Shareholders of Niger Insurance Plc have commended the management and board of the insurance company for the impressive results achieved during the operating year 2013.

Speaking during the 44th annual general meeting of the organisation in Ilorin, Kwara State recently, the President of Nigeria Shareholders Solidarity Association, Timothy Adesiyan, applauded the leadership of Niger for being able to record impressive results during the outgone year even though the company is not a manufacturing firm.

He lamented the operating environment in the nation's insurance industry is harsh, especially as majority of the people are yet to embrace insurance as a way of life.

Similarly, the Chairman of Progressive Shareholders Association of Nigeria, Boniface Okezie, praised the management and board of Niger for their resilience and hard work to ensure that the company continues to grow, saying the insurance outfit has been growing consistently considering its balance sheet.

Okezie also enjoined the shareholders of the underwriting firm to always ensure that they patronise the company whenever they want to arrange insurance cover for themselves or their organisations.

During the yearly meeting, the shareholders approved a dividend of 3.5 kobo per 50 kobo share amounting to N270. 8 million as recommended by the company's directors.

Meanwhile, the company's Chairman, Bala Zakariya'u, informed the shareholders that the organisation is poised to grow its premium income and profitability in the coming years with the introduction of new products including a flagship annuity scheme, travel insurance and other products.

He added that Niger would be focusing attention on revamping and reintroducing old products after making them more attractive to the insuring public, noting that "we will continue to strengthen our renewed strategic alliances with insurance intermediaries and clients to engender improved market share".

Besides, he said "Niger is also refocusing its business strategy towards retail and microinsurance segments in view of the stiff competition and unhealthy nature of government/ corporate businesses."

The company's Gross Premium Income was N10.44 billion in 2013 as against N10.33 billion recorded in 2012, while its Profit Before Tax increased by 163 per cent from N256.56 million in 2012 to N674.30 million in 2013.

The Niger boss further stated that the company's shareholders fund increased to N7.88 billion in 2013 from N7.08 billion in 2012, while the total assets increased to N24.18 billion in 2013 from N21.73 billion in 2012.