By admin

Generali’s net profit fell by 34.7 percent in the financial year ended 2020 to €1.74bn, from €2.67bn in 2019.

The results were impacted by a €332m liability management transaction, a contribution to the Extraordinary International Fund for Covid-19 and €287m of investment impairments, mostly in H1.

The group’s operating result was up 0.3 percent to €5.2bn. The impact of Covid-19 was estimated at €123m.

The P&C operating result was up 19.4 percent to €2.46bn in 2020, but down 16.1 percent on the life side to €2.63bn.

Generali’s P&C combined ratio improved 3.5 percentage points to 89.1percent

Group-wide gross written premiums were up 0.5 percent to €70.7bn. They were stable in P&C at €22.15bn.

CEO Philippe Donnet said Generali delivered “excellent results”.

“For the second consecutive year, we have achieved the group’s best ever operating result,” he said.

Adding: “We have entered the final year of our strategic plan and are well positioned to achieve all of the objectives of ‘Generali 2021’. We have defined and implemented a new organisational structure to ensure, not only the success of this plan, but to also prepare for the next strategic cycle.”

By admin

Universal Insurance Plc journey in the three scores of its existence recalled the relocation of the head office from Enugu to Lagos change the company for good.

The Chairman, Engr. Cyril Umunna Ajagu, while narrating his experience with the company in Lagos stated, “I remember when I first came to invest in Universal Insurance sometime in 2003. It can only be described as a divine arrangement. The Company was going through turbulent times. Workers had not been paid for a very long time and were therefore very disillusioned.

“I came on board and to the glory of Almighty God, we forged ahead. The first decision we took was to reposition the Company from being a regional player to a national player. And this we achieved by relocating the head office from Enugu to Lagos and thus began our progressive journey through thick and thin.

“We grew stronger and during the recapitalization exercise organized by the National Insurance Commission, NAICOM in 2007, we not only recapitalized but we successfully acquired three other insurance companies – African Safety Insurance Company; Oriental Insurance Company and United Trust Assurance Company Limited.
On 14th December, 2007, we became a Public Liability Company and two months later, on the 11th February, 2008, we became listed on the Floor of the Nigerian Stock Exchange. Universal Insurance has since blossomed and we keep moving from strength to strength.

These, he said was only made possible by God. He thanked all those who have in one way or the other contributed and are still contributing to the success story.

Speaking further the managing director/ CEO Ben Ujoatuonu noted that in the past 60 years the company has continued to strengthen and sustain the legacy of the founding fathers.

Accordingly him “for the past 60 years we have been consistently in keeping to our words through creating value and meeting claims of our teeming customers. I assure you that we will Continue and not rest in our plans in satisfying our numerous customers.”

With an asset base of over N11billion and shareholders fund of over N8billion, universal insurance said they are ever ready to satisfy the needs of their customers.

He noted that at 60 the company human capital is a mixture of the experience of the old and vigor of the young to drive the company.

Presently, we have developed a very vibrant agency retail unit with very active agency network across the nation.

He stated that the investment in retail businesses is aimed at deepening insurance penetration in the country and ensure they grow their revenue.

“We have also developed and gotten approval from National Insurance Commission for eight retail products that we are rolling out to the market. Some new ones are also with NAICOM for approval and some new ones are being develop.

“With some of these product, we will begin to partner with our friends, brokers and agents to see how we can work with your network to drive these products to our mutual clients.

“We have also applied for approval for Micro insurance license from the commission which we believe will help us deepen insurance penetration and our revenue. We are indeed very hopeful that we will get the approval and that will also help us to expand in the vision we are driving in that regard.”

On its financials, he said: ” We have consistently grown our revenue in the past five years. In 2020 despite the pandemic and #Endsars protest we grew our revenue by over 80 percent and profit level grew by over 1600 percent

On recapitalization, the universal boss said “Our shareholders and brokers have nothing to fear because we will meet the mark and the universal insurance brand will stand after recapitasation. Presently, we have a paid up capital of over N8billion and by the regulator’s template for capital we have over 80 percent as at now.”

