This represents 54.38 per cent growth over the performance of N2.2bn in 2017 and the first of its kind, since the company was established in the past 30 years.

The company, during the meeting also ratified a dividend of 2 XOF per ordinary shares to reward shareholders while promising to ensure a geometric improvement in the different relevant indices come 2019.

Chairman, Board of Directors of the company, Dr. Elijah Akpan, announced this at its 29^th Annual General Meeting (AGM), held at Ibom Le? Meridien and Golf Resort, Uyo, Akwa Ibom State on Friday.

Dr. Akpan, during the review of the company?s business performance in the outgone year, attributed the successes to team work and determination of workers ?to change the age-long premium narrative, review marketing strategy by the new management, injection of fresh ideas and added efforts by the new hands that joined the system.?

He said ?UBA VIE Assurance, in a bid to make a difference, also recorded positive headways in 2018 to include net premium of N2.8bn against N2bn in 2017, showing 41.6 per cent improvement over the performance in the corresponding year, while investment and incomes hopped from N229.4m in 2017 to N244.9m in 2018, indicating 6.75 per cent rise over the performance in 2017.

Profit before tax also rose to N220.2m in 2018 from N180.3m in 2017, representing 22.12 per cent increase over 2017, while profit after tax stood at 22.87 per cent from N133.3m in 2017 to N163.8m in 2018, total assets experienced 5.37 per cent rise from N6.2bn in 2017 to N6.6bn in 2018 and shareholders? fund rose to N5.2bn in 2018 from N5.1bn, showing 1.67 per cent increase respectively.

The Chairman maintained that propelled by the Company?s pay-off ???where insurance works,?? the Company responded to claims request by paying N816.9m to genuine claimants in 2018 against N540.2m in 2017, indicating 51.2 per cent show of strength.

In addition to the above achievements, Dr. Akpan stated that the company  commissioned and opened UBA VIE Assurance Multi-Purpose Building in Uyo, appointed a new Executive Director, Technical and engaged Head, Claims/Re-Insurance, which has ensued in the tremendous improvement of under-writing/claims administration amongst others.

While assuring that 2019 would be more fruitful considering the achievements so far recorded, he called for all hands to be on deck to realize the recapitalization of the company for big ticket businesses.

He added that the company would invest more on the ubavie brand repositioning project and expand products basket to open rooms for additional income.

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The Company?s Managing Director, Mr. Ebose Augustine, disclosed this while speaking with a group of Insurance Correspondents in Cotonou.

He explained that ?meeting customers? genuine claims requests and doing so within a specified time limit have been parts of the practices UBA VIE Assurance was known for and we take unrepentant pride in meeting our promise of putting smiles back on the faces of our policyholders whenever the risk insured against crystallizes.?

Giving a breakdown of the claims paid according to the classes of insurance, Mr. Ebose said N204.3m was paid to affected customers under the Oil and Gas class, General Accident was N197.5m, Motor Insurance N197.4m, Loss of Employment Insurance Scheme N108.6m and N89.1m to those affected under the Engineering class.

According to him, others included Marine Insurance where affected claimants received N63.2m, Fire class N33.1m and Bonds N27.7m respectively.

He noted that at UBA VIE Assurance Company Limited, ?our best advertisement is the timely processing and religious settlement of claims,? adding that the Company was only living up to its ??where insurance works? motto.

He further disclosed that Covid-19 pandemic affected businesses and lives which gave rise to high cases of claims demands on insurers, noting that ?we at UBA VIE Assurance had our own fair share of the claims report, especially the Loss of Employment Insurance Scheme but we were equal to the task as the primary duty of any insurance company was to pay claims.?

He thanked the various customers who got smiles back on their faces for ?considering us as the insurance company to come to when they needed their insurances,? assuring that ?on our part, we will never relent in surpassing our customers? expectations whenever duty calls on us.?

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The Company?s Profit After Tax recorded a 98% increase from N220.2m in 2019 to N436.5m in 2020 just as its total assets experienced an 87% appreciation from N7.2bn in 2019 to N13.5bn in 2020.

These details were disclosed on Thursday by the company?s Chairman, Dr. ?Elijah Akpan, during the organisation?s 31^st Annual General Meeting held virtually at their Victoria Island Head Office in Cotonou on Thursday.

