The management of Guinea Insurance Plc, on Tuesday presented its unaudited results for the first three quarters of 2016 to the Nigerian Stock Exchange (NSE).
According to figures for the Q3 ended September 30, 2016, the company reported a marginal growth in profit after tax, despite the 18.29% drop in gross premium income.
Gross Premium Written fell by N47.278 million or 6.64% from N711.283 million in the corresponding period of 2015 to N664.005 million; Gross Premium Income dropped to N661.143 million from the previous N809.184 million. Net Profit Income stood at N466.368 million, down by N148.041 million or 18.29%, as against the N633.281 million reported for the third quarter ended September 30, 2015.
Claims expenses dropped by about N55.141 million or 46.55% to N63.289 million from N118.43; leaving profit before tax of N54.567 million, as against the previous loss of N20.987 million.
Profit after tax stood at N43.449 million, as against N40.94 million, translating to earnings per share of six kobo, as against the previous seven kobo.