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.
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.
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.