Nigeria Re posts strong results; MD praises plan

Nigeria Re has posted strong results for the second quarter of 2014 – something its managing director attributes to a strong strategic plan that has been embarked upon by the company.

The reinsurer’s underwriting income grew by 68 percent to N327 million ($2 million) in the second quarter of 2014, compared with N195 million in the second quarter of 2013.

Its net operating income rose by 23 percent to N231 million, compared with N186 million in the same period of the prior year.

The company’s net management expenses grew by 13 percent driven by the extra cost incurred on the implementation of the new strategic plan of the reinsurance firm.

Isioma Chukwuma, managing director of Nigeria Re, said: “No doubt, the corporation is not only strong, but viable enough to meet its obligations as they fall due.”

Earlier in the year, the corporation launched a new strategic roadmap which focuses on customer loyalty as a guiding principle.

“As part of the efforts to meet the desires of her esteemed customers, the corporation’s management is currently embarking on marketing tours to all her existing and prospective customers. These visits offer the corporation the opportunity of appreciating and identifying the needs and complaints of her customers as well as sharing the corporation’s new strategic plans for growth,” Chukwuma said.