Post Views: 567 Directors of Standard Alliance Insurance, on Thursday presented its unaudited result showing a 22.17% drop in gross premium written to...
Directors of Standard Alliance Insurance, on Thursday presented its unaudited result showing a 22.17% drop in gross premium written to N1.002bn from N1.287bn in the corresponding first quarter of 2016. Unearned premium rose to N272.973m from N165.423m, bringing total revenue for the period to N1.274bn, which represented a decline N177.865m or 12.24%.
Reinsurance premium expenses for the period dropped to N164.906m from N320.707m, bringing net premium income to N1.11bn from N1.132bn, which represented a decline of about N22.064m or 1.94%.
Fees and commission income fell from N41.059m from N13.233m, bringing net underwriting income to N1.123bn from N1.173bn.
Claims expenses fell to N311.965m from N370.168m, claims recoveries from reinsurance rose to N69.052m from N54.393m, resulting in net claims expenses stood at N242.913m from N315.775m.
Underwriting expense dropped from N411.039m to N305.981m, resulting in total underwriting expenses of N548.894m, as against N726.814m in the corresponding first quarter of 2016. Underwriting profit improved to N574.414m, up from N446.384m.
Investment income rose to N30.952m from N17.769m, operating expenses fell from N303.856m to N246.387m; finance charges rose to N2.803m from N1.432m, just as unrealized fair value loss soared to N32.889m from N3.617m.
Profit before tax therefore rose to N323.287m, improving by about N168.039m or 108.23% from N155.248m in the first quarter of 2016 to N323.287m; while income tax rose to N52.379m from N37105m. Net profit rose by N154.659m or 133.04% from the previous N116.249m, to N270.908m, translating to Earning Per Share of 2.70 kobo, as against the previous 1.29 kobo.