In spite of various challenges that confronted the Nigeria insurance companies in 2010, Great Nigeria Insurance  (GNI) Plc has leveraged on strategies evolved by its board and management at restoring the confidence of insuring public to post an impressive result.

In its 2010 financial report, the total assets of the company recorded a marginal growth of 3.8 per cent from N6.66 billion in the financial year-ended December 31, 2009 to N6.92 billion in the reporting period.

Revealing this at the 47th Annual General Meeting of the company held in Lagos recently, the Chairman, Board of Director, GNI, Mr Segun Oloketuyi explained that the growth in assets was primarily driven by conscious efforts at growing short term investments portfolio and value enhancement arising from quoted stocks to the market.

He further said that the company’s gross earnings rose from N1.05 billion as at December 31, 2009 to N1.16 billion in 2010 translating to a growth rate of ten per cent, while claims paid at the period also increased to N273.35 million in 2010 as against N212.34 million recorded in the corresponding period of the financial year-ended in 2009.

In consequence of measure put in place to ensure effective value-base cost control so as to return the company to the path of sustainable profitability, Mr Oloketuyi noted that the board succeeded at reducing management expenses from N629.43 million in 2009 to N563.10 million in 2010 representing a drop of 11.8 per cent.