By John Okoh, Lagos
Mr Akniboye
Standard Alliance Insurance said it has paid N8.2 billion as claims between 2015 and first quarter of 2017 to holders of the company’s policy products, just as it said that plans are underway to raise capital from the capital market.
Addressing the stock market community on Tuesday August 29, 2017 during the company’s Fact Behind the Figures, the Chief Executive Officer, Mr. Bode Akinboye said as a major turnaround and yearning for a brighter future, there is need for the company to offset the backload of claims so as to chat a new course for the company in the sector.
Specifically, the inherited claims accruing to subscribers of the company’s products showed that Non-Life outstanding claims were N2.1 billion while Life products claims were N6.1 billion respectively.
On capital rising, Akinboye who said the company is projecting to pay dividend beginning from 2019 financial year ending, noted that funds to be raised will help significantly to wipe out the company’s negative reserve. “With a negative reserve of N13 billion, after the raising of capital the company will still be left with a reserve of N2 billion, hence the projection on payment of dividend to be considered on 2019 financial year.
