In 2007 the Company merged with 2 (two) legacy companies, African Prudential Insurance Company Limited, and Phoenix of Nigeria Assurance Company Plc. The merger has bought about a substantially stronger company, better positioned to serve the needs of its clientele in the financial services sector.
Today’s vision for the Company’s is to become a significant player in the financial services sector. To actualize this vision, the Company in June 2008 was reorganized into a group structure. Under the new structure, the Company assumed the new name, Royal Exchange Plc and the role of a group holding and asset management company with 5 (five) operational subsidiaries namely: Royal Prudential Life Insurance Company Plc: established in February 2007 to carry on the life assurance business of the Group;Royal Exchange Finance & Investment Co. Ltd: established in April 2005 to provide a wide range of professional services in the areas of finance and financial advisory;Royal Exchange Healthcare Limited: established in May 2006 to provide health management services and advisory services;Royal Exchange General Insurance Company Limited: established in January 2008 to carry on the Non-Life Insurance Business.
Royal Exchange Microfinance Bank Limited: established in July 2009 to provide general financial and banking services, particular to small scale industries.
The Company started operations in Nigeria represented by Barclays Bank DCO in 1918. A branch of the then parent Company, Royal Exchange Assurance, London, (REA), was then established in Lagos on February 28, 1921. REA was originally founded in 1720 and was one of the first two insurance companies to receive legal status by Royal Charter. Originally established for marine business, REA expanded within a year to include fire and life insurance as well, thereby becoming Britain's first composite insurer. The establishment of the branch in Nigeria was the result of the expansion drive by REA in the early 20th century.
Some notable figures in the Insurance Industry have headed the Company, which was for over 20 (twenty) years the only insurance Company operating in Nigeria. Thus, Royal Exchange can be said to be the beginning of insurance in Nigeria.
Pursuant to Section 396(2) of the then Companies Act of 1968 the Company was, on December 29, 1969, reconstituted and incorporated as a Private Limited Liability Company, the Royal Exchange Assurance (Nigeria) Limited. The Company went public on July 18, 1989 and was duly listed on the Nigerian Stock Exchange on December 3, 1990.
“To attain leadership in the financial sector and provide the highest quality services in accordance to ethical practices and norms to our clients while ensuring adequate returns to our stakeholders”.
“To responsibly and efficiently mobilize and utilize human, financial and technological capital to exceed stakeholders’ expectations.
CORE VALUES: C – Customer orientation C – Creativity I – Integrity L – Learning organization P – Professionalism T – Teamwork