Oceanic Insurance Group (OIG), a subsidiary of Oceanic Bank International plc has assured its clients of enhanced service delivery through more robust bancassurance operations to be driven across the bank’s huge branch network.
OIG’s chairman, Cecilia Ibru said the group’s clients, irrespective of their locations, can among others; conclude transactions on simple term life insurance, group life policies, endowment policies, annuities, education plans, medical insurance, car insurance, fire insurance, burglary (theft) insurance, liability insurance, employers’ liability insurance, home and contents insurance across the bank’s branches nation-wide.
“Essentially, bancassurance is all about fully exploiting the synergies between banking and insurance, so as to manufacture and distribute cost effective banking and insurance products to a common customer base. “Our vision is to ensure that the insuring public in Nigeria enjoys the best of insurance services as is obtainable all over the world. The synergy existing between Oceanic Bank and the Oceanic Insurance group is increasingly redefining insurance operations in Nigeria,†she said.
OIG comprises Oceanic Insurance Company Limited, Oceanic Life Insurance, and Oceanic Health Management Limited.
These are frontline firms that are backed by a capital base of over N5 billion and an assemblage of topflight insurance and allied professionals.
OIG has its sights on realizing premium income in excess of N4 billion at the end of the 2008 financial year. Leveraging on the strong brand of its parent company, Oceanic Bank International plc, OIG also expects to grow its profitability margin by 25 percent to enable it achieve profit after taxation of N700million at the end of the 2008 financial year.
Attaining these targets will earn the company an enhanced market share of the entire insurance sector. OIG recorded gross premium income of N1.2 billion for the year ended September 30, 2007. Financial experts say by this result, the company achieved the record of being the first company to cross the N1 billion premium income mark after the first full year of operations in 2006. A breakdown of the firm’s financial performance for the year under review shows that while Oceanic General earned N1,054 billion premium, the life arm recorded N145million. The group’s profit after taxation hit N299million a figure that further demonstrates the impressive run of the group in 2007.
/businessdayonline.com
« Insurance companies frown on trampolines, cancel your policy? | Focus on mental health, eye exams or dentist appointments »