Standard Alliance Insurance may have reassured investors of its commitment to meeting positing rules of the Nigerian Stock Exchange and growing earnings, as the company beat sanctions from the regulators by timely delivering its third quarter 2017 results.
The result which showed boost in gross premium, recorded reduced earnings in other key measuring indices, positing about 300 per cent boost in net claims.
The Q3 unaudited financials released by the NSE last week, showed that gross Premium written grew to N3,917,443 billion from N3,883,573bn posted in same period of 2016.
While unearned premium dropped to N90, 910 from N230, 967m in Q3 2016, Reinsurance premium expenses also dropped to N450, 203m from N627, 789m.
According to the result, Net premium income dropped to N3, 376,330bn, against N3, 486,751bn in the same period of 2016. Net Underwriting income dropped to N3, 540,071bn from N3, 641,328bn in 2016 Q3, while claims’ expenses closed at N1, 068,426bn against N1, 127,944bn in the Q3 2016.
Stories by Bonny Amadi