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

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.

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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.

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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.

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