Standard Alliance Insurance Plc. has posted a profit before tax of N819 million, a gross premium income of N5.42 billion and an underwriting profit of N1.23 billion in its 2015 financial year.
The company’s balance sheet assets stood at N11.79 billion, with approximately N4.65 billion of it being financed by shareholders’ equity funds.
Chairman of the company, Johnson Chukwu made this known during the 20th Annual General Meeting (AGM), in Lagos.
He said he was confident the executives and management of the company had put in efforts and to put the group on a solid footing, where the combined market strengths of the life and general wings of the group would be harnessed.
“The year 2015 financial year has been another year we worked assiduously to ensure that the company was properly repositioned for the benefit of all stakeholders.”
“In addition, I am happy to report that we have made significant progress in the ongoing merger between our company and Standard Alliance Life Assurance.”
Chairman, Standard Alliance Life Assurance Limited, Bode Akinboye said the life arm of the group’s gross premium written, increased to N2.27 billion in the 2015 financial year from the N1.58 billion it recorded in 2014, representing 43.6 per cent growth.
Akinboye said the company’s performance for 2015 represented a step in the right direction as premium income grew from N1.834 billion in 2014 to N2.105 billion in 2015, representing 14.8 per cent growth.
He said in last year, the company’s claims expenses stood at N1.25 billion, as against the N1.55 billion in 2014.
The company, according to him, also recorded operating result of activities of N246.7 million in profits in 2015, compared to a N901 million loss in 2014, the equivalence of a 127 per cent growth while post-tax profit of N106.1 million was reported in the year under review, as against N1.532 billion in losses reported for 2014.
