Crusader Insurance Pays MTN N408m Claims
Stories by Nnamdi Duru
The fire incident which destroyed part of the Nigerian Airways compound in Ikeja, Lagos State has re-echoed in the system but this time with the insurance industry bearing the brunt.
The management of Crusader Insurance (Nigeria) Plc, a second generation underwriting firm, recently coughed out N407.6 million as claims to the MTN, the foremost mobile telephone service provider in the country in respect of its fire insurance cover bought from the company.
This Chairman of the company, Professor Monsur Kenku made this disclosure in a press release made available to THISDAY in Lagos recently.
With a mission "to provide efficient and innovative financial services that meet clients' expectation through highly motivated professionals for an optimum return to shareholders while remaining a responsible corporate citizen", the company has proved itself as one that honours its obligations to other stakeholders.
Kenku disclosed that the company's profit before tax last year increased by 131.42 percent, rising from N43.6 million in 2002 to N100.9 million last year, afeat he said was made possible by "implementation of innovative strategies, dedication and sound judgement of management staff and support of the company's clients and brokers".
The company's total assets also increased to N3.66 last year billion from N2.49 billion the previous year, representing an increase of 47 percent. Its gross premium income as well increased by 33 percent, rising from N608 million in 2002 to N812 million in 2003.
Crusader's pension fund deposits increased by 34 percent, from N659 million the previous year to N881 million last year while its profit after tax grew by 125 percent from N39.54 million the previous year to N88.81 million in 2003.
Shareholder's funds in the company stood at N474.14 million by the end of last year as against N334.96 million recorded at the end of 2002 while earnings per share in the company improved by 28 percent, rising from 13 kobo to 17 kobo per 50 kobo ordinary share.
the company also settled claims to various customers within the year, prominent among which was the claims paid to settled MTN last year totalling N407.6 million. This claims arose from the November 2002 fire incident which destroyed the premises of SAHCOL, Murtala Mohamed Airport, Ikeja in Lagos State.
The company's Board of Directors has therefore proposed that Shareholders a 7.5 kobo dividend on every 50 kobo share be paid to owners in the company, approval of which may have been granted by shareholders at the company's annual general meeting in Lagos recently. This is supposed to be an increase of 50 percent over the 5 kobo per 50 kobo share declared in 2002.
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