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AVCA 9th Annual Conference | GTAssur Presentation by Tosin Runsewe - CEO, GTAssur
AVCA 9th Annual Conference | GTAssur Presentation by Tosin Runsewe - CEO, GTAssur
AVCA 9th Annual Conference | GTAssur Presentation by Tosin Runsewe - CEO, GTAssur
AVCA 9th Annual Conference | GTAssur Presentation by Tosin Runsewe - CEO, GTAssur
AVCA 9th Annual Conference | GTAssur Presentation by Tosin Runsewe - CEO, GTAssur
AVCA 9th Annual Conference | GTAssur Presentation by Tosin Runsewe - CEO, GTAssur
AVCA 9th Annual Conference | GTAssur Presentation by Tosin Runsewe - CEO, GTAssur
AVCA 9th Annual Conference | GTAssur Presentation by Tosin Runsewe - CEO, GTAssur
AVCA 9th Annual Conference | GTAssur Presentation by Tosin Runsewe - CEO, GTAssur
AVCA 9th Annual Conference | GTAssur Presentation by Tosin Runsewe - CEO, GTAssur
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AVCA 9th Annual Conference | GTAssur Presentation by Tosin Runsewe - CEO, GTAssur

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  • 1. African Venture Capital Association presentsAfrica, The Rising GiantAVCA 9th Annual Conference
  • 2. Guaranty  Trust  Assurance  plc   …for  life  and  living  Life  Insurance      General  Insurance        Asset  Management   www.gtassur.com   February 2012
  • 3. 3  
  • 4. Incorporated  as  Heritage  Assurance  Company  Limited  in  1989.  Licensed  to  transact  1989  -­‐  2003   only  General  business  .  Acquired  by  GTBank  in  2002.  Change  of  management  in   November  2003.  Remained  a  fringe  player   February:    Recapitalised  to  N359m.  March:  Acquired  Life  Assurance  license  to   2004   become  a  composite  company.  August:  Changed  name  to  Guaranty  Trust  Assurance   Limited.  Major  restructuring  of  the  company  and  increase  of  capital  to  N500m   Completed  the  implementaQon  of  Insurance  enterprise  soRware.  November:   2005   Changed  status  to  Public  Liability  Company  (non-­‐quoted).    December:  Shareholders’   Funds  at  N3.1  billion.  Broke  even  by  year  end   September:  Signed  TAA  with  ING,  Netherlands    for  retail  expansion  project.   2006   Developed  bancassurance  model.  December:  Shareholders’  funds  at  N5.33  billion.   Dec:  Africinvest  Capital  Partners  became  2rd  largest  shareholder.   Launched  Bancassurance  across  GTBank  branches  in  Lagos.  July‘07:  Rated  A+  by   2007   Agusto  &  Co.  raQng  agency  (highest  risk  ra,ng  ever  assigned  to  company  in  Insurance   Industry).  Y/E  Dec  ‘07  -­‐  Declared  N1.1  billion  PBT   Opened  an  Asset  Management  subsidiary.  Launched  bancassurance  naQonwide  with   2008-­‐2011   three  other  banks.  Nov  ’09:  Was  listed  on  the  floor  of  the  Nigerian  Stock  Exchange.   2010:  5th  largest  insurance  company  by  market  share.  Oct  ‘11:  Divested  from  the   GTBank  Group,  Took  on  investments  from  DPI,  Africinvest,  FMO,  DEG  and  Proparco.   Dec’11:  Gross  Premium  of  N10  billion,  3rd  largest  insurer  by  market  share.     4   www.gtassur.com  
  • 5. Gross  Premium  Income  Growth  ($US  million)   1200   18%   1000  30  Non  Life  Underwriters   14  Life  Operators   800   Nigerian  Insurance   600   Industry   400   12  Composite  Insurers   2  Reinsurers   200   0   2006   2007   2008   2009   2010   Industry  Top  5  -­‐2010   Industry  Top  5  -­‐2011     Insurance  penetraQon  for  Nigeria  is  put  at  0.7%   (South  Africa  7%,  Morocco  2%)     Key  industry  reforms  expected  to  drive  patronage   (Pension  Reform  Act,    Local  Content  Act,  MDRI)     Life  insurance  is  one  of  the  fastest  growing  product   segments  in  the  Nigerian  market   5   www.gtassur.com  
  • 6. GTAssur  Growth  in  Gross  Premium  Income   US$000    80,000.00      70,000.00      60,000.00      50,000.00     48%    40,000.00      30,000.00      20,000.00      10,000.00      -­‐         2007   2008   2009   2010   2011     GTAssur  is  the  fastest  growing  Insurance   company  in  Nigeria  with  at  CAGR  of  48%    for   the  period  2007  -­‐  2011     Combined  RaQo  has  dropped  from  126%  in   2007  to  85%  in  2011     77%  of  top  line  income  is  generated  from   insQtuQonal    clients  while  23%  is  generated   from  retail  customers   6   www.gtassur.com  
  • 7.  Investment returns  Since the beginning of the global economic crisis, the capital market has been bearish and has witnessed significant dips (2008: -48.77%, 2009: -33.78%, 2010: 18.93% 2011: -16.31%) Public Perception towards insurance  Aversion to purchasing insurance premised on a distrust of insurance companies, misguided religious beliefs and lack of awareness/enlightenment Regulatory environment  Policy U-turns by regulators e.g. enactment of universal banking in 1999 and repeal in 2011 Price erosion due to price competition  Competition in the institutional space based largely on price 7   www.gtassur.com  
  • 8.  Ratings   Agusto & Co. (2011) (best in Industry) A+     Global; Credit Rating (2010) A+     A.M. Best (2011) (best in Industry) B   Achievements   First Insurance company to cross N1 Billion PBT (2007)   First Insurance company to cross N2 Billion PBT (2008)   First Insurance Company to implement 24hrs claims settlement Awards   3rd Place Winner; Great Place to Work in Nigeria (2012)   Winner; Brand Excellence in Insurance Award (2011)   Nominee; Insurance Company of the Year: Thisday Awards: (2008 & 2009)   Gold Winner; Corporate Image: Lagos Advertising & Ideas Festival 8   www.gtassur.com  
  • 9. 9  
  • 10. African Venture Capital Association presentsAfrica, The Rising GiantAVCA 9th Annual Conference

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