Royal Exchange Plc, has by its statement of accounts for 2019 performance, placed claims pay out as an insurer obligation to insureds. In the process of putting flesh to bones the company settled claims worth N3.18bn, a slight increase of one percent on the previous year mark of N3.16bn.
Royal Exchange also made good score in its operating expenses with a reduction of 42%, dropping from N4.03b to N2.4bn in year under review.
Board chairman, Mr Kenny Odogwu, disclosed the group account at the 51st yearly meeting in Lagos, promising that the company remained committed to improve performance and this would be aided by “the new world class software we acquired earlier in 2019 and deployed to our insurance subsidiaries has started yielding positive fruits by making our workforce seamless.”
Mr Odogwu who was represented by Alhaji Ahmed Rufa’l Mohammed, said the company would remain competitive on all fronts in the insurance market and keep its position as a fledging insurance power.
He said the firm’s strategic implementation of its digitalisation plan is customer focused, explaining that the newly upgraded website has many features including call-to-action/sale capabilities with 24hrs facilities to attend to enquiries.
The board chairman also assured the shareholders that the recapitalisation process for the insurance companies in the group would be pursued to its logical conclusion, same he reiterated would apply to other subsidiaries.