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Universal Insurance has no plans for share reconstruction, says GMD
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According to Cyril Ajagu, group managing director, Universal Insurance plc, the company does not intend to embark on any form of share reconstruction. “It became imperative for us to clarify our position on this issue in order to ensure that our teeming investors are not misled. We all know that Universal’s shares after its listing has continued to appreciate progressively with prospects of hitting and exceeding a share price of N10 as we continue to unfold our operational strategies and alliances with foreign organisations,” he said.
Ajagu says that the continuous price appreciation of Universal’s shares is due to the firm’s commitment to ensuring huge returns on investments for its shareholders, and formidable plans to pioneer new standards in the insurance sector through innovative service delivery, modern ICT platforms and strategic alliances. He added that the company was currently engaged in talks with three offshore insurance firms (two from Europe and one in South Africa) in its bid to enhance its capacity and competitive edge both regionally and globally. “With the kind of projections we can see ahead of us, there’s just no way we can be talking about share reconstruction. This is a company that is recapitalised in excess of N5 billion, one that has a mandate to make insurance relevant to Nigerians and the entire economy. Insurance has a great future in Nigeria, and we are among the frontline players committed to rebuilding the sector,” he added.
The Universal boss noted that plans had been concluded for continuing training and retraining opportunities that would improve the knowledge and performance of all cadres of staff in the company.
“These training sessions are expected to prepare the firm’s workers for extensive research/product development and acquaint them with unfolding service delivery trends,” he said.
The bottom line is that we shall thrive on innovation, professionalism, best practices, and superior service delivery,” he said.
On emerging opportunities in oil and gas insurance, Ajagu said the intricacies and risks involved in oil and gas business require the presence of insurance companies that are able to provide adequate cover in terms of financial capacity and technical expertise; and pay claims when they arise. According to him, the local market has the potential to boost its earnings through premium income generated from oil and gas transactions.
Ajagu says that the continuous price appreciation of Universal’s shares is due to the firm’s commitment to ensuring huge returns on investments for its shareholders, and formidable plans to pioneer new standards in the insurance sector through innovative service delivery, modern ICT platforms and strategic alliances. He added that the company was currently engaged in talks with three offshore insurance firms (two from Europe and one in South Africa) in its bid to enhance its capacity and competitive edge both regionally and globally. “With the kind of projections we can see ahead of us, there’s just no way we can be talking about share reconstruction. This is a company that is recapitalised in excess of N5 billion, one that has a mandate to make insurance relevant to Nigerians and the entire economy. Insurance has a great future in Nigeria, and we are among the frontline players committed to rebuilding the sector,” he added.
The Universal boss noted that plans had been concluded for continuing training and retraining opportunities that would improve the knowledge and performance of all cadres of staff in the company.
“These training sessions are expected to prepare the firm’s workers for extensive research/product development and acquaint them with unfolding service delivery trends,” he said.
The bottom line is that we shall thrive on innovation, professionalism, best practices, and superior service delivery,” he said.
On emerging opportunities in oil and gas insurance, Ajagu said the intricacies and risks involved in oil and gas business require the presence of insurance companies that are able to provide adequate cover in terms of financial capacity and technical expertise; and pay claims when they arise. According to him, the local market has the potential to boost its earnings through premium income generated from oil and gas transactions.
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