Unique Insurance to consolidate gains
Unique Insurance says it is optimistic of improving and consolidating gains made by the company last year.
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The Managing Director of the indigenous insurance company, Mr Victor Obeng–Adiyiah, speaking in an interview after the company held its annual general meeting in Accra described the year 2015 as successful but challenging for the company.
“It was successful because we were able to turn the company from loss, making into a profit-making one albeit marginal. With this milestone, we have noticed great confidence exhibited by our customers both old and new and we expect this to propel the company to even greater achievements,” he said.
Financial performance
The company grew its premiums by 46 per cent higher than the industry growth of 13 per cent and made profit for the first time in five years.
Although it spent GH¢ 542,000 on a restructuring exercise, it ended the year on a positive note, having made a loss of GH¢254,000.
“We maintained 86 per cent of the company’s assets in investments as we laid the strong foundation for a very solvent company to attract and retain reputable clients in our portfolio,” Mr Obeng–Adiyiah said.
He attributed the company’s gains last year to good customer care and commitment of the staff to turn the fortunes of the company round.
Strategic Plan
Mr Obeng-Adiyiah said during the year under review a five-year strategic plan, which among other things aimed at growing the company’s revenue from the current GHS 9 million to GH¢ 34 million by the end of the strategic period and increase its current market share from 100 per cent was approved by the board.
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“The vision is to ensure profitability rather than just the revenue by making underwriting gain as a result of good underwriting standards,” Mr. Obeng-Adiyiah said.
The Board Chairman of the company Mr Prince William Ankrah, in a statement read on his behalf said despite the continued challenges posed by the economy, management would continue to create value and grow the company to greater heights.
“The company has now been able to rebuild its image in the eyes of its cherished customers. This means that we are prepared to take off and consistently make a reasonable return on your investments,” he said.
He said the company, as part of its restructuring last year, undertook voluntary redundancies to set the pace for growth.
The exercise, he said, was successfully undertaken despite its attendant cost to the company and ended the year on a positive note.
“We are confident that management would be able to make significant strides in the coming year. With the completion of the restructuring exercise and the right motivation for the current management and staff, we are optimistic that the net worth of the company will be improved upon,” he said.