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Crusader Insurance earns N1.03 bn income


July 04, 2005/Source The Guardian



CRUSADER Insurance (Nigeria) Plc despite the difficult environment, recorded a premium income of N1.003 billion for the year ended December 31, 2004.

The impressive performance represents 23.5 per cent increase over N812.182 billion recorded in year 2003.

Also, profit after taxation (pat) went up by 103.4 per cent from N88.81 million in year 2003 to N180.596 million last year.

Besides, total assets went up by 28.5 per cent from N3.634 billion in year 2003 to N4.672 in year 2004, while the company\'s paid up capital went up by 20.7 per cent from N352.546 million to N425.635 million.

The chairman of the company, Prof. Monsur Kenku addressing shareholders at the 35th yearly general meeting in Lagos on Tuesday said: \"These are good times for our company. As reported, we had very strong fundamentals as earnings and profitability has shown upward trend since the last five years. The board and management conscious of the need that this is not the time to rest.\"

According to him: \"This is time to be proactive and take a strategic look at our business in order to sustain our profitable growth. In the light of the above and to take the company to the next level, the company engaged the services of KPMG professionals (a firm of chartered accountants) to work with the board, management and staff of the company to craft profitable growth strategies for the next five years.

He said: \"The outcome of the project resulted in re-defining the company\'s vision and mission statements and its core values which are integrity, professionalism, team spirit, passion to be the best and customer focus. Your company\'s vision is to be the preferred financial institution, providing world class insurance and investment management services\" and the re-defined mission statement is \"providing innovative and excellent financial services by highly skilled and motivated professionals, employing state of the art technology in delivering high returns to our shareholders while remaining a socially responsible organisation.\"

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