Ensure Insurance PLC has held its 18th Annual General Meeting to lay before the shareholders the Annual Reports and Accounts for the financial year ended December 31, 2016. This was to be a historic meeting considering that in its first full year, the new management of the company had recorded a loss after tax of N0.5m.
The Chairman, Mr. Fola Adeola, Pioneer CEO and co-founder of Guaranty Trust Bank, in his opening remarks highlighted headwinds in the macroeconomic climate of the Company’s business operating environment that had befuddled business leaders and run multimillion naira investments aground. Chief among these debilitating factors were the hike in the value of forex and the crash in global crude oil prices
“Nonetheless, our company forged ahead and recorded an impressive performance in terms of revenue generated and profits declared”, stated the Chairman. The company had recorded a staggering N1.1bn in profit after tax and an underwriting profit of N621m.
Mr. Adeola added, “At the beginning of the year, the Company was the first composite insurance company to receive the approval of its regulators (NAICOM) for its audited accounts. Ensure Insurance Plc had never achieved this in its prior 24 years of existence”.
The Chairman explained that in response to the admonition of shareholders at the last meeting, the Company has begun to undertake some CSR initiatives. This involved the provision of relief to the Internally Displaced Persons (IDPs) in Maiduguri, Borno State in partnership with the United Nations Office for the Coordination of Humanitarian Affairs (UN-OCHA). He added that Ensure was recognized as the second corporate organisation in Nigeria to partner with UNOCHA to bring relief to the IDP’s.
The Chairman closed his submission with these poignant words: “Your Company is steadily advancing towards being classed as a top player in the insurance industry. It shall attain leadership in the very near future.”