Unitykapital profit surged by 408% in Q1 2017

Equity Assurance

Unitykapital Assurance plc recorded NGN1.1 trillion gross premium written in first quarter 2017 against NGN837.4 billion recorded same period 2016.

The company’s re-insurance cost for the period for the period was NGN631.2 billion against NGN626.1 billion recorded in the previous year,

The Insurance company recorded NGN521.2 billion net premium written compared to NGN384.0 billion recorded in the year 2016.

On a year on year basis, underwriting income increased to NGN301.2 billion in 2017 in contrast to NGN158.5 billion recorded in fiscal year 2016. While its investment income surged to NGN165.0 billion against NGN123.3 billion recorded in 2016.

Unitykapital said in the report that its profit before tax was NGN224.8 billion against NGN45.0 billion recorded in the year before. After deducting its tax for the period , the profit for the year rose 408% by to NGN199.5 billion against NGN39.2 billion recorded in the financial year 2016.

Unitykapital insurance said it acquired NGN12.1 trillion assets for the first quarter 2017 compared to NGN11.3 billion acquired same period 2016, while its total liabilities stood at NGN1.8 trillion against NGN1.2 billion recorded in 2016.

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Company Information

UnityKapital Assurance Plc is one of Nigeria’s leading insurance companies. Our 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.