AIC Proudly Discloses Gross Written Premium of Le36.54 billion in 2021

Ending 35th AGM…

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35th Annual General Meeting
35th Annual General Meeting

By Abubakarr Harding

The 35th Annual General Meeting of the Aureol Insurance Company (AIC) Limited ended at the District Women’s Fellowship Hall on King Harman Road in Freetown on Friday 15th July 2022 during which the Chairperson of the event, Jennifer Renner-Thomas, revealed that despite certain challenges experience, however, the company made a Gross Written Premium of Le36.54 billion in 2021 as compared to Le32.13 billion the previous year.

Jennifer Renner-Thomas underscored that the insurance industry is characterized by declining insurance rates and market shares, stiff and unhealthy competition primarily driven by strong bargaining powers of buyers and slow growth which were a reflection of the overall economy underscoring that the industry has to grapple with the far-reaching socio-economic consequences of the COVID 19 pandemic, the weak external demand for major exports, particularly diamonds as well as  decline in the mining, transport, trade and tourism sectors.

She continued by informing shareholders that amidst all the challenges, the company recorded a Profit Before Tax of Le4.7 billion for the period to 31st December 2021 intimating that the Board was pleased to recommend a dividend of Le0.50 cents per shares to all members of the company.

Giving an analysis of AIC’s performance, the Chairperson stated that claims paid for the year ending 31st December 2021 was Le13.38 billion as compared to Le9.97 billion for the corresponding period to 31st December 2020 (an increase of 34.2%) disclosing that Claims Ratio for the period under review was 44.62% compared to 38.49% for the same period to 31st December 2020.

She further revealed that during the year 2021, in addition to the numerous motor and local and overseas medical insurance claims, the company also settled three major Fire Insurance Claims that amounted to Le2.0 billion informing stakeholders that the company is extremely proud of its claims-paying ability and would like to assure its numerous clients that AIC would continue to meet all genuine claims obligations promptly.

The Chairperson also gave an overview of the Sierra Leone economy maintaining that the Gross Domestic Product in 2021 was 4.2 % while inflation increased from 10.45% in 2020 to 17.94% in 2021.

Jennifer Renner Thomas said, “On AIC’s Corporate Social Responsibility (CSR), we organized an Essay Competition for Primary and Secondary Schools as well as Tertiary Institutions on the topic ‘Technology, the Answer to the Future of Insurance’ at which event various cash prizes were won. I want to congratulate the winners. Also, as part of its CSR, the company supported and sponsored a host of organizations within the course of the year.”

She continued that some staff members benefited from physical and virtual training programs both locally and overseas and congratulated in particular, Leonard Stronge and Shola Wright who successfully completed the Diploma in Insurance Program in The Gambia (WAII) with Distinction and that the company also bade farewell and happy retirement wishes to its Reinsurance and Statistics Manager,  Foday Conteh, who served the company for 34 years.

He expressed gratitude to the Directors, Shareholders, Management, Staff, Customers, Reinsurers, Consulting Auctioneers, Brokers and Agents for the company for yet another successful year in spite of the fluctuating market conditions and extended sympathy and heartfelt condolences to customers and shareholders who died within the period under review and guaranteed that the company would continue to render quality service that would exceed the expectations of their valued and loyal customers.

Highlights of the AGM were the reelection of Directors, fixing of their remunerations and reading of the audit report by the representative of the renowned accounting firm, BDO.

AIC has been in existence for thirty-five years (35) providing its clients with the assurance and protection needed in this uncertain financial world. The company offers a wide range of insurance and other financial services in a profitable manner.

 

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