Standard Alliance Insurance Suffers Profit Drop | Independent Newspapers Limited
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Standard Alliance Insurance Suffers Profit Drop

Posted: May 10, 2016 at 12:21 am   /   by   /   comments (0)

Standard Alliance Insurance, in its first quarter financial result ended March 31, 2016, has reported a profit of N116.249 million from N369.739 million reported in the corresponding period of 2015, representing a drop of N253.44 million.

Gross premium written which was N1.566 billion in 2015 went down to N1.287 billion, net premium income dropped to N1.132 billion from N1.301 billion, fees and commission income rose to N41.059 million from N27.629 million, net underwriting income dropped to N1.173 billion from N1.328 billion reported in 2015, while premium received from policy holders went down from N5.556 billion to N1.135 billion.

Underwriting expenses rose from N376.312 million in 2015 to N411.039 million, total underwriting expenses rose to N726.814 million from N543.476 million, underwriting profit dropped to N446.384 million from N785.173 million, investment income went down to N17.769 million from N54.928 million, while profit before tax for the period under review dropped to N155.248 million from N554.078 million.

Cash and cash equivalent went down from N1.317 billion in 2015 to N1.142 billion, loans and receivables grew from N80.224 million to N84.547 million, trade receivables rose significantly from N49.994 million to N170.653 million, reinsurance assets dropped to N876.881 million from N1.032 billion, investment properties stood at N3.304 billion just like in 2015 property, plant and equipment dropped to N2.840 billion from N2.897 billion, while total assets dropped to N11.709 billion from N11.787 billion recorded in 2015.