African Alliance Insurance PLC has filed its 2015 result where it recorded NGN4.9 million loss compared to NGN486.0 million profit recorded in the year 2014.
Gross income rose to NGN14.4 billion compared to NGN10.8 billion recorded in the year before while its reinsurance expenses lowered to NGN42.1 million from NGN70.1 million recorded in the fiscal year 2014.
The insurance company said its net income was higher at NGN14.4 billion in the year 2015 against NGN10.7 billion reported in the year 2014.
Underwriting loss for the period under review increased to NGN4.9 billion against NGN1.1 billion loss recorded in the year before.
Investment income increased to NGN1.8 billion compared to NGN806 million recorded int he year 2014 while its impairment charges also dropped to NGN51.6 million from NGN88.1 million reported in 2015.
Total asset for the period rose to NGN36.8 billion compared to NGN26.8 billion recorded in 2014 while its total liabilities was NGN34.2 billion against NGN19.3 billion reported in the year before.
African Alliance Insurance Plc was incorporated as a Private Limited Liability Company on May 6th 1960 and was the first Indigenous Insurance to carry out the business of Life Assurance in Nigeria. The Company was originally set up in partnership with Munich Reinsurance Company of Germany, the largest Reinsurance Company in the world. Munich – Re still provides technical support to the Company on a need basis.
In 2005, African Alliance became the first licensed Takaful (Islamic Insurance) Operator in Nigeria – a concept borne of the desire to satisfy the needs of the Muslim Ummah in Nigeria through a robust selection of Sharia – compliant insurance and investment products based on the concepts of “Al-Mudarabah” and “Al-Tabarru”.
Also in 2005 African Alliance Insurance (then still a Limited Liability Company) in a Joint Venture with First Securities Discount House Limited (“FSDH”) set up Pensions Alliance Limited (“PAL”), a licensed Pension Fund Administrator. In 2009, African Alliance was listed on the Nigerian Stock Exchange; thus becoming known as African Alliance Insurance Plc.
Following its’ successful recapitalization in 2007, African Alliance currently has a Shareholders’ Fund of about N 5.27bn, while the Company’s Gross Premium Income and Asset Base currently stand at about N 10.07bn and N 23.12bn respectively (figures as at December 2014 – unaudited). African Alliance has 100% equity in Axiom Air Limited, a Cargo Airline Company, Frenchies Foods (Nigeria) Limited, a Restaurant and Catering Services Company and 96% equity in Ghana Life Insurance Company Limited.