With an enhanced capital base, Prestige Assurance earned premium income of N1.5 billion last year as against N1.2 billion in 2005, representing increase of 21.2 per cent.
While its profit before tax rose from N424 million to N600.4 million, profit after tax went up from N284 million to N407 million during the period under review.
Commenting on the company’s performance last week, Yugandhara Sunkara, the managing director, said, “with the enhanced capital base, strong and stable board as well as highly experienced and committed staff and an information technology-driven operation. Prestige is poised to lead the pace in the insurance industry”.
Prestige Assurance, according to him, has a “secured and reliable policy of underwriting principles” that makes it to compete and the wherewithal to underwrite any risk against fire and allied perils in any sector of the economy up to N5 billion at any single location.
He said, “Prestige is leveraging on its capital position to actively support the local content policy on oil and energy reinsurance treaty, supported by good rated reinsurer for this purpose”.
Prestige Assurance successfully raised N2, 011. 708, 750 from the capital market through a public offer for subscription which was 153.76 per cent subscribed in order to increase its capital base.
For the company to realize its vision, Sankey, the chairman said that Prestige has successfully embarked on lease financing, investment in pension fund administration and hospitality industry, and now intends to diversify into real estate development so as to take advantage of the new opportunities in the mortgage industry to further boost the profit of the company.
