Royal Exchange set to unlock new growth potentials
Royal Exchange Plc, Nigeria’s foremost financial services group is set to unlock new growth potentials that will increase consumer value and better returns on investment (ROI) to its teaming shareholders.
The company with interest in general insurance, life insurance, asset management, healthcare as well as micro finance banking is taking advantage of synergies, as financial conglomerate in its new drive for growth.
This is going to be supported with a new inroad into agric insurance, the country’s new expanding goldmine, having secured approval to underwrite agric-business from the National Insurance Commission (NAICOM).
Speaking to shareholders at its 48th Annual General Meeting in Kanu, Kenny Ezenwani Odogwu, chairman of the company told shareholders that the future of the company is bright, stating that management has done very well in growing the business and bring stability in her operations.
Odogwu said going into the future, Royal Exchange in 2017 will be consolidating the initiatives that was started in 2016, support growth, working capital and restructuring across the group.
“As always, Royal Exchange stays abreast with many of the initiatives it has put in place to grow the market share and attain market leadership position.”
According to him, the Group is currently streamlining major components of her business, service delivery, processes and operations to deliver superior returns in the short-term to the shareholders.
“This we believe will reposition our great company as not only a major industry player, but as potential game changer, Odogwu assured.
In the financial year ended December 2016, the Group recorded a 16 percent growth in gross written premium from N10.79 billion in 2015 to N12.52 billion in 2016.
The Company however posted a negative bottom-line, not as result of operational losses, but technical losses following huge provisions of N670 million liabilities in the life business.
Auwalu Muktari, GMD of the Company responding to shareholders questions said that Royal Exchange Plc, will pay dividend next year having maximized available growth opportunities, including investment and underwriting.
He told shareholders to believe in the Company and support the business as the future is bright and rewarding for all stakeholders.
“For the future that we behold, our goal is to continuously redefine, reinvent and differentiate ourselves in the market place. The focus would be on achieving sustainable growth for our company through deepening of our revenue base, improving service delivery support system and at the same time keeping a lid on our group-wide costs”.
Royal Exchange Plc started operations in 1918 and continues to be driven by innovation and a determination to offer services that are of exceptional value to its customers. Following the recapitalization exercise in 2007, the company was reorganized into a group structure comprising Royal Exchange Plc as the holding company and five strategic subsidiaries namely: Royal Exchange General Insurance Company Limited (Non-Life Insurance Services); Royal Exchange Prudential Life Plc (Life Assurance Services); Royal Exchange Finance and Asset Management Limited (Financial Advisory Services); Royal Exchange Healthcare Limited (HMO and Health Insurance) and Royal Exchange Microfinance Bank Limited (Banking Services).
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