UNIC Insurance Plc, recently, announced profit after tax of NGN168.7mn for the third quarter ended September 30, 2011, as against NGN357.8mn recorded within the same period in 2011. Gross Premium, according to the company also dropped from NGN1.3bn in 2010 to NGN882.3mn as at September 2011. Presenting its report to the Nigerian Stock Exchange (NSE), the board of the company fixed asset stood at NGN2.4bn as against NGN2.84bn in 2010 while long-term investment is NGN1.376bn. Cash and bank balances as at September 2011 stood at NGN20.749mn compared to NGN66.699mn with net assets at NGN2.5bn. The board explained that short term borrowing was NGN875.295mn within the period under review compared with NGN400.502mn in the previous year. Shareholders recently approved quest by the board of the company to raise NGN2bn fresh capital. Speaking during UNIC Insurance Plc yearly general meeting in Lagos, the shareholders also advised the board to work as a team and consult with all stakeholders before taking vital decisions. Under the approval, the directors of the company are authorised to raise the fund either through public offering, private placement upon such terms and conditions that they may deem fit locally and or internationally through the issuance of shares, convertibles or non- convertibles. Other windows open to the directors are either notes, bonds, options and any other instruments in such tranches, series or portions, at such coupon or interest rates, “within such maturity periods, and such terms and conditions as the Board of Directors may at its discretion determine, subject to obtaining the approval of relevant regulatory authorities in accordance with applicable laws.” The board of the company explained that it intend to use the fresh capital to boosts its finances as part of strategies to write more risk, retain and play prominent roles in businesses. Chairman of the company, Ernest C. Ebi, also used the opportunity to assure shareholders of a bright future despite various challenges in the sector. Explaining further, Ebi, who was presiding over the company’s yearly general meeting for the first time as Chairman said, “our focus will be on rebuilding customer confidence and our company’s image.” He added, “we remain confident in our core business strategy of focusing on the re-emerging middle and professional class of our economic stratum and developing for them risk mitigation and long term investments products with attractive value propositions. “We have developed cost effective distribution channels to reach our target market and have entered into distribution collaborations with institutions with large client and membership bases, to enable us attain our insurance subscriber objectives within a short time. “We have fine-tuned our products, with focus on reducing reliance on products that are sold on credit, and which become receivable issues, and have strengthened our risk pricing systems, to improve margins. “The above are all anchored on the robust IT software platforms we have invested in over the last two years. Particular focus is continuing on restructuring actions to lower the cost base and driving strong cash-flows. “These actions are expected to reduce headcounts and to close underperforming branches. Plans are underway to restructure our balance sheet in line with Naicom guidelines, eliminate our current exposures to the banks and to increase return on capital employed.