Following the massive loss of N132 million for the first quarter (Q1) ended March 31, 2016, recorded by Equity Assurance Plc , shareholders might end up with no dividend.
The insurance company had posted a loss of N580 million for the year ended December 31, 2015, leaving shareholders without dividend for that year.
The firm’s Q1 performance indicates that 2016 may follow the pattern of 2015. The unaudited results of Equity Assurance, made available yesterday, showed a gross written premium of N1.389 billion in Q1 of 2016, up from N1.261 billion in the corresponding period of 2015.
Net premium income stood at N893 million in 2016, compared with N913 million in 2015, while net underwritten income was N926 million as against N913 million.
The company recorded a loss in financial assets of N20.9 million in 2016 compared with N4.633 million in 2015. It posted an impairment loss of N14 million in 2016 as against none in the corresponding period of 2016.
Consequently, Equity Assurance Plc ended the Q1 with a loss of N132 million, compared with a profit of N112 million in 2015.
