands Over New Licenses to SanlamAllianz Life and General Insurance

July 2, 2025
Leadway Health HMO Establishes a Trend With Third Straight HMO of the Year Award

Leadway Health HMO Establishes a Trend With Third Straight HMO of the Year Award

July 1, 2025
Image Spin: Insurance Professionals Spill Insurance Potentials to Secondary Schools And Undergraduates

Image Spin: Insurance Professionals Spill Insurance Potentials to Secondary Schools And Undergraduates

July 2, 2025
Image Spin: Insurance Market Takes The Veil Off, Projects All Risks Commitment, Necessity For Today And Future

Nigeria’s Future Gets Insurers Paramount Appeal, Flaunt Bourgeoning Effectiveness And Reliability

June 30, 2025
Image Spin: Insurance Market Takes The Veil Off, Projects All Risks Commitment, Necessity For Today And Future

Image Spin: Insurance Market Takes The Veil Off, Projects All Risks Commitment, Necessity For Today And Future

July 1, 2025
Insurers Improve Performance by 56%, Rake in N1.56tr in 2024, Commitment to Claimants Hit N622bn

Insurers Improve Performance by 56%, Rake in N1.56tr in 2024, Commitment to Claimants Hit N622bn

June 30, 2025
Prof. Bart Nnaji to Chair 2025 Oriental News Nigeria Summit

Prof. Bart Nnaji to Chair 2025 Oriental News Nigeria Summit

June 26, 2025
Investment: Insurance Leads, Soars Globally Where Volatility Downgrades Other Financial Systems

Investment: Insurance Leads, Soars Globally Where Volatility Downgrades Other Financial Systems

July 6, 2025
The Gambia Central Bank Studies NAICOM Regulation For Insurance Regulatory Upgrade

The Gambia Central Bank Studies NAICOM Regulation For Insurance Regulatory Upgrade

June 23, 2025
SanlamAllianz Flags Off 12-City Roadshow to Deepen Customer Engagement And Awareness

SanlamAllianz Flags Off 12-City Roadshow to Deepen Customer Engagement And Awareness

June 23, 2025
NEM Insurance NEM Insurance NEM Insurance
Business Post

We connect brands with buyers and sellers of insurance, pension and also project insurance and allied Businesses to the trending generation. We help the various public to adapt to the constant changes as it would impact, and also enable advertisers to connect, engage and target opportunities on line , in print and in person.

Browse by Category

  • Business Unlimited
  • Feature
  • Insurance
  • News
  • OIL & ENERGY
  • Pension
  • Travel
  • Uncategorized

Recent News

Universal Insurance Plc Earns N15.25bn in 2024, Profit Hits N2.8 bn, Q1 Suggests More to Come

Universal Insurance Plc Earns N15.25bn in 2024, Profit Hits N2.8 bn, Q1 Suggests More to Come

July 10, 2025
NHIA Entrenches Enrollees Rights, Expands National Health Insurance Cover to HIV, TB

NHIA Entrenches Enrollees Rights, Expands National Health Insurance Cover to HIV, TB

July 9, 2025
  • About
  • Advertise
  • Privacy & Policy
  • Contact

© 2023 BusinessPost

No Result
View All Result
  • Home
  • Insurance
  • Business Unlimited
  • OIL & ENERGY
  • Feature
  • News
  • Contact Us
  • About
  • Advertise
  • Privacy & Policy

© 2023 BusinessPost

Welcome Back!

Login to your account below

Forgotten Password?

Create New Account!

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In