Prestige Assurance made NGN118.4 million loss in 2016

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Prestige assurance plc recorded NGN 2.6 billion gross premium written for fourth quarter 2016 compared to NGN2.4 billion recorded in the year 2015.

The company recorded NGN2.5 billion gross premium income in 2016 against NGN2.4 billion recorded in the year 2015.

The company’s reinsurance expenses was NGN1.4 billion loss against NGN1.5 billion loss recorded in the year 2015.It net premium income for the year 2016 was NGN1.1 billion against NGN927.7 million recorded in the year 2015.

Prestige assurance did not really improve in its investment arm as its record investment income of fell to NGN417.8 million against NGN532.2 million recorded in the year 2015.

Prestige assurance plc recorded NGN10.6 million loss before tax expense against NGN19.0 million recorded in the year 2015. After its tax expense for the period, the loss for the year was NGN118.4 million against NGN157.3 million recorded in the year before.

The company ended the financial year with total assets of NGN9.6 billion against NGN10.3 billion recorded in the year before. Its total liabilities for the year was NGN3.4 billion versus NGN4.5 billion recorded in the year 2015.

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Prestige Assurance Plc is a major general insurance Company in Nigeria with over 60 years of undisputable prestigious services. We strive to create long-term value for our stakeholders through strong business fundamentals, consistent with our mission guided by our vision and directed by our company’s core values.

Prestige Assurance was incorporated as a limited liability company on 6th January 1970 and licenced to write all classes of Non-life insurance in Nigeria. Prior to its incorporation, the company has operated as a branch office of The New India Assurance Company Limited Mumbai for eighteen years.

As one of the largest insurance company in Nigeria, Prestige has a shareholders’ fund in excess of 5.9Billion as at 31st December 2016 and has established a reputation for excellent delivery of insurance products and services, especially in special risks, such as oil & energy, aviation, engineering, and industrial risk management.