Royal Exchange PLC said its net profit for year to date ending September, 2016 fell to NGN10,8 billion compared to NGN8,8 billion.
Unearned premium for the period increased to NGN1,4 billion compared to NGN681 million unearned last year. The company is paying more for its re-insurance fees.
A sign that cost of paying for reinsurance has gone up for all other insurance companies. Reinsurance fee increased to NGN3,2 billion compared to NGN2,0 billion.
Total asset has declined to NGN23,2 billion versus NGN26,5 recorded last year. Its liabilities has also reduced to NGN15,5 billion compared to NGN19,0 billion.
The Company was incorporated as Royal Exchange Assurance (Nigeria) Plc, a private limited liability Company on 29 December 1969.
It was converted to a public limited Company on 15 July 1989 and then listed on the Nigerian Stock Exchange on 3 December 1990. On 28 July 2008, the Company changed its name to Royal Exchange Plc and transferred its life and general insurance businesses to newly incorporated subsidiaries, Royal Exchange General Insurance Company Limited and Royal Exchange Prudential Life Plc.
The Group currently comprises Royal Exchange Plc (Parent Entity), Royal Exchange General Insurance Company Limited, Royal Exchange Prudential Life Assurance Plc, Royal Exchange Finance and Asset Management Ltd, Royal Exchange Micro-Finance Bank Limited and Royal Exchange Healthcare Limited.
The principal activities of the Group are general and health insurance, life assurance, asset management, credit financing and microfinance banking. The financial statements of the Group are as at and for the year ended 30 September, 2016. The registered office address of the Group is New Africa House, 31, Marina, Lagos, Nigeria.