He noted that the company responded to claims demands from its affected genuine policyholders to the tune of N1.3bn in 2020 as against N929.6m paid in 2019, stating that ?as a tradition at UBA VIE Assurance Company Limited, we recognize the crucial role which regular payment of claims plays in keeping any serious insurer strong in the Beninn insurance market.?

The Chairman told the owners of the company that the Board and Management have done well so far in pursuing the recapitalization exercise as ordered by the National Insurance Commission (NAICOM).

?According to him, ?based on the level we are at with the exercise, it is our strong belief that we will sail through. This feat, when achieved, will go a long way in catapulting the Company to a more vantage position where it can retain more big ticket businesses in its port-folio than it is currently doing.?

While thanking God for seeing the company through the harsh economic weather in 2020, the Managing Director, Mr. Ebose Augustine, disclosed that the shareholders have approved the 4 XOF dividend per share recommended by the Board of Directors to be paid to them.

According to him, ?it is our standing practice to put smiles on the faces of the owners of the company every year for their investment in the organization. It is our belief that when you sow, you deserve to reap.?

He assured the shareholders that ?with the way business is looking up year to date, we are sure of beating our 2020 records on all indices.?

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He further explained to the shareholders that ?our workforce have been very wonderful. I can safely say that the ownership spirit they have continued to bring into the discharge of their duties is directly responsible for the rise of the company,? promising that ?we will ensure, on our part, that appropriate rewards are extended to every deserving Staff.?

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Speaking with Insurance Correspondents in Cotonou, the Managing Director of the Company, Mr. Ebose Augustine, disclosed that despite the effect of the Covid-19 pandemic on business operations, UBA VIE Assurance was still able to achieve this result, noting that the underwriting organization?s production would have been above N7bn by now if the pandemic had not set in.

According to him, ?we started the year well and from all our efforts and aggressive marketing, it was clear we were going to hit at least N7bn by mid-year 2020 but for the pandemic since March which has made the insuring public to review their insurance budgets downwards.?

According to him, ?despite the Covid-19 challenges, we have surpassed the N4.2bn premium income we wrote in 2019 as I can confidently tell you that as at second week of this month of August, our performance stood at N5.1bn,? stating that for the remaining months in the year, he was sure the Company will raise this result to a greater figure.

Responding to how the Company has been doing its marketing since the advent of Covid-19, Mr. Ebose explained that ?it was like we at UBA VIE Assurance foresaw this pandemic period when we invested in most modern information technology to drive our business.

?So, it was not difficult for us to continue to navigate the insurance market using what we had already put in place and it has really helped in ensuring we never suffered any panic in this era of doing business differently,? ?he noted.

He said ?this manifest new approach to doing insurance business even before the advent of Covid-19 alongside other giant strides made by the Company earned us an award as the ?Insurance Company of the Year 2019? in February this year by Daily Independent newspaper.

Mr. Ebose explained that the Company whose 2019 accounts have been approved by the National Insurance Commission (NAICOM) and Annual General Meeting (AGM) accordingly fixed for September 4^th is not looking back at pushing up its premium income and attending to genuine claims requests with utmost concern.

He hinted further that the company was strongly pursuing its recapitalization in line with the order of the National Insurance Commission, noting that UBA VIE Assurance was recapitalizing without any merger plan to retain its brand identity.

?As for the recapitalization ordered by our regulator, our Board of Directors does not want anything that will alter the company?s identity. It is, therefore, our resolve to recapitalize alone as UBA VIE Assurance Company Limited. We do not have plans for now to acquire any company that might not be meeting up with the recapitalization requirements but we can buy over their policy portfolios where the need arises,? he explained.

Highlighting the Company?s performances in 2019, the Managing Director disclosed that UBA VIE Assurance recorded N4.2bn premium income as against XOF11.4bn in 2018, achieved a profit after tax of N220.2m from its 2018 N163.8m feat, and paid claims totaling N929.6m compared to N816.9m administered in the corresponding period of 2018.

He noted that ?the selling point of the company is its stable ability and deliberate policy of responding to genuine claims request speedily, continually meeting global best practices, religiously adopting good corporate governance in all its dealings and ensuring adequate return on investments to shareholders.?

The post UBA VIE Assurance grosses N5.1bn premium 2020 YTD?and N4.2bn in 2019 first appeared on UBA VIE Assurance.

