Niger Insurance plc said it recorded decline of 12% in net profit to NGN 139 million in first quarter of 2017 compared to NGN158.4 million recorded same period 2016.
The company’s profit before tax was NGN 146.4 million against NGN 164.4 million posted in the year before.
Gross premium written rose to NGN 2.3 billion in contrast to NGN 2.1 billion recorded in the fiscal year 2016 while its gross premium income was NGN2. 2 billion against NGN 2.1 billion posted in the year before.
Reinsurance expenses was higher at NGN810 million compared to NGN147.3 million reported in 2016 leaving it’s Net premium income at NGN 1.4 billion in 2017 against NGN1.9 billion reported in the fiscal year 2016.
Niger Insurance plc said it acquired NGN22.1 billion worth of assets in q1 2107 compared to NGN21.0 billion acquired in the year before while total liabilities was NGN 13.8 billion against NGN12.6 billion posted in 2016.