Coming from a year of very low profit, Great Nigeria insurance has reported a 451% growth in its full year profit for 2016.
Gross NGN2.4 billion revenue compared to NGN2.5 billion recorded in the financial year 2015. It recorded NGN2.5 billion net underwriting income just as the same recorded in the year 2015.
Great Nigeria insurance recorded NGN1.6 billion underwritten expenses in the year 2016 in contrast to NGN1.9 billion recorded in the year 2015.
Its impairment loss for the year came down at NGN24.5 million compared to NGN151.9 million loss recorded in the year 2015.
The company recorded NGN249.5 million profit before tax in 2016 compared to NGN60.5 million loss recorded in 2015.
After deducting its tax expense for the year, its profit for the year was NGN526.5 million compared to NGN95.5 million loss recorded in the year 2015, which represents 451% increase year on year comparison.
Great Nigeria Insurance plc acquired total assets worth NGN10.7 billion in the financial year 2016 in contrast to NGN10.4 billion recorded in the previous year. its total liabilities for the year was NGN4.8 billion compared to NGN5.1 billion recorded in the year 2015.
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Great Nigeria Insurance Plc commenced business in 1960. Our over 55 years of insurance underwriting, financial advisory and real estate investments have enabled us to exclusively master the business terrain and develop skills that give us an edge in service delivery and total customer delight. Great Nigeria Insurance Plc has continuously arranged very adequate reassurance treaties with a consortium of reputable reassurance companies both locally and internationally providing us with the required capacity to underwrite risks placed with us.
The ownership of the company is made up of diverse shareholders from wide range of individuals and institutional investors with a robust Board of Directors of distinguished personalities. The company has invested in the best of people and technology, improving on processes, growing its market share and thereby expanding its balance sheet size. The company continuously strives to be amongst the top players in the insurance industry. The Board of Directors of the Company is made up of reputable individuals that have distinguished themselves in their respective fields of endeavour.