Chairman, Board of Directors of the company, Dr Elijah Akpan made this known during the Annual General Meeting (AGM), held weekend at Le’ Meridien Ibom Hotel and Golf Resort, Uyo, Akwa Ibom State capital.
He said, the feat was recorded despite the harsh economic climate in the global and local operating environments noting that, the company’s income up from N154 million in the previous year 2014 to N176 million in 2015, an increase of 14 percent while its operating expenses for 2015 stood at N843 million as against N704 million in 2014.
The company also recorded a growth of 7 percent in its total assets with N5.4 billion in 2015 compared to N5.0 billion for the year ended December 31, 2014.
Akpan, who is also the Executive Chairman, Akwa Ibom Investment Corporation (AKICORP) maintained that, net premium income increased from N1.630 billion in 2014 to N1.842 billion in 2015, representing 13 percent increase, disclosing a decrease in Profit Before Tax from N389 million in 2014 to N301 million in 2015 representing a decline of 23 percent while its Profit After Tax (PAT) stood at N201 million in 2015 as against N309 million in 2014, a decrease of 34 percent.
‘’The company’s total claim for the year increased from N273 million in 2014 to N505 million in 2015. The underwriting profit deceased marginally by one percent from N977 million in 2014 to N965 million by year ended 31 December, 2015.
‘’The future is bright for our company. Management is intensifying effort towards deepening market penetration for our products and services. We shall continue to place high premium to give a delightful experience to our existing and prospective customers.
‘’We shall continue to invest in infrastructure and renew working tools for superior and conducive environment’’, Dr. Akpan explained.
Meanwhile, the Management and Board of Directors have unanimously agreed to shelve declaration of dividends to shareholders in 2015 because, the company is moping funds to invest on new product; known as ‘’Employee Loss of Employment Insurance Scheme’’, as approved by the National Insurance Commission (NAICOM), to be able to pay more dividends to shareholders in future.
The benefit of the new product, Dr Elijah Akpan stated, will enable Nigerians that have lost their jobs either in public or private service to receive income if they contributed into the scheme.
“This will consolidate the performance of the company with a view to preparing it for higher profitability in 2016’’, he added.
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