• As claim payment hits N355.2m
Leading underwriting firm in the country, Saham Unitrust Insurance Nigeria Limited, said its business operation increased with the record of N429.9million underwriting profit in 2016 financial year.
The company’s net claims expenses stood at N355.2million at the end of 2016, attesting to its ability to respond to claims emanating from its policyholders.
The Managing Director of the company, John Ijerheime, said despite the challenges in the operating environment, Saham Unitrust delivered an impressive underwriting result in the year under review.
According to him, we will continue to consolidate on our achievements and strategically grow market share in the industry through innovative policies, and prudent underwriting management.
Ijerheime said Saham Unitrust will continue to meet the needs of the insuring public by ensuring prompt claims settlement, which is its priority.
He said the insurance company is principally engaged in providing protection services to cater for the needs of corporate and retail sectors of the Nigerian economy, and aims to evolve into a truly diversified financial services institution that provides protection against all forms of risks to all customer agents.
While noting that Saham Unitrust’s major business activity is insurance, Ijerheime said the Group is also involved in property management business, while also developing its capacity for expansion in the industry.
He also disclosed that the Group’s net asset grew by N337.6million to N7.56billion at the end of 2016 accounting period.
The managing director said the Group’s approach to managing capital involves managing assets, liabilities and risks in a coordinated way, assessing shortfalls between reported and required capital level on a regular basis, and taking appropriate actions to influence the capital position in the light of changes in economic conditions and risk characteristics.
He noted that the Group’s investment is in accordance with its investment policy, which is compliant with regulatory requirements.