Prestige, Munic Re package medical international product

PRESTIGE Assurance Plc, a member of New India Assurance Co. Ltd, in its determination to deepen penetration as well as beat competition, is packaging a new medical international product in partnership with Munic Re, a global reinsurance group.

Managing Director/Chief Executive, Prestige Assurance Plc, Balla Swamy, disclosed this at the 47th  the annual general meeting, AGM,    of the company in Lagos.

He stated: “Discussion is ongoing on the product, which is exclusively meant for high net worth individuals for the purpose of medical treatment in developed countries including USA and Canada.”

Prestige Assurance has a range of new products including the recently launched ‘Prestige International Mediclaim Policy’ meant for Nigerians travelling abroad on business and holiday, employment and study.

Also speaking at    the AGM, Chairman of the Company, Hassan Usman, said that the challenges in the operating environment in 2016, which it successfully addressed has endowed it with a stronger, agile and more robust operating framework.

Robust operating framework

According to him, the potential of the Nigerian insurance sector is huge, stating that these were being enhanced by the various initiatives that the National Insurance Commission (NAICOM) and the Nigerian Insurers Association (NIA) are putting in place to bring sanity into the industry as well as policies that are needed for business to thrive.

Usman said the company has positioned itself to succeed by introducing new products and processes that guarantee good returns on investment.

Commenting on the company’s financial performance in    2016, he disclosed that Prestige achieved a gross premium written of N2.61 billion, as against N2.43 billion in 2015 financial year, indicating a 7.55 percent increase.

From a position of N20 million profit before tax, PBT,    the previous year when it had much claims to pay following the Dana Air crash, the company bounced back with N340.39 million PBT, while the profit after tax stood at N221.99 million. The firm has total asset base of N9.69 billion at the end of 2016.

 

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