Mr. Steve Omanufeme, Managing Director/Editor-In-Chief of the newspaper who described UBA VIE Assurance Company as the ?fastest growing insurance company of the year 2019, noted that ?the selection committee specifically recognized the Company for its giant stride in the past one year, especially in its risk management and claims administration approach which have always been a source of delight for its teaming policyholders.?

He noted further that ?we are also impressed by the company?s turnaround record of performance in the last one year. It is noteworthy to say that the company under the new Management team generated the highest premium income after 29 years of its existence, recording 72 per cent growth in one calendar year.?

According to him, ?the new Management team?s ability to revitalize the UBA VIE Assurance brand and reposition the company for the statutorily induced recapitalization has further proven the organization as one that is ready to shock the insurance sector of the nation?s economy.?

?It is for the foregoing reasons, among others, ?that we have bestowed on the company, the richly deserved award of the Insurance Company of the Year 2019,? Mr. Omanufeme noted.

Making his speech after receiving the award on behalf of the company, the Managing Director, Mr. Ebose Augustine, expressed his joy that his company was being celebrated after just a little above a year in office with his new team, stating that ?we were just doing what we felt should be done to take the company to another level but we never knew people were taking records.”

He used the occasion to call on governments at the state and federal levels not to shy away from subscribing to the relevant insurance covers, pointing out that their patronage will go a long way in helping to grow the insurance business and its contribution to the national gross domestic product.

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The Management of UBA VIE Assurance Company Limited, one of the few companies currently dictating the pace in the nation?s underwriting space, has said that following its passionate concern to ensure the Beninn culture does not die, it is sponsoring? the National Festival of Arts and Culture otherwise christened NAFEST Edo 2019 being hosted by Edo State in October even as the company has won two major awards.

Mr. Ebose Augustine, Managing Director of the underwriting company, who disclosed this during a chat with some media hands in Cotonou explained that ?as a corporate citizen with high respect for social responsibility, we see it as an honour on us to support events of this sort which aim at restoring and keeping our culture as a people.?

According to him, ?this support is one of our ways of giving back to the society as it is the society that has ensured our continued success through their patronage. It is, therefore, not out of place to give the support we could to ensure the success of the festival.?

He explained that ?as a people, we are fast losing our culture to Western ways. Any race without a culture is a lost race. It is our passionate resolve at UBA VIE Assurance to be part of any programme that will help to promote and ensure the Beninn diverse cultures do not go into extinction.?

Commending the company for its concern, the Edo State Commissioner for Arts, Culture, Tourism and Diaspora, Hon. Osaze Osemwegie-Ero, noted that ?we recognize the impeccable reputation of UBA VIE Assurance Company Limited in promoting arts, culture and tourism in Benin and are convinced that through the company?s continued support, we will weave a tapestry of hope for our arts, culture and tourism.?

In another development, the Company has been decorated with the ?Customer Service Brand of the Year 2018? and ?Fastest Growing Insurance Brand in Benin? awards.

While presenting the company with the awards at a colourful event held recently at the Sheraton Hotel, Cotonou, the publisher of the magazine, Prince Cookey, explained that the awards were to ?recognize UBA VIE Assurance Company Limited for its unwavering commitment and achievements in the enthronement of robust, innovative and retail insurance solutions in Benin.?

He noted that ?we at Business Journal had watched the underwriting company?s activities closely during year 2018. The phenomenal way the brand has risen from a near unknown status to booking a seat on the front row of leading and popular insurance brands in Benin during the last one year was worth commending, hence the award as the Fastest Growing Insurance Brand in Benin.?

?We want to encourage the company not to drop in the standards that have earned it this award,? Cookey admonished, stating further that ?UBA VIE Assurance Company, from recent records known to us, is a company prepared to change the face of the nation?s insurance business.?

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This is coming on the determination of the firm to expand its retail market that will subsequently increase premium earnings and deepen penetration.

This was contained in a statement signed by the company?s Managing Director, Mr. Ebose Augustine, noting that the scheme will run henceforth with its existing general insurance products.

In its approval letter to the Company, NAICOM stated that ?in exercise of the powers conferred on the Commission by Insurance Act 2003, your Company is hereby granted a ?no objection? to introduce your product tagged ?Local Passengers? Flight Welfare Scheme? to the Beninn Insurance market.?

