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Sierra Leone Business: Aureol Insurance PBT drop Le150million …The Eagle Soars

Aureol Insurance Company recorded a drop in its profit before tax of Le.3.92 billion for 2017 over the impressive Le.4.07 billion in 2016. This shows a drop of around Le150 million, which according to the chairperson, Yasmin Fofanah is credited to a slow economic growth of 4.3% in 2017 from 6.3% in 2016 as a result of the “weak recovery” in mineral production. She also drew attention to the depreciation in the currency exchange rate of 4.2% throughout 2017 moving from Le.7,239 to US$1.00 to Le.7,541.60 to US$1.00.
Amidst the economic uncertainties and the volatile environment in the country, Aureol Insurance Company she said continues to deliver a very strong performance in the Insurance industry.
Chairing this year’s Annual General Meeting (AGM) Yasmin Fofanah, revealed that the ‘Gross Written’ premium for the period 1st January 2017 to 31st December 2017 increased by 7.72% (Le2.04 billion) from Le.25.92 billion in 2016 to Le.27.96 billion in 2017.
Claims paid out by the Company in 2017 increased by about Le1.170 billion from Le8.06 billion in 2016 to Le.9.23 billion in 2017.
Madam Fofanah said that in spite of the very difficult operating environment and after careful consideration of the results of operations, the board has recommended a dividend “zero point six” (0.60) cents per share to all members of the company at 31st December 2017.
The Chairperson revealed also to shareholders that as a company, Aureol Insurance provides a conducive working environment for members of staff to pursue their continuous professional development so that they will realize their full potential and enable them to provide excellent customer service to their clients. She informed that members of staff continue to benefit from training sponsored by the company both locally and overseas.
Madam Yasmin Fofanah in her conclusion pointed that, “In spite of the very competitive environment we operate in, our premium income has grown by 35% over the last five years compared to the market premium growth of 32% for the same period,” she thanked their valued customers for their continued patronage and promised that the company will continue to render services that exceed their expectation.
By Mohamed Kabba /Twitter: @chikakabba
Monday July 30, 2018.

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