The insurance sector has again highlighted its negative outlook as Niger Insurance PLC posts a net loss of NGN695 million for the first nine months of the year.
This means Niger Insurance PLC’s net profit has declined by 864% year on year. Last year the compared fared better but still reported a net loss of NGN69,9 million for that period.
Gross premium written for the period fell to NGN1,2 billion compared to NGN1,7 billion reported last year.
Total asset for the period has declined to NGN20,7 billion compared to NGN21,7 billion closed with last year. However, the company has cut down its liabilities to NGN12,9 billion compared to NGN13,5 billion declared last year.
Niger Insurance Plc (‘the Company’) underwrites life and non-life insurance risks such as those associated with death, disability, health, property and liability. The Company also issues a diversified portfolio of investment contracts to provide its customers with asset management solutions for their savings and retirement needs.
The company was incorporated in 1962 as an affiliate of Yorkshire Insurance Company (UK) and was then known as Yorkshire Insurance Nigeria Limited. Following the implementation of the indigenisation Act of 1976, the Federal Ministry of Finance through the National Insurance Corporation of Nigeria (NICON) wholly acquired the company and the company’s name was changed to Niger Insurance Company Limited. As a result of the privatisation policy of the Federal Government, the company’s shares were sold to the public in 1989 and its name changed to Niger Insurance Plc.
The address of its registered office is 48/50 Odunlami Street, Lagos. The Company has a primary listing on the Nigerian Stock Exchange