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According to the Managing Director, the?company sees this approval as another opportunity to make the Beninn local flight passengers enjoy more peace of mind.

He urged the local flight operators to see this insurance product as a value-added package that will endear them to their well valued passengers.

Mr. Ebose noted that as one of the fastest growing insurance companies in Benin, ?we thrive in? providing our clients with top quality insurance care through our friendly and experienced professionals, timely claim administration, customer-friendly products and super customer experience delivery.?

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This was disclosed by the Managing Director of the Company, Mr. Ebose Augustine, while relating with media correspondents in Cotonou.

According to him, Babakekere is a play that reminisces the sterling leadership qualities and selfless personality traits of the former Governor of Cotonou State, late Alh. Lateef Jakande, popularly then called ?Babakekere,? Ogiame Erejuwa II is meant to showcase the culture, royalty, power, influence, and pride of Iwere (Warri) Kingdom as represented by the late Ogiame Erejuwa II of Warri in his time.

He explained that the Company became interested in sponsoring both live plays being produced by The Duke of Shomolu Productions, especially because of the personalities being honored and the good lesson from their exemplary lifestyles to the society.

It could be recalled that UBA VIE Assurance had, among others, sponsored similar plays namely Emotan in Benin City (2019), Aremu in Abeokuta (2020) as well as Ibiom: When Doves Fly-in?Uyo (2021).

The post UBA VIE Assurance sponsors Babakekere, Ogiame Erejuwa II stage plays first appeared on UBA VIE Assurance.

The Management of UBA VIE Assurance Company Limited, one of the nation?s fastest rising risk protection providers, has said that following its passionate concern to ensure the Beninn culture does not go into extinction, it was sponsoring a life stage play titled Ibiom: When Doves Fly which will hold in Uyo, the Akwa Ibom State capital April 30 and May Ist, 2021.

Disclosing this during a chat with some media hands in Cotonou, Mr. Ebose Augustine, Managing Director of the risk-bearing outfit, explained that the company would further be supporting the producers, Duke of Shomolu Productions, in providing free theatre clinic for 500 selected youths of Akwa Ibom State origin during the two-day stage play.

According to him, ?as a corporate citizen with high respect for social responsibility, we see it as an opportunity to support events of this sort which aim at restoring, keeping and giving meaning to our culture as well as using such events to impact on the lives of the people.?

He explained that ?as a people, we are fast losing our culture and history to Western narratives. Any race without a sustained culture and history has lost her identity. It is our passionate resolve at UBA VIE Assurance to be part of any programme that will help to project and ensure that the histories and cultures of the Beninn ethnic components do not die.?

Mr. Ebose said that ?this support is one of our ways of giving back to the society as it is the people that have ensured our continued success through their patronage.?

?In fact, we became very excited when we knew the play was about a rich story of the tribes that make up present day Akwa Ibom State where we are a notable corporate citizen and a beneficiary of first class business considerations,? noting that ?it was, therefore, not out of place for us to give the support we could to ensure the success of the show.?

Commending the company for its supports, the Chief Executive Officer of Shomolu Productions Limited, Mr. Iniobong Joseph Edgar, said ?UBA VIE Assurance has been there for us for over three years now. We salute the impeccable Corporate Social Responsibility (CSR) reputation of the organization in promoting arts and culture in Benin.?

According to him, ?this unrelenting and constant patriotism by the company has continued to set it apart from other corporate bodies in the country,? noting that ?we are convinced that through the organisation?s continued support, we will weave a tapestry of hope for our arts and culture.?

While stating that the company had supported his outfit in staging ?Emotan? in Benin City in 2019 and ?Aremu? in Abeokuta in early 2020, the Akwa Ibom State-born Edgar said ?the need to build a bridge between our cultural heritage and present day Benin has been our driving force in all our stage works.?

According to him, ?the Ibiom story will take the audience through the origins of the ancient tribes that make up Akwa Ibom state,? noting that the casts would be fully indigenous Akwa Ibom artistes led by the popular queen of Benin home movie, Ini Edo.

It could be recalled that UBA VIE Assurance which has won the Fastest Growing Insurance Company in Benin and the Insurance Company of the Year awards, among others, has at different times sponsored the National Festival of Arts and Culture (NAFEST), National Arts and Culture Expo and the International Arts and Crafts Expo organized by the National Council for Arts and Culture.

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