SA Life pays N4.74bn claims in 3 years

Standard Alliance Life Assurance Ltd, a member-company of Standard Alliance Group, has said that it paid out N4,741,170,262.17 as maturities, value and death claims to its affected group and individual life policyholders during its operations covering 2007 to 2009.

A breakdown of the figures shows that the maturities and claims paid in 2007 amounted to N269,407,619. It jumped geometrically to N1,600,158,728 in 2008 and despite the biting effects of the global economic meltdown on businesses in 2009, it paid out a whopping N2,871,603,915.17.
The company’s Managing Director, Mr. Austine Enajemo-Isire, who disclosed this in a statement made available to us at the weekend, gave a further breakdown of the above figures which shows that his company paid out N168,404,261 and N101,003,358 in 2007; N1,360,643,015 and N239,515,713 in 2008 as well as N2,535,646,030.17 and N335,957,885 in 2009 respectively to its individual and group life policyholders.

According to Enajemo-Isire, “our ability to maintain our integrity on regular and prompt claims settlement, even in the face of the very harsh economic weather which businesses faced in 2009, has remained our selling point to life insuring public,” confessing further that “this trust has continued to drive the business, bringing more customers, both individual and corporate.

“We at SA Life believe that customers would want to do business and remain with you once you are trusted for regular and timely payments of matured policies and claims. We have never failed in meeting this obligation whenever occasion demands since we started full operations in January 2000,” the Managing Director revealed.

According to him, “we have recently perfected a modern technology-driven system of claims and maturity payment which takes away the stress of coming to our head office in Lagos from the customers. We now operate a system which allows the customer to process and receive such payments at our branch office nearest to him.”

Enajemo-Isire stated that “with the company’s strong financial capacity, it could effortlessly accommodate any volume of life underwriting business brought to it by the insuring individual and corporate bodies.”

Noting that SA Life was now first choice for individual and corporate bodies who seek peace of mind over their life policies, the Managing Director listed some of the major beneficiaries of the claims paid last year as Nigeria Liquefied and Natural Gas (NLNG), NDDC, NCAT, Federal Inland Revenue Service and Area Council, Abuja, among others.