Standard Alliance Insurance PLC said its unaudited September 2016 year to date result that its net profit at the end of the third quarter rose by 527% year on year.
Gross premium for the period slightly fell to NGN3,8 billion compared to NGN3,9 billion recorded last year. Unlike its peers in the insurance sector, re-insurance expenditure was almost neck and neck with last year’s estimate.
The company paid a total of NGN627 million compared to NGN623 million last year to settle its re-insurers.
This is an impressive given the fact that the company recorded a near loss position in the year before. Net income for the third quarter of the year rose to NGN634 million versus NGN101 million posted last year.
Standard Alliance said its total asset base rose to NGN12,5 billion compared to NGN11,7 billion in the year before.
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