UBA Metropolitan Life grows profit by 600%

UBA Metropolitan Life Insurance Limited recorded more than 600 per cent growth in profit after tax for the financial year ended December 31, 2012, moving from a loss position of N93.85 million in 2011 to N501.14 million in 2012, while profit before tax also rose from a negative N69.26 million in 2011 to N515.46 million in 2012, the management of life specialist underwriting firm said.

The account of UBA Metropolitan Life recently approved by the National Insurance Commission (NAICOM) is in line with the International Financial Reporting Standard (IFRS), which insurance companies and other quoted firms are expected to adopt beginning from 2012 financial year.

According to NAICOM, UBA metropolitan Life is one of the 13 insurance companies that the insurance regulator has approved their 2012 financial reports.

A further analysis of the result shows a substantial growth in investment income which rose from N318.32 million in 2011 to N575.62 million in 2012, indicating an increase of about 80 per cent. Its gross written premium also moved from N1.78 billion in 2011 to N2.01 billion in 2012.

The company’s Executive Director, Business Development, Henry Ationu, said the return to profitability is following improved strategies in the company’s growth plan, which has seen appreciable performance in prompt claims payment, product distribution and service delivery across products and channels.

He added that there has also been significant increase in customer loyalty and patronage due to the high level of confidence reposed on the company’s brand over the years.

At the close of business in 2012, the company’s assets stood at N5.41 billion as against N4.19 billion recorded in the previous year.

UBA Metropolitan Life is a joint venture between United Bank for Africa plc (UBA) and Metropolitan Holdings Limited of South Africa, a Johannesburg Stock Exchange listed company that has been doing business in South Africa for more than a century.

The company uses comprehensive risk management skills to ensure that the issues affecting life insurance in Nigeria are managed in a way that protects the interests of policyholders and shareholders alike.

Its primary focus is on prompt delivery of high quality services in order to achieve exceptional customer satisfaction. To deliver on this promise, management has deployed a highly cost effective, secure and robust IT infrastructure.