UnityKapital cuts operating cost by 22% in 2016

UnityKapital cuts operating cost by 22% in 2016

UnityKapital Assurance Plc says it has cut its operating cost by 22 per cent during the 2016 financial year to reposition itself in the face of current realities in the industry and enhance its competitiveness, reducing it from N1.6 billion  to N1.2 billion last year.

The company chairman, Mr Thomas Etuh, gave this indication while presenting the 2016 financial report yesterday at the 40th Annual General Meeting (AGM) of the company.

The company, according to Etuh, needed to restructure due to fears and concerns of stakeholders that the premium income for 2016 became lower than that of 2015.

According to him, the balance sheet remained robust as it experienced a moderate growth of nine percent from N11.4 billion to N12.46 billion despite the performance of the company in the period.

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