The inclement operating environment notwithstanding, CrystaLife Assurance Plc has recorded a Gross Premium of N2.6 billion for the year ended 31 December, 2011, representing 24 per cent growth from N2.1billion recorded in 2010.

Speaking at the 14th Annual General Meeting of the company, held at the Civic Centre, Victoria Island, Lagos, the company’s chairman, Mr Kehinde Durosinmi-Etti, disclosed that the company, in the year under review, was declaring a dividend of 2 kobo per ordinary share subject to appropriate withholding tax after several years of making provision for diminution over the losses made in the capital market.

The investment income experienced a giant leap and closed at N318 million from N129.62 million recorded in 2010, signifying a growth of 145 per cent, while the Life Fund grew by 28 per cent, from N1.13 billion in the previous year to N1.44 billion resulting in Actuarial Valuation Surplus of N788 million.

The shareholders’ funds increased from N3 billion in 2010 to N3.2 billion in 2012, while investment portfolio grew from N3.7 billion to N4.1 billion, net of provision for diminution in value.

Mrs Oluseyi Ifaturoti, the Chief Executive Officer of the company, noted in her report that the company had embarked on a number of projects which had positively impacted on the company’s performance.

Some of these initiatives, according to her, included compliance with International Financial Reporting Standards (IFRS), Anti Money Laundering/ Combating Financing of Terrorism (AML/CFT) and the implementation of an Enterprise-wide Risk Management framework.

The company’s management, as part of efforts to sustain the financial report in the current year, engaged in strategic partnerships, branch and agency expansion as well as exploring business opportunities in the areas of retail, organised private sector, effective treasury management and investment opportunities.

In addition, she disclosed that the company would focus on extensive market research and valuable product offerings, upgrade of technological infrastructure to accommodate flexible premium collection in line with the new cash-less policy, develop cost effective channels and build technical capacities to manage complex risks.

CrystaLife Assurance, according to her, would also invest in quality assurance and partner with industry regulators to introduce binder agreements with brokers and independent financial intermediaries to achieve cost efficiency in service delivery.

The profit after tax closed at N202 million reversing the negative position of N97.47 million in 2010, representing a 308 per cent growth.