But the previous year, it made N1.05 billion, which represents a 27.4 per increase.
The Chairman of the company, Ugochukwu Godson, broke the news at the firm’s 64th Annual General Meeting (AGM) in Lagos.
At the hybrid event, he said the net claims expenses in 2021 was N0.48billion, which is a 69.1 per cent improvement over the N1.55billion recorded in 2020, noting that this was due to efficient claims management.
He stated that the company was returning to profitability as funds had been injected to strengthen its financial base and increase its capacity for transacting large-scale business deals.
The company’s Managing Director, and Chief Executive Officer, Ademola Abidogun, urged the company’s shareholders to see the positive aspects of the upcoming changes.
He said: “With the injection of additional capital,” he said: “Our company is well positioned to attract and transact larger portions of new businesses.
“It is undeniable that consumers are shifting and favouring simplicity more than ever before; as a result, our investment roadmap in technology and digital transformation is motivated by the need to give customers the freedom to purchase reliable insurance products without any geographical restrictions.”
He stated that the company had made efforts to keep management costs to a minimum, obtain regulatory approval for the underwriting of agricultural insurance, and reduce operating expenses.