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African Venture Capital Association presentsAfrica, The Rising GiantAVCA 9th Annual Conference
Guaranty	  Trust	  Assurance	  plc	                                                                              …for	  li...
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Incorporated	  as	  Heritage	  Assurance	  Company	  Limited	  in	  1989.	  Licensed	  to	  transact	  1989	  -­‐	  2003	 ...
Gross	  Premium	  Income	  Growth	  ($US	  million)	                                                                      ...
GTAssur	  Growth	  in	  Gross	  Premium	  Income	      US$000	  	  80,000.00	  	  	  70,000.00	  	  	  60,000.00	  	  	  5...
 Investment returns    Since the beginning of the global economic crisis, the capital     market has been bearish and ha...
 Ratings    Agusto & Co. (2011)      (best in Industry)                                    A+	      Global; Credit Rati...
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African Venture Capital Association presentsAfrica, The Rising GiantAVCA 9th Annual Conference
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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

  1. 1. African Venture Capital Association presentsAfrica, The Rising GiantAVCA 9th Annual Conference
  2. 2. Guaranty  Trust  Assurance  plc   …for  life  and  living  Life  Insurance      General  Insurance        Asset  Management   www.gtassur.com   February 2012
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  4. 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. 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. 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. 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. 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  
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  10. 10. African Venture Capital Association presentsAfrica, The Rising GiantAVCA 9th Annual Conference

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