Niger Insurance announces N593.8m profit in 2018

Niger Insurance Plc has returned to profitability announcing N593,808,000 as  operating profit from its business operations  in 2018.

The Chairman of the company, Mr Stephen Dike, gave the figure while reading company’s Annual Report and Financial Statements of the year ended December 31,2018 at its 49th Annual General Meeting (AGM) in Lagos Thursday.

He said that the figure was an improvement, coming after the loss of N978,927,000 registered in 2017.

Dike said that the company’s Gross Premium Written in 2018 was N4,450,453,000, a decrease from N8,585,781,000 written in 2017.

He said the Gross Premium Income was N5,215,326,000, also a decrease from N7,316,049,000 reported in 2017.

According to him, the performance is below the insurance company’s target of achieving growth in excess of the rate of inflation.

The Chairman said that following the National Insurance Commission (NAICOM) recent directive for insurance and reinsurance companies to recapitalise by June 2020, Niger Insurance, as most other insurance firms, was expected to shore up its capital to the tune of N15billion.

He said that the company had engaged Chapel Hill Denham and Mainstream Bank Capital Limited as financial advisers, to assist it in developing a viable strategic blueprint for the successful recapitalisation of the company.

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