African Alliance is developing strategy to gain substantial market share
By Dipo Olowookere
The management of a leading life insurer, African Alliance Insurance Plc, said their main focus at the moment is to ensure the company achieves substantial market share.
African Alliance Insurance Managing Director / Managing Director Ms. Joyce Ojemudia, speaking at the company’s 52nd Hybrid Annual General Meeting (AGM) held in Lagos and broadcast online, said the team had developed a strategy to achieve this goal.
“Our main goal next year is to significantly increase our market share. This will be achieved through a massive strengthening of the sales team (field force and corporate marketers) and the provision of the necessary tools to facilitate marketing activities.
“We will reopen branches in locations we have found promising and strengthen our presence in existing locations,” the respected sales guru said at the event via a statement signed by the Director of Brand, Media and Retail. corporate communications, Mr. Bankole Banjo.
“Our quest to maintain a physical presence resonates with our drive for integrity, as insurance is a trusted business, especially among the retail market. This effort will be supported by digital technology as we adopt a two-pronged attack on the market, ”she added.
Ms. Ojemudia also cited as a priority the renewal of the company’s ISO certification as a business tool to strengthen market confidence; training and retraining of staff to facilitate the acquisition of knowledge; recruiting in key technical areas as well as massive IT upgrades to support business goals and optimize costs.
Previously, company president Dr.Anthony Okocha had pointed out the many signs of progress for the company in fiscal 2020.
“Your company has been able to increase its asset base by 29%, from over 40 billion naira to 56.3 billion naira. This was following a substantial capital injection which gave us a boost in our net income to the tune of 5.67 billion naira compared to the 2019 loss position of 7.04 billion naira. .
These profits were immediately allocated as retained earnings to further stimulate our ongoing quest to revamp our books and increase the overall financial position of your business, ”he said.
Business post reports that during the meeting, the company announced the retirement of Mr. Okocha as chairman of the board effective September 20, 2021.
A non-executive director of the company, Sylva Ogwemoh (SAN), who chaired the meeting, described the retired chairman as a man with a passion for the cause of African Alliance Insurance Plc.
“For a man, having led the board of directors for 9 years is a testament to his resilience despite all obstacles. We wish him good retirement and on behalf of the board of directors, management, staff and shareholders of the company, we thank him for his contribution to the growth of the company, ”said the lawyer.
Recall that under the leadership of Mr. Okocha, the company successfully carried out the first rebranding exercise in its 61-year history, making it firmly attractive to young professionals and repositioning it for future success.
In the year under review, the African Alliance reported a pre-tax profit of 5.67 billion naira compared to a loss of 7.04 billion naira the previous year, which is an increase of over 1300% year over year.
Further analysis of the books showed the company paid 8.16 billion naira in claims, a 21% year-on-year reduction from the previous year’s figure of 10.4 billion naira.
This, according to the president, was the “result of a clever / dynamic risk selection process that allowed us to strategically cede to reinsurers.”
The company’s investment income also fell 19% from 3.02 billion naira to 2.46 billion naira as a direct result of falling market rates, however, the operating expenses of the company ‘business were also slashed by 14 percent as a preventative balance to reduced earnings.
Formed in 1960, African Alliance is widely regarded as the strongest life specialist in the industry. With an insured base of over 50,000 policies, spanning over three generations, the company is well positioned to provide innovative and personalized plans for the Nigerian market.