Paragraph 1: Robust Financial Performance and Growth Trajectory
NSIA Insurance Limited has showcased impressive financial results for the year 2024, demonstrating a consistent upward trajectory in key performance indicators. The company achieved a remarkable 35% surge in its Gross Written Premium (GWP), reaching N30.15 billion, a significant leap from N22.29 billion in 2023. This marks the third consecutive year of substantial growth, solidifying NSIA’s position as a prominent player in the insurance industry. Profitability also witnessed an uptick, with Profit Before Tax (PBT) increasing to N3.44 billion from N3.21 billion in the preceding year. Similarly, Profit After Tax (PAT) reached N3.18 billion, compared to N3.10 billion in 2023.
Paragraph 2: Strengthened Financial Foundation and Asset Growth
NSIA Insurance further bolstered its financial standing, showcasing increased equity and total assets. Total equity rose significantly to N21.23 billion in 2024, up from N17.35 billion in 2023. This growth underscores the company’s ability to generate and retain earnings, contributing to a stronger capital base. Furthermore, total assets experienced a substantial expansion, reaching N55.02 billion in 2024 from N36.34 billion in the previous year. This growth in assets reflects the company’s successful business strategies and prudent financial management.
Paragraph 3: Commitment to Claims Settlement and Customer Focus
NSIA Insurance demonstrated a strong commitment to fulfilling its obligations to policyholders, with claims payments totaling N12.20 billion in 2024. This substantial payout underscores the company’s dedication to providing timely and efficient claims processing, ensuring customer satisfaction and reinforcing trust. Over the past five years, NSIA Insurance has disbursed over N37 billion in claims, showcasing a consistent track record of meeting its commitments to policyholders.
Paragraph 4: Strategic Outlook: Enhancing Service Delivery and Expanding Market Reach
Looking ahead, NSIA Insurance has outlined a clear strategic vision focused on elevating service standards and expanding market presence. The company plans to invest in process optimization, leveraging technology to streamline operations and enhance efficiency. Digital innovation will play a crucial role in delivering seamless customer experiences, providing convenient access to insurance services, and enabling faster turnaround times. Furthermore, NSIA Insurance aims to strengthen customer engagement, tailoring insurance solutions to meet the specific needs of diverse customer segments.
Paragraph 5: Focus on Retail Market Penetration and Nationwide Expansion
A key element of NSIA Insurance’s growth strategy involves expanding its reach within the retail market. The company aims to bring its products and services closer to individuals, families, and businesses across the nation. This expansion will involve establishing a wider network of touchpoints and leveraging digital channels to enhance accessibility. By focusing on the retail segment, NSIA Insurance aims to become a more integral part of the financial landscape, providing accessible and tailored insurance solutions to a broader customer base.
Paragraph 6: Vision for Trust and Long-Term Financial Partnership
NSIA Insurance has articulated a clear vision of becoming the most trusted financial services partner for its customers. The company emphasizes its commitment to protecting what matters most to its policyholders, helping them create, protect, and preserve wealth in the face of life’s uncertainties. By offering comprehensive insurance solutions and prioritizing customer needs, NSIA Insurance aims to build long-term relationships based on trust and mutual benefit. The company’s dedication to service excellence, innovation, and market expansion positions it for continued growth and success in the years to come.
