Standard Alliance insurance posts NGN379 million profit for Q2

Continental Reinsurance

Standard Alliance Insurance plc in its financial report for second quarter 2017 is reporting NGN379.7 million net profit compared to NGN311.2 million loss reported same period 2016.

The insurance company closed the quarter with NGN3.1 billion gross income in contrast to NGN2.8 billion posted in the previous year and reinsurance expenses dropped to NGN450.9 million from NGN521.7 million in the fiscal year 2016.

Standard Alliance’s net premium income was higher at NGN2.6 billion against NGN2.3 billion in the year 2016 while investment income was NGN71.2 million in contrast to NGN13.1 million loss in the year before.

Total assets increased assets to NGN13.6 billion in the period under review compared to NGN13.0 billion in the previous year while total liabilities was stood still at NGN8.3 billion as last year.

Company Information

SA Insurance Plc) is a high profile, technology-driven and customer-oriented company ranking among the best and most respected insurance companies in Nigeria, both in terms of product and service delivery. SA Insurance Plc is licensed by the National Insurance Commission, NAICOM, to transact general and special risk insurance businesses.

The company was incorporated in July 1981 as a Private Limited Liability Company and commenced full operations in 1982 under the name Jubilee Insurance Company Limited. The name was changed to Standard Alliance Insurance Company Limited (Standard Alliance) in August 1996. Standard Alliance became a Public Liability Company (Plc) on 30thMay, 2002 and was quoted on the Nigerian Stock Exchange in December 2003.

The Company has an authorized capital of N7bn divided into 14bn ordinary shares at 50kobo each. As at December 31st2014, total paid-up share capital stood at N5.996bn; total assets of N7.721bn and Shareholders’ funds of N3.417bn. The company’s Premium written as at the end of 2014 was N4.333bn.