Ensure Insurance Reports NGN542 Million Loss In 2015

Ensure Insurance Reports NGN542 Million Loss In 2015

Ensure Insurance PLC, formerly known as Union Assurance Company PLC said it made a net loss of NGN542 million in its audited 2015 full year financial result.

This is a significant improvement when compared to a net loss of NGN1,7 billion posted for the full year of 2014.

Ensure Insurance reported that its gross premium written for the year fell by 28.2% to NGN2,8 billion compared to NGN3,9 billion reported in 2014.

Accumulated losses for the year rose to NGN4,7 billion versus accumulated loss for last year put at NGN4,1 billion.

At the end of the year, the firm has a net asset of NGN7,7 billion versus its total liabilities of NGN4,6 billion, thereby giving the company a healthy balance sheet with a net asset of NGN3,1 billion.

The company disclosed that ”During the year under review, Greenoaks Global Holdings Limited acquired additional 387,594,464 shares from existing shareholders, thereby increasing its shareholding by 5.16%.

Based on the latest filing of the Ensure Insurance, Greenoaks Global Holdings Limited, GGH, a United Kingdom based group with focus on life, general insurance and investment owns 7,358,516,264 billion units of shares. This translates to 97.92% controlling shareholding of the company.

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