UnityKapital Insurance reports NGN206 million profit in nine months

Sakiru Oyefeso

UnityKapital Insurance plc recorded 19% rise in profit to NGN206.0 million for the nine months that ended in the year compared to NGN171.7 million profit recorded in the same period last year.

The insurance company said its gross premium written was higher at NGN2.0 trillion in contrast to NGN1.7 trillion recorded in the year before while gross premium earned was NGN1.8 trillion against NGN1.7 trillion in the previous year.

The company’s reinsurance expenses stood at NGN593.0 billion against NGN566.0 billion posted in 2016 while net premium written was NGN1.3 trillion versus NGN1.1 trillion in the previous year. Investment income for the period was higher at NGN426.3 billion in contrast to NGN347.5 billion in the year 2016.

Total assets declared by UnityKapital insurance for the nine months was NGN11.6 billion compared to NGN11.3 billion declared last year while total liabilities was NGN1.3 billion versus NGN1.2 billion in the year before.

 

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