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Home Business News

Niger Insurance Plc posts N311.43 million loss in Q2 2020

Chidi Emenike by Chidi Emenike
December 9, 2020
in Business News
Niger Insurance Plc posts N311.43 million loss in Q2 2020
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Niger Insurance Plc has posted a loss of N311.43 million in Q2 2020, down by -1,173.2% Year-on-Year, from a profit of N29.02 million recorded in the corresponding period last year.

This is according to a notification sent by the firm to the Nigeria Stock Exchange and seen by Nairametrics.

READ: Fidelity Bank: Regulatory-induced fee cut, surge in OPEX halt profit growth

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Some other key highlights of the Niger Insurance Plc Q2 2020 result are;

  • Gross premium written declined to N189.41 million, -53.7% Y-o-Y.
  • Gross Premium Income declined to N186.0 million,-46.6% Y-o-Y.
  • Pre-tax operating profit declined to a loss of N358.19 million, -1,323% Y-o-Y.
  • Fee and commission income declined to N3.44 million, -71.3% Y-o-Y.
  • Net underwriting income declined to N177.89 million, -42.1% Y-o-Y
  • Claims expenses increased to N265.6 million, +429.9% Y-o-Y.
  • Total underwriting expenses increased to N266.23 million, +566.6% Y-o-Y.
  • Basic Earnings per Share declined to a loss of N4.02.
  • Tax paid declined to N15 million, -81.3% Y-o-Y.

READ: Fidson Healthcare Plc records 30.28% increase in 2020 9M revenues

Bottom line

The mass decline in some income-earning components like gross premium, fee and commission income, etc. coupled with a drastic rise in expenditure items, like net claims, total underwriting expenses and others, contributed to the decline in the firm’s profit before and after-tax.

READ: Nigerian economy slips into recession as GDP contracts by 3.62% in Q3 2020


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Tags: Business NewsNiger Insurance Plc
Chidi Emenike

Chidi Emenike

Chidi Emenike is a graduate of economics, a Young African Leadership Initiative Fellow and an Investment Foundations certificate holder. He worked as a graduate Teaching Assistant in the Federal College of Education Kano and is also a trained National Peer Group Educator on Financial Inclusion

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