Pursuant upon its objective of being the leader in the Insurance industry, Aureol Insurance Company (AIC) has recorded Le1.349 billion as profit before tax, compared to Le1.163Billion recorded for the corresponding period of last year which is an increase of 14%.
Shareholders were notified yesterday at the 23rd Annual General Meeting of the Company held at the British Council Hall to which the former were paid Le0.58 cents dividend.
Making the pronouncement, the Chairman of the Company Dr. Patrick Coker said, “this is payable on an increased number of shares resulting from the bonus issue of 1 share for every 10 shares held in the Company as at 31st December 2008.
Chairman Coker further disclosed several success scored by the Company including the gross written premium for the current year which was Le8.304billion as compared to Le7.573 billion for the corresponding period of 31st December 2008, which was an increase of 9.65%.
Another success story, shareholders were indeed proud of what was relating to claims incurred for the period under review which showed a decrease of 8% from Le1.926 billion to Le1.772 billion for the corresponding period to 31st December 2008.
The Chairman informed the meeting that investment income for the current year to 31st December 2009 was Le522.305 million as compared to Le564.588 million for the corresponding period last year, which was a marginal decrease of 5%.
Shareholders were fully appreciative when it was disclosed that other income for the current year was Le158.322 million as compared to Le78.741 million, which was an increase of 101% over the corresponding period of last year.
Dr. Coker also reported to shareholders that , “I am pleased to report that as at 31st December 2009 we exceeded the minimum requirement through internally generated funds resulting in the issue of bonus shares in addition to the payment of dividend to our shareholders” He went on, “we will continue to monitor the Company’s capital adequacy in order to enhance the Underwriting capacity and thus ensuring the competitiveness of your company. This will inevitably lead to sustained growth and enhanced returns and value to shareholders.”
He however assured shareholders that, “the company is well positioned in terms of capital, technology, opportunities and challenges that lie ahead,” stressing that, “we will continue to pursue strategies that will ensure the long term survival, growth and profitability of your company.” Chairman Coker expressed his sincere thanks and appreciation to the management, staff as well as his colleagues on the board, for a successful year in the face of daunting market conditions for many financial sector firms. For their effective strides shareholders unanimously approved an increase in the fees of the Directors. By Samuel John