STANDARD ALLIANCE INSURANCE PLC Type Public Limited Company Industry Financial Services
Founded August 1996 Headquarters Plot 1,Block 94, Providence Street, Lekki Scheme 1, Lekki, Lagos, Nigeria
Area served Nigeria
Key people Alhaji Aliyu Yahaya Sa'ad: Chairman; Olorogun O'tega Emerhor OON: Group Chief Executive Officer; Rhe Emerhor-Iwuagwu, Group Executive Director; Mr. Tom Imokhai, Managing Director/CEO.
Services Insurance
Gross Premium
N4.8bn
Total assets
N10.9bn
Website Homepage www.sainsuranceng.com
STANDARD ALLIANCE INSURANCE PLC
Standard Alliance Insurance Plc, registered by the National Insurance Commission (NAICOM) and commonly referred to as SA Insurance, is a Nigerian insurance company with Head Office located at Lekki Scheme 1, Lekki, Lagos. SA Insurance is one of the five leading licensed underwriting insurance companies in the country with branches nationwide. SA Insurance is a member-company of Standard Alliance Group.
Contents • 1 The Journey • 2 Board of Directors • 3 Employees • 4 Locations • 5 Products/Services • 6 Financial Performance • 7 Claims Settlement • 8 Awards
The Journey SA Insurance Plc, a member-company of Standard Alliance Group, began life as Jubilee Insurance Company Limited which was incorporated in July 1981 and commenced full business in 1982. The company was licensed to transact all classes of non-life insurance business in Nigeria. In August 1996, it was acquired by a keen group of investors who introduced changes in the structure and management to become Standard Alliance Insurance Company Limited. The new board foresaw the latent potential in the fledgling business and to encourage its growth, it was taken to the Nigerian Stock Exchange in 2003 and it became a Public Liability Company (PLC). Following the directive from NAICOM for the recapitalization of all insurance companies, Standard Alliance Insurance Plc was one of the few and first companies to not only meet but easily surpass the industry minimum capital base of N3bn set for general business through the acquisition of Perpetual Insurance Ltd. Today, SA Insurance Plc is a trend-setting insurance company which has been ranked one of the top five in the Nigerian insurance space. Its height which can be attested to by any investor in Nigeria’s financial services sector, speaks of the volume of the committed desire, focus and effort by the board, management and the highly skilled human capital to, rapidly and precisely, realize its vision of becoming the leading innovative provider of insurance, risk management and investment services in Africa.
Board of Directors Alhaji Aliyu Yahaya Sa’ad, Chairman; Olorogun O’tega Emerhor,OON, Vice Chairman; Mr. Joshua Ayodele Ajayi, Brig. Gen. Dominic Oneya (rtd), Dr. Ramsey O. Mowoe, CON, Mrs. Rhe Emerhor-Iwuagwu and Mr. Thomas Imokhai (Managing Director/Chief Executive Officer) with Miss Agnes Okiemute Umukoro as the Company Secretary.
Employees It is a company that believes in getting the best professional hands to ensure world calss performace at all times. As at May, 2013, the company has a total of 147 very skilled staff under the able leadership of Mr. Tom Imokhai who is the Managing Director/Chief Executive Officer. Locations The company opened shop at inception in August 1996 at Plot 281 Ajose Adeogun Street, Victoria Island, Lagos. Fourteen years later, it officially moved into its own seven-floor edifice at Lekki Scheme 1 highbrow area of Lekki, Lagos precisely in April 2010. Its administrative head office was moved to Lekki while it retained its earlier Victoria Island office as its Marketing Head office. The company commenced its expansionist journey in February 1997 when it opened its very first branch office in Kano and posted Mr. Akanni Oladele to manage it. Mr. Akanni who is still with the company and is an example of the commitment of the employees in the Group, still savors the feat of being the underwriting firm’s first Branch Manager. As at May 2013, the company operates twenty five (25) branches and over 90 sales outlets across the country.
Products/Services SA Insurance Plc transacts all NAICOM’s approved general insurance products which include: large industrial risks; high tech insurance; marine insurance; oil and gas underwriting; motor insurance; special risks insurance (e.g fire and consequential loss); burglary insurance; personal accident; bonds; housing insurance, money insurance, liability insurance, goods in transit insurance, professional indemnity insurance, fidelity guarantee, Householders/house owners comprehensive insurance, workmen compensation insurance.
Financial Performance Its commitment to service delivery has translated into a continuous improvement in its financial performance. The company has enjoyed a compound annual growth rate of 25% in gross premium over the last five years. For the years ended 2007, 2008, 2009, 2010 and 2011, the company reported gross earnings of N2.1bn, N3bn, N3.3bn, N3.9bn and N4.8bn respectively. As at 2011 financial year, the company’s shareholders’ fund stood at N7.7bn, gross assets was N10.9bn, authorized share capital N6bn while its paid up share capital was N5.9bn.
Claims Settlement It is also well regarded for its strong commitment to on-time settlement of claims, hence its theme “SURE REWARD” for a campaign it recently commenced to drum up deeper awareness on the important role of insurance as the key to having a steady life and operating profitable businesses in Nigeria. The company paid out claims totaling N654m in 2008, N873m in 2009, N758m in 2010 and N535m in 2011. Claims paid in 2012 to be made public shortly.
Awards SA Insurance Plc which won the 29th edition of the Presidential Merit Award of the Nigerian Stock Exchange Market, having come tops among all quoted insurance companies, is a recipient of many awards, among which are: Most Capitalised Insurance Company of the Year – 2010; Insurance Company of the Year – 2010; World Class Customer Service Insurance Company of the Decade; IT Compliant Insurance Company of the Year – 2010; Safety Performance Achievement Award in the Insurance Sector – 2010 and The Diamond Eye Award for Quality and Excellence (2011 in Switzerland), to list just this few. References http://www.thisdaylive.com/articles/standard-alliance-insurance-makes-n223-69m-profit/135832/
http://www.capitalassets.com.ng/TechnicalAnalysis.aspx?comid=129
http://www.nairaland.com/1026242/get-insurance-policies-standard-alliance
http://nationalmirroronline.net/new/standard-alliance-posts-n4-76bn-premium-income/
http://www.vanguardngr.com/2011/01/sa-insurance-bags-customer-service-award/
http://www.tribune.com.ng/index.php/insurance/20995-sa-insurance-bags-awards
http://proshareng.com/news/16319
http://proshareng.com/news/13454
http://www.punchng.com/business/insurance/standard-alliance-trains-top-management-personnel/
External Link Standard Alliance Insurance Plc Home page: http://www.sainsuranceng.com