He however stress that serious work is ongoing to ensure that any time the issue of recapitalization comes up we will meet the mark of N10billion.

Speaking on the company’s performance, Sir, Sunny Nwosu, a shareholders’ rights’ activist, lauded the board and management of the company for their ability to sustain and grow the company despite the downturn in the economy.

He urged the company to strategise towards growing the business and improving dividend payment for shareholders.

According to him shareholders will be more happier if dividends are paid regularly.

Moving forward, he said they will be looking at the balance sheet of the company to see how they can advise them to hasten up dividend payment for shareholders.

Also, Mattew Akinlade, President Noble shareholders Solidarity Association (NSSA), applauded the company’s strong presences in the industry in the last 60 years.

According to him, some companies established the same time with universal insurance have all gone under but Universal insurance has proven that it have what it takes to move the industry forward.

Also, Alfred Daudu, CEO, FSL Insurance Brokers Limited noted that the prompt claims payment by Universal insurance has made it the company of choice for most brokers.
According to him, Universal insurance ranks among the company high in claims payment, adding that they paid over N30million as claims to its clients in 2020 despite the negative impact of covid-19.

He assured that they will continue to support universal insurance to deepen insurance penetration in Nigeria.

By Favour Nnabugwu

The National Pension Commission (PenCom) has given approval for the refund of the sum of N2,789,553.79 to 50 personnel of Military and other Security Agencies’ personnel who were exempted from the Contributory Pension Scheme.

Following the exemption of the military and other Secret Security Agencies’ Personnel from the contributory Pension Scheme (CPS) in 2011, PenCom in 2012, commenced the refund of the employee portion of pension contributions to the personnel who were in service between July 2005 and December, 2011.

However, it has been observed that the some personnel are yet to receive their refunds.

The commission working in conjunction with the military Pension Board is desirous of bringing the refund exercise to close by 30 June, 2019.

Accordingly, all military Personnel who were in service between January, 2005 and December, 2011, but are yet to receive a refund of their employee portion of the pension Contributions, are required to contact the military pension Board or any Military Formations close to them to complete the “Request for Refund of pension Contribution Form”

The Commission received a total of 1,900 applications from private sector organisations for the issuance of Pension Clearance Certificates (PCCs).

Out of this number, PCCs were issued to 1,877 organisations while 23 applications were declined due to inability of the organisations to meet the requirements for issuance of certificates.

The records show that a total sum of N9,878,025,459.10 was remitted into the Retirement Savings Accounts of 41,923 employees of the 1,877 organisations.

The Comission also said 11,374 retirees went for programmed withdrawal as means of drawing their monthly pensions, while 1,596 embraced Retiree Life Annuity which is managed by life insurance operators.

PenCom in its fourth quarter report, noted that it granted approval for 11,374 requests, comprising 5,681 public (FGN & States) and 5,693 private sector retirees to draw pension through the Programmed Withdrawal mode during the quarter under review, adding that these retirees received a total lump sum of N32,631,748,404.55 while their total monthly pension amounted to N455,487,074.25.

The Pension sector regulators said it also granted approval to 1,596 retirees under the Retiree Life Annuity during the quarter under review, stressing that a total lump sum of N6,284,179,444.33 was approved for payment to the retirees, while the sum of N10,115,855,000.10 was approved for payment to 14 Retiree Life Providers as premium in return for total monthly/quarterly annuities of N111,677,547.01.

PenCom maintained that during the quartered, it granted approval for Enbloc payment of retirement benefits to 3,499 retirees whose RSA balances were N550,000.00 or below and considered insufficient to procure Programmed Withdrawal or Retiree Life Annuity of a reasonable amount for an expected life span. In this regard, a total sum of N848,920,264.47 was paid to the 3,499 retirees comprising 200 public (FGN & State) and 3,299 private sector retirees, it said.