Niger insurance profit dipped by 62% in 2016

Sakiru Oyefeso

Niger Insurance, a composite insurance company in Nigeria ended the financial year 2016 with NGN5.9 billion gross premium written compared to NGN10.4 billion it ended the year 2015 with, which represents 43% fall year on year comparison.

The company reported NGN99 million as its profit before tax in 2016 in contrast to NGN 736 million recorded in the fiscal year 2015. Profit for the year decreased by 62% to NGN215.9 million against NGN582.1 million posted in the previous year.

Gross premium income fell by 52% to NGN5 billion against NGN10.5 billion recorded in the previous year.

The company’s reinsurance expenses for the year was NGN422.3 million against NGN 537.2 million posted in 2015 leaving its net underwriting income lower at NGN4.6 billion against NGN100.1 billion recorded in 2015.

The company’s investment income surged by 151% to NGN2.2 billion in the year in reveiw against NGN890.6 million reported in the year before.

Niger Insurance plc said its assets for the year was NGN22.5 billion compared to NGN20.9 billion acquired in 2015 while its total liabilities was NGN 13.8 billion versus NGN12.3 billion recorded in the year before.

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