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REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31ST DECEMBER 2007.
The Directors present their report and the audited financial statements for the year ended 31 December 2007.
Principal Activities and Corporate Development
The company was incorporated as a private company limited by shares. It is engaged in Life and Non-life insurance businesses which include in the case of life ordinary life, pension and in the case of non-life Motor, Fire, General Accident, Workmen compensation, Burglary Marine Cargo, Marine hull, Aviation etc. All the company’s activities are carried out at its head office and branches nationwide. However the Life Business of the company has been ceded to African Alliance Insurance Company, in line with the recapitalisation objective of NAICOM.
Shareholdings
All the shares of the company are held by Nigerians.
Directors and their respective shareholdings
The following are the directors during the year.
His Royal Majesty Emeka Achebe (CFR) - Chairman
Chief Cyril Ajagu Umunna - GMD
Mrs Juliet Madubueze
Chief Abel Nwankwo
Alabo Idonigboye
Evang. Jasper Azodo
Capt B. O. Ogunjimi
Mrs. Enase Okonedo
Okechukwu I. Okafor
Results and Dividends
The Profit of the company for the year after taxation and contingency
reserve was
N 167,550,000. The Directors did not recommend any dividend.
Donation
The company did not make any donations in the year to educational, professional, social and religious institutions and associations.
Post Balance Sheet Event
There has been no significant post balance sheet event which would have changed the company’s financial position as reported at 31 December, 2007
REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31ST DECEMBER 2007.
Fixed Assets
Investment in fixed assets during the year is limited to the amount shown in the financial statements. In the opinion of the directors, the market value of fixed assets is not less than the value included in the financial statement
Acquisition of Shares
The company did not purchase any of its own shares during the year.
Research and Development
The company was heavily involved in product and marketing research in the period. It is envisaged that these up-front investments will contribute significantly to revenues in the foreseeable future.
Employment of disabled Persons.
It is the policy of the company that there is no unfair discrimination in considering applications for employment on grounds of disability. All employees whether disabled or not disabled are given equal opportunities to develop their experience and knowledge and to qualify for promotion in furtherance of their careers. As at 31 December 2007 there was no disabled person in the employment of the company.
Employees’ Health, Safety and Welfare
The company strictly observes all health and safety regulations. Financial provision is made for all employees in respect of transportation, housing, medical expenses and meals.
Employees’ Training and Involvement
The company is committed to keeping employees fully informed as much
as possible regarding the company’s performance and progress. Views
of the employees are sought where practicable, on matters which particularly
affect them as employees. The company runs an open door management policy.
Management, professional and technical expertise are the company’s
major assets and investment in developing such skill is continuous. The
company’s expanding skills base is being brought about by a range
of in-house and external training. Opportunities for career development
within the company have been broadened. Incentive schemes designed to
meet the circumstances of each individual are implemented wherever appropriate
and some of these schemes include bonuses, promotion, salaries review.
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