She also disclosed to the stakeholders that the Insurance industry continues to be characterised by declining insurance rates and market shares, stiff and unhealthy competition primarily driven by strong bargaining powers of buyers. All of these are a reflection of the overall economy.
Despite these economic challenges and the volatile business environment, the Chairperson was pleased to report that the company continued to deliver a very strong performance.
The Gross Written Premium for the period 1st January, 2018 to 31st December, 2018 is Le29.14 billion as compared to Le27.96 billion for the corresponding period to 31st December, 2017. Comparatively there is an increase of 4.22%.
Claims paid for the period under review totaled Le8,251,517,000 with the breakdown as follows: Fire – Le30,985,000.00; Motor – Le514,967,000.00; Accident – Le229,679,000.00; Medical – Le7,475,886,000.00.
The expense ratio for the period was 54.80%.
The Company recorded a profit before tax of Le3.74 billion. The profit after tax for the period is Le4.91 billion.
The Board of Directors after careful consideration of the Result of operations, recommended 0.60 cent share to all members of the Company as at 31st December, 2018.
Shareholders present at the meeting were duly informed that Mr. Solomon Samba who served the Company in the capacity as Managing Director for twenty-two years has retired from the company. He has however been appointed as Non-Executive Director due to his vast institutional memory.
The Chairperson also noted that the company continues to invest in their staff by providing local and overseas training for them. During the year 2018, Mr. Hassan O. Kamara won the second best student award from the West African Insurance Institute (WAII) in Banjul the Gambia.
To ensure a healthy and fit workforce, the company also continues to organise wellness programmes.
In her conclusion, Mrs. Yasmin Fofanah emphasized that there are good prospects for the company, provided profit levels are sustained and large claims being kept within normal bounds. She expressed her sincere thanks to all stakeholders particularly those customers who have remained loyal.
