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
