2018 was the 33rd year of operations for Chams and my 4th year as the GMD. So far, our result was good, and our business developed moderately. Measured in terms of expense loading, operating income grew more than 54 per cent on the previous year, and the company’s expense ratio improved to the best level in the past years of operations.

During the 2018 financial year,* we redefined our strategic focus in four major areas namely; to Rethink Solutions and Streamline Product Portfolios, Achieve Operational Excellence, Transform marketing and Sales Approach, Raise Capital and deftly Allocate Recourses. These strategies were meant to support in the achievement of set goals for 2018

It will please you to know that your company recorded a plausible financial success in 2018, despite the losses made in the 2017. In consolidation, the Company made a revenue of N3.01b in 2018 as opposed to N1.95b in 2017 which is a major increase of 54% in 2018. The gross profit increased by 5% to N786m in 2018 as against N743m in 2017. The bottom line improved significantly from a loss of N1.2b in 2017 to a profit of N380m in 2018. This advancement in profit and capital is an attestation to the credibility of our commitment and our business model.

The nervousness on the capital markets at the beginning of the year is expected to continue, and the low interest rate level will probably weaken returns on investments for the current year, too. With respect to investment insurance and savings products, which have been the company’s strongest-growing products in recent years, we also fear that the taxation report, currently being prepared and due for completion after the first quarter, may reduce demand for these products in the future.

The Group strategy for 2018–2022, launched at the end of 2017, sets the following strategic objectives: increase in the corporate customer base, efficient management of household customers, personnel’s capacity for renewal and the maintenance of good solvency. The needs and behaviour of our customers are changing with the development of technology, demography and the changes in companies’ operations and their internationalisation. Responding to these challenges is a precondition for our continued operations.

In this strategy period, Chams main goal will be to increase the volume of business and the expense loading and to significantly improve the expense ratio to secure the company’s price competitiveness now and in the future.

Achieving this goal will require success in increasing the volume of our operations and further improvements in the efficiency of processes through automation. Through digitalisation we also seek to meet customer demands concerning online transactions and customer service. New web services will also be launched during the current year.

Finally, I extend my humble thanks to our customers whose needs are the reason we exist. Our vision is to offer the best customer experience. This means a lot of work for us. Our personnel and administration deserve thanks for their excellent work and co-operation in 2018.

Thank you All

God bless you all


Femi Williams

Group Managing Director