The Aureol Insurance Company (AIC) has recorded a marginal profit in all aspect of its operations, shareholders were notified at its 22nd Annual General Meeting held at the Bank Complex past Friday.
Declaring this achievement, the Chairman of the Board of Directors, Dr. Patrick E. Coker stated that “profit before tax for the current period was Le1.156 billion as compared to Le609 million an increase of 89% over the corresponding period to December 2007.”
He therefore announced a dividend of 50 cents per share to all members of the company as at 31st December, as well as additional shares in the form of a bonus issue offering 1 share for every 10 shares held at the company as at 31st December 2008.
Furthermore, shareholders were also informed about the transfer to general reserve the amount of Le150 million to sustain and maintain the working capital requirements of the company.
Chairman Coker commenting on the marginal profit went on, “gross written premium for the current year was Le7.573 billion as compared to Le7.430 billion for the corresponding period to 31st December 2007,” stressing “the increase was marginal”
On claims shareholders were told that “for the 12 months to 31st December 2008 was Le1.925 billion as compared to Le1.878billion for the corresponding period to 31st December 2007.”
This represents a claim ratio of 33% as compared to 36% for the year under review, shareholders were notified, while expense ratio for the 12 months was 59% as compared to 64% for the period under review.
Investments and other income for the current period also attracted an increase of 13 %, as the current period yielded Le634 million compared to Le560million the previous year.
Shareholders in appreciation of the company’s achievement unanimously re-elected Dr Patrick Coker, Mrs. Ann Koroma and Emmanuel Thorpe as Directors as well as the remunerations of the Chairman and the Board.
However shareholders were of the opinion that the board members deserved more for their remarkable feast, but Chairman Coker was of the opinion that when the company made more huge profits next year then they would think of increasing their honorarium.