Sunday, February 23, 2025
25.2 C
Lagos

International Energy Insurance: 5-Year Growth Plan, N5.3bn Income in 2023, N7.3bn Capital

 

International Energy Insurance (IEI) Plc has repositioned to play a dominant role in the Nigerian insurance sector following the100% equity investment in the firm by the Norrenberger Group as approved by the National Insurance Commission (NAICOM).

Mr. Supo Sogelola, the Managing Director/CEO of International Energy Insurance Plc said the underwriter developed its 5-year growth plan from Day One on the back of market innovation, value creation for stakeholders and policyholders, strategic business expansion, brand equity and quality people to drive its return to the industry in great style.

Sogelola said the company has already secured over N1.3 billion to clear all outstanding liabilities in terms of claims, taxation, pension, staff salaries and commission to brokers. He also promised that all outstanding foreign currency-denominated liabilities are being compiled and would also be settled in due course.

According to him, IEI Plc also has over N5 billion in cash in terms of recapitalisation pending shareholding allotment while the sum of N7.3 billion is the projected capitalisation of the insurer going forward.

And for the 2023 business year, the company is projecting premium income in excess of N5.3 billion given its market potential and other favourable indices, including its rebounding share price levels at the Nigerian Stock Exchange.

Emphasising on the strength of the IEI brand reclaiming its pride of place in the sector, the CEO listed its 8-point market advantage thus:

  • One Ownership via Norrenberger Group
  • One Focus
  • One Direction
  • Stronger & Better Organisation
  • Strong Relationship with Brokers
  • Robust Tech Core Application for Seamless Service Delivery
  • Innovative Products & Services
  • Strategic Expansion of Retail Outlets

“We shall re-energise our corporate services. We’re going to be the delight of brokers by the quality of our innovative products and services. We shall also retool our retail services because retail business has sustained the company over the years.”

Sogelola was emphatic that the 2022 annual account of IEI Plc will show and prove beyond all reasonable doubt that the company has made a great turnaround.

Looking into the future, the IEI CEO hinted that the underwriter is currently coming to the market with a new product which has never being in the industry before in the whole of Africa.

He added that the company will also focus on High Networth Individuals (HNIs) and Medium Networth Individuals (MNIs) in terms of personal products while its alternative channels will address the needs of SMEs, MSMEs and co-operatives to effectively address the issue and opportunity of insurance penetration in the country.

 

 

 

spot_img
spot_img
spot_img

Hot this week

LASAA Addresses Community Concerns over Billboard Safety at Abati Barrack

The Lagos State Signage and Advertisement Agency (LASAA) is...

AIICO Celebrates Outstanding Agency Field Force at 2025 Annual Awards Night

Left - Right: Mr. Adewale Kadri (Executive Director, Technical),...

Is the CBN Pushing Nigerians Back into the Banking Halls? 

By Elvis Eromosele  Public institutions in Nigeria have a knack...

Fidelity Bank Enhances Educational Facilities in Benin, Abuja

Fidelity Bank Plc, a leading financial institution, has once...

NCDMB Chief Visits Samsung, Africoat, Insists on Patronage of Local Facilities

The Executive Secretary, Nigerian Content Development and Monitoring Board...

Topics

Africa Renewable Energy Forum: The $19bn Africa Fund

At COP 21, it was determined that approximately $19...

Sustained Profit Taking Drags Local Bourse… ASI Down 0.2%

Losses in the local bourse extended into the second consecutive...

9mobile Mentors Jos SMEs with Hack Business Master Class

L-R: Head, HR Business Partnering, 9mobile, Sherriff Popoola; Business Growth...

COVID-19: Ecobank Nigeria Supports States with Food Items

Ecobank Nigeria has donated food items to several state governments across the country as contribution to various initiatives aimed at cushioning the effect of the current lockdown on citizens. These palliatives are targeted at the most vulnerable members of the society who have been the hardest hit economically as a result of the current crises. Speaking in Lagos, Executive Director Commercial Banking, Ecobank Nigeria, Carol Oyedeji said this action would also go a long way in supporting members of the community who earn a daily wage and may not have the opportunity of working under the present environment. She noted that the donations are part of the bank’s Corporate Social Responsibility (CSR) and focused on providing support as best as possibleShe remarked that “as a bank we give strong priority to people’s welfare. We are determined to assist ordinary Nigerians during the current difficulties and this is one of the ways we are achieving this. We are also offering concessions to our SME Lending customers at this time given the strain on their cashflows and creating ease for the general public to transact digitally while at home”. Ecobank Group has so far contributed over US$3 million to the fight against COVID-19 across its footprint in Africa in line with the Bank’s commitment to the Region. The Institution is supporting governments, the World Health Organisation (WHO) and partnering with private sector operators to alleviate the effect of the pandemic on citizens. These have been in the form of cash, healthcare equipment, donation of supplies, awareness campaigns while also using digital platform to provide funds to beneficiaries of various funds being distributed. The Bank is particularly mindful of the needs of its communities and remains committed to providing the appropriate support required.    

LASAA Addresses Community Concerns over Billboard Safety at Abati Barrack

The Lagos State Signage and Advertisement Agency (LASAA) is...

INEC Deepens Deployment of Technology for Elections in Nigeria

  The Independent Electoral Commission (INEC) says it has deepened...

Guild of Editors Condemns Nigerian Press Council Bill

The Standing Committee discussed the state of the nation...

American XL Catlin Opens Africa-Focused Reinsurance Unit

US insurance and reinsurance specialist XL Catlin announced in...
spot_img

Related Articles

Popular Categories

spot_imgspot_img