Unity kapital assurance profit fell by 40% in 2016

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Unity kapital assurance plc in its financial report for the fourth quarter of 2016 records NGN1.5 billion net premium income against NGN2.0 billion recorded in the year 2015.

Showing the impact of the recession, its gross premium written fell NGNto 2.0 billion against NGN2.6 billion recorded in the year before.

The company recorded reinsurance expenditure of NGN635.3 million loss against NGN588.5 million loss recorded in the year 2015.

Fees and commissions on insurance contracts were slightly above each other. In 2016, the company recorded NGN36.3 million against NGN25.5 million recorded in fiscal year 2015.

There was no improvement in the company’s  investment arm as its total investment income fell to NGN476.5 million compared to NGN497.6 million recorded in the previous year.

Unity Kapital assurance plc recorded NGN265.4 million as profit before taxation compared to NGN441.6 million recorded in the year before.

After its tax expense for the year, the company profit fr the year was NGN192.1 million against NGN321.9 million recorded in 2015.which represents 40% loss year on year comparison.

At the end of the year, the company’s asset rose by nearly NGN1 billion to NGN12.4 billion compared to NGN11.4 billion in 2015. But it was a different pattern as its liabilities which fell to NGN1.5 billion versus NGN1.6 billion in 2015.

For more information on the report, click here>>

UnityKapital Assurance Plc is one of Nigeria’s leading insurance companies. Their consistent superior performance is a testimony of our customers’ loyalty.The company’s operations are fully automated reflecting a commitment to the use of technology to drive excellence in service delivery.

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