Niger Insurance suffers s N613.86m loss in 9 months
Niger Insurance Plc has reported N613.86million in nine months ended September 30, 2020, unaudited results as against N323.08million loss reported in nine months of 2019.
The results on the Nigerian Stock Exchange (NSE) on Tuesday revealed that the insurance company reported Gross premium written decline of 48 per cent to N775million in nine months of 2020 as against N1.49billion reported in nine months of 2019.
Also, Gross premium income declined by 46 per cent to N764million in nine months of 2020 from N1.4billion in nine months of 2019 while Net underwriting income moved from N1.27billion in nine months of 2019 to N708.6million reported in nine months of 2020.
The listed insurance company disclosed that its claims expenses dropped by 42 per cent in nine months of 2020 to N661.5million from N1.15billion reported in nine months of 2019, while net claim expenses rose by 110.6 per cent to N935.7million in nine months of 2020 from N444.25million reported in nine months of 2019.
The company’s reported a 1.4 per cent decline in total assets to N22.37billion as at September 30, 2020, from N22.69billion, reported in full year ended December 31, 2019.
Established in August 1962 as a specialist life company under the name Yorkshire Insurance Company, Niger Insurance Plc is a public quoted company, with an asset base over N21 billion and fully paid-up share capital of N2, 868, 307, 000.
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