Industrial And General Insurance Plc. (IGI) on Monday said it paid a total of N848.5 million as claims to its policyholders between January and December 2021 .
A statement issued by the insurance firm in Lagos said that the amount was paid to various categories of claimants .
The insurer explained that within the period under review; it paid N583.6 million as claims on individual life insurance, N80.5 million as group life insurance and N184.4 million paid on general business.
IGI reassured customers of its commitment to meeting all obligations, noting that its ongoing transformation strategy was yielding results.
“With the requisite approval of the Board of Directors and the National Insurance Commission (NAICOM), we are restructuring our illiquid assets and taking other pragmatic steps to restore IGI for the benefit of all stakeholders.
“We are driving this transformation with dynamism and fortitude.
” There are challenges, but they are being tackled decisively with encouraging progress. The company is therefore confident of a great future,” it said.
According to the underwriter, it would remain a responsible insurer, delighting customers with its new corporate values of integrity, excellence and responsiveness.