Great Nigeria insurance records 5856% profit growth in 2016

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After a year of reporting one of the lowest earnings on the NSE in 2015, Great Nigeria Insurance said its full year profit for 2016 rose by 5856%.

Great Nigeria insurance plc in its financial report for the second quarter 2016 recorded NGN464.0 million gross premium written compared to NGN448.0 million recorded same period 2015.

Its reinsurance premium for the period was NGN205.1 million loss against NGN144.9 million loss recorded in 2015.

The company recorded NGN224.7 million net premium written against NGN349.9 million recorded in 2015.its under writing expenses for the period was NGN135.4 million loss against NGN95.2 million loss recorded in 2015.

Great Nigeria insurance recorded NGN263.9 million profit before taxation against NGN26.6 million recorded in 2015.

After settling its tax for the year,the profit for the year increased by to NGN273.8 million against NGN4.6 million recorded in 2016.

Great Nigeria insurance plc acquired NGN7.0 billion total assets in 2016 compared to NGN7.9 billion acquired in the year before. Its total liabilities was NGN2.2 billion compared to NGN2.7 billion recorded in 2015.

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