Insurance

Staco Insurance Pays N1.9bn Claims

By Nse Anthony-Uko (Sundiata Finance) – Staco Insurance Plc paid a total claims of N1.99 billion in its 2016 financial years, even as a substantial part of it was paid in dollar denomination. This is an indication of the company’s commitment to settle genuine claims as and when due. Speaking at the company’s 21st Annual General Meeting (AGM) held in ...

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NEM Insurance Reports 11% Profit Growth For Q2

By Nse Anthony-Uko (Sundiata Finance) — NEM Insurance Plc has reported nine per cent profit growth for the second quarter ended June 30, 2017. The company in its result released on the Nigerian Stock Exchange showed that profit after tax increased to N1.25 billion compared to N1.12 billion reported same quarter 2016. Gross premium rose by 37.72 per cent to ...

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Guinea Insurance Records N907m Gross Premium

By Nse Anthony-Uko (Sundiata Finance) — Guinea Insurance Plc recorded N907 million Gross Written Premium (GWP) in its 2016 financial statement as against N870 million it reported in 2015, representing 4.18 percentage growth. The Executive Director, Finance and Administration of the company, Pius Edobor, in a statement on Wednesday added that the firm’s Shareholders’ Fund in 2016 was 2.897billion and N2.899billion ...

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Sovereign Trust Posts N4.1bn Gross Premium 

By Nse Anthony-Uko (Sundiata Finance) — Sovereign Trust Insurance Plc(STI) has posted N4.1 billion Gross Premium in its 2017 first quarter result which represents a 78 per cent growth from N2.3 billion it recorded in the first quarter of 2016. In the same vein, the net premium income grew from N1.1billion in 2016 to N1.6billion in 2017, amounting to a growth ...

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Standard Alliance Profit Up 133%, Despite Drop In Revenue In Q1

By Nse Anthony-Uko (Sundiata Finance) – Standard Alliance Insurance Plc said, the company net profit rose by 133 per cent despite decline in its revenue for the first quarter ended March 31, 2017. The company’s result on the Nigerian Stock Exchange (NSE) showed that profit before tax went up to N323.287 million, improving by 108.23 per cent from N155.248 million ...

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Mutual Benefits Assurance Posts N10.7bn Income

(Sundiata Finance) — Mutual Benefits Assurance Plc, grew its underwriting income by 27 per cent from N8.3 billion to N10.7 billion in 2016, despite the challenging economy and consumer apathy towards insurance. A statement by the firm’s Head, Corporate Communication, Ellen Offo, stated that this was revealed in the company’s result released on the floor of the Nigerian Stock Exchange ...

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Royal Exchange Records N12.5bn Gross Premium

By Nse Anthony-Uko, (Sundiata Finance) – Royal Exchange Plc said it generated a Gross Written Premium (GPW) of N12.5 billion from its business activities in its 2016 financial year. This figure represents an increase of 16 per cent over the figure of 2015, which stood at N10.8billion. The Group Managing Director, Royal Exchange Plc, Alhaji Auwalu Muktari, while speaking on ...

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Cornerstone Insurance Pays N4.5bn Claims

By Nse Anthony-Uko (Sundiata Finance) – Cornerstone Insurance PLC said it paid gross claims of N4.5 billion to claimants in its 2016 financial year, representing an increase of 61 per cent from the N2.8 billion posted the previous year. This, it said, was driven largely by death claims from the group life, credit life and third party motor classes of ...

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Recession: Insurers Now Spread Premium Payments To Sustain Uptake

By Nse Anthony-Uko (Sundiata Finance) — In the bid to weather the current harsh economic conditions, and retain their customers’ patronage, insurance companies have adopted a strategy of allowing them spread the payment of premiums. The palliative is to allow consumers whose disposable incomes have been hit badly by rising cost of leaving and low economic activity, to remain within risk ...

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