Equity assurance posts 196% profit growth for Q1

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One of Nigeria’s insurance provider, Equity Assurance Plc is reporting NGN1.0 billion for the first quarter as its gross premium income compared to NGN1.1 billion reported same period 2016.

Its reinsurance expenses for the period fell to NGN131.7 million in contrast to NGN225.4 million posted in the year before.

Net premium income increased to NGN899.9 million from NGN893.8 million recorded in the previous year, while its net underwriting income fell to NGN924.1 million against NGN926.6 million posted in 2016.

Investment income fell to NGN112.4 million in q1 2017 in contrast to NGN120.0 million reported in the financial year 2016 while its impairment loss was NGN7.2 million half of the NGN14.4 million recorded in the year 2016.

Profit before tax was NGN337.8 million against NGN89.2 million loss recorded in the previous year. After settling its tax expenses for the period, the profit for the period was NGN296.3 million against NGN132.3 million loss recorded in the year 2016.

The company’s total assets for Q1 2017 increased to 11.1 billion compared to 10.0 billion reported same period 2016 while its total liabilities was 5.5 billion against 4.9 billion posted in 2016.

About Equity Assurance

EQUITY ASSURANCE PLC (The Company/”EA”) was incorporated on 13th December 1984 with registration number RC. 65443 and was licensed by the then office of the Director of Insurance to underwrite all classes of general business.

E. A., operates with a recently increased authorized share capital of N7 billion and shareholders fund of about N5.1billion. Gross premium income has grown tremendously from N863m in 2004 to N2.1b in 2012.

E.A. is a corporate member of the West African Insurance Company Association (WAICA) and the Nigeria Insurers’ Association (NIA), the official umbrella of registered insurance companies in Nigeria, as well as The Africa Insurance Organisation (AIO).