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Prestige Assurance Plc presented its 2020 financials to capital market stakeholders leveraging the Facts Behind the Figures platform of Nigerian Exchange Limited (NGX) on Tuesday, 2 November 2021. The virtual event was hosted by the Divisional Head, Listings Business, NGX, Mr. Olumide Bolumole, and featured the Chief Executive Officer, Prestige Assurance Plc, Mr. Sarbeswar Sahoo.
In his opening remarks, Mr. Bolumole noted that the market is driven by timely, relevant, and accurate information, interactions with the market are vita for transparency, price discovery and overall performance of securities. While commending Prestige Assurance Plc, Bolumole expressed delight with over 65 years of undisputable insurance services, and a commitment to creating long-term value for its clients and stakeholders, through its strong business fundamentals, the company has established a reputation for excellent delivery of insurance products and services.
He further stated, “At the Exchange, we remain committed to helping issuers derive great value from their interaction with the market. By positioning ourselves as the African Exchange of choice, we continue to implement policies aimed at strengthening the corporate governance of our listed companies and providing products that are aligned to investors’ requirements in a fair and orderly market.”
Making his presentation, Mr. Sarbeswar Sahoo said as one of the largest insurance companies in Nigeria, Prestige has a shareholders’ fund in excess of 12.4Billion as at 31st December 2020 and has established a reputation for excellent delivery of insurance products and services, especially in special risks, such as fire & special peril, oil & energy, aviation, engineering, and industrial risk management.
Sahoo further said that the company is strategically positioned to provide efficient and effective solutions to risk management issues, using modern information technology, as well as the company’s skillful and professional workforce with the objective of making esteemed clients feel their positive impact in every sphere of life.
Presenting the company's financials and future plans of the company, Chief Financial Officer at Prestige Assurance Plc, Mr. Emmanuel Oluwadare, said notwithstanding the setback in the industry, Prestige Assurance successfully raised capital through a Rights Issue Offering which and the paid up share capital of the company is in excess of N6.6Bn.
“The achievement has seriously enhanced the brand’s acceptability by the insuring public in Nigeria with a Compound Annual Growth Rate (CAGR) of over 25% between 2016 and 2020, and now 32% as at Q2 of 2021. Prestige Assurance Plc is now positioned to be among the industry’s leaders in the next five (5) years delivering value”.
