Prestige Assurance Plc has reaffirmed its commitment to expanding its retail business, aiming to reach a wider customer base and drive growth. Managing Director/CEO Rajesh Kamble announced this at the company’s 54th annual general meeting in Lagos. Despite a challenging operating environment, Prestige Assurance reported a profit before tax of N1.40bn for the 2023 financial year, up from 2022.
Kamble outlined the company’s strategic focus on retail businesses, including developing new products tailored to the retail market, building stronger customer relationships, and leveraging digital platforms. He emphasized the importance of adaptability, cost-consciousness, and innovation in responding to emerging trends and customer needs.
Chairman of the Board of Directors, Mrs. Funmi Oyetunji, expressed confidence in the company’s ability to deliver superior returns to shareholders, citing strategic plans to address challenges and attract top talent. She thanked shareholders, insurance brokers, and customers for their support and trust.
In 2023, Prestige Assurance achieved a 19.56% increase in gross premium written to N14.88bn and a 160.91% rise in profit to N1.31bn. The company also reported a 41.06% growth in revenue to N8.8bn in the second quarter of 2024, demonstrating its strong performance and growth potential.
