• Contact Us
  • About
  • Advertise
  • Privacy & Policy
Thursday, March 23, 2023
  • Login
  • Register
Business Post
E3P Motor Insurance
  • Home
  • Insurance
  • Pension
  • Business Unlimited
  • OIL & ENERGY
  • Feature
  • News
  • Home
  • Insurance
  • Pension
  • Business Unlimited
  • OIL & ENERGY
  • Feature
  • News
No Result
View All Result
Business Post
No Result
View All Result
Home Insurance

Insurers Conclude 2020 Q4 Clutching Commendable Results

Nwanne Ikemefune by Nwanne Ikemefune
February 5, 2021
in Insurance
0 0
0
nigeria stock exchange NSE trading floor picture

Nigeria Stock Exchange (NSE)

0
SHARES
82
VIEWS
Share on FacebookShare on TwitterShare on WhatsApp

Just before the third quarter of 2020 closed, quoted insurers despatched an avalanche of forecasts to the Nigerian Stock Exchange, streaming enamoured good performance for Q4 in a year when Covid-19 forced the world to graduated economic decline, with a few flash points flagging emerging promising performance.

The insurance industry was represented in the flash points where it was not all news of over powering pandemic, but also there were some, flying high above the vicissitudes of the pandemic.

The insurance operators speaking from what was then a forecast, and now a performance cast in iron, were now moving in a separate way that was insulated from the harsh stretches in the economy. Without exception, all the results sent to the NSE up and until today, Thursday, February 4, 2021, reflect and tell the story of good Q4 performance. The results might not capture all the anticipated outcome for the quarter, but it leaped over with record performance.

Stock brokers then, were not surprised at high volume of forecast indicating that something was about to happen, but were concerned about the economy that was technically in recession after two consecutive quarters reported drop in gross domestic product (GDP). Mr. Charles Fakrogba, a high calibre broker and former chief relationship officer, TFS Securities & Investment, said the forecast might be at variance with the economy, the insurance companies “are very resilient… they have put in all that they know in their operations.”

Another stock broker, CEO Trust & Investment Company Limited, Mr. David Imafidon Adonri, shared same platform with insurers forecasts, explaining that the pandemic and the lockdown did not disrupt operations, remote working was switched on and, it has been so up and until now.

Investment gains was another hallmark for the good forecast, “that is why most of the insurance companies continue to declare profits.” He also said that the bullish run has served as good lane for smooth glide for insurers to brace the profit tape when the fourth quarter curtain drops. They did eventually.

It has turned as the operators has worked it out. NEM Insurance Plc, unaudited Q4 despatch to NSE showed that the profit after tax for last quarter 2020, was N2.96bn, up from N663.3m in the last quarter of 2019, a 347% increase.

Its gross premium written dropped slightly to N3.26bn in Q4 from N3.55bn in same period for 2019. However, the full profit for 2020 rose by 71.72% from N2.37bn to N4.08bn.

In the same vein, Sovereign Trust Insurance Plc, unaudited performance recorded 48% rise in profit after tax, it closed at N746,29m as against N503.38m. The general insurer increased its gross premium written to N1.12bn from N10.88bn, a slight two percent increase.

The managing director, Mr. Olaotan Soyinka, while reflecting on the 2019 performance, attributed the performance to the commitment shown by every member of staff who he described as the drivers of the organisation coupled with the fact that the company management is also dedicated to ensuring that the company takes its place of pride in the industry.

Also counting is Linkage Assurance Plc, its profit after tax for the last quarter 2020 moved from N1.45bn to N1.94bn, registering 34% increase. The year’s total for the unaudited profit after tax moved up to N2.54bn from N1.33bn, an increase of 90% over the previous year.

Impressing on the NSE that the result will continue in the first quarter of 2021, Linkage stated: “We will continue to refine our strategy in line with the political, economic, sociological and technological changes in the industry particularly the impact of Covid-19 pandemic on the business landscape. We will also continue to develop innovative products, alternative channels of distributions and strategic initiatives that will enable us achieve our corporate goals and objectives.”

Also included is AXA Mansard Insurance, closing the 2020 unaudited results with gross written premium of N47.58bn from previous year mark of N43.62bn. The profit for the year moved up by 47.7% to N4.29bn from N2.90bn.

The underwriter in its forecast for first quarter of 2021 presented to NSE, stated that it planned to achieve 14% growth, that will earn N24.09bn more than its figure for 2020 which was N21.08bn. Its also expecting a 12% rise in profit after tax, this will raise it to N2.04bn from the previous N1.82bn.

The forecast projects a drop in cash/bank balances at the end of the period to N6.84bn from N17.91bn at the beginning.

The streak of good performance was also registered on Cornerstone Insurance Plc. Its gross premium written for the year was N17.59bn 34% more than N13.05bn made the previous year.

The company’s profit however, dropped from N4.10bn to N1.59bn, a decline of 61.14%.

Also in the channel of good performance is SUNU Assurance which recorded N4.2bn at the end of Q4 up from N3.06bn the previous year. Its profit was N301.03m from the loss of N225.26m in 2019.

SUNU underwriting profit increased from N781m to N1.22bn, a growth of 562% due to technical efficiency in business operations.

Previous Post

Coronation Insurance Profit Leaps By 254%

Next Post

Pension Assets Brace Two Trillion Digits And Counting

Nwanne Ikemefune

Nwanne Ikemefune

Related Posts

Ojumah’ Exploits Earn Induction Into Sanlam Pan Africa Council Of Elders
Insurance

Ojumah’ Exploits Earn Induction Into Sanlam Pan Africa Council Of Elders

March 20, 2023
Guinea Insurance Sets For Return To Profit Turf
Insurance

Guinea Insurance Sets For Return To Profit Turf

March 18, 2023
Transactional Risk Insurance Now Mainstream Product – Report
Insurance

Transactional Risk Insurance Now Mainstream Product – Report

March 15, 2023
Next Post
Pension Assets Brace Two Trillion Digits And Counting

Pension Assets Brace Two Trillion Digits And Counting

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

NEM INSURANCE NEM INSURANCE NEM INSURANCE
  • Trending
  • Comments
  • Latest
ILAN Picture

Loss Adjusters Receive Charge To Match Speed Of New Developments

July 30, 2022
Custodian Investment To Acquire 51% Stake In UACN Property

Penetration: Operators Call For Insurance-In-Action

November 2, 2022
tope smart NIA former chairman

Insurance Milestone: A Beacon To Follow

April 3, 2022
ncrib logo

NCRIB And Universal In Pictures

August 23, 2020
Reinsurance Rates May Increase Into 2022, But Momentum To Wane: Fitch

Reinsurance Rates May Increase Into 2022, But Momentum To Wane: Fitch

April 13, 2021
Preferred PenCom Logo

PenCom Board Crafted To Hedge Setback

February 1, 2021
Linkage Assurance Aligns With Brokers For Growth

Linkage Assurance Aligns With Brokers For Growth

December 6, 2021
NCRIB Sets The Stage For Adaramola’s Tenure

NCRIB Sets The Stage For Adaramola’s Tenure

March 18, 2021
PenCom Approves Mrs Okwuosa New Access Pension Fund Custodian MD

PenCom Board Back-To-Work Pass, Gets Tick Over

February 1, 2021
PTAD Wipes 21,227 Parastatals Pensioners From Payroll

PTAD Wipes 21,227 Parastatals Pensioners From Payroll

January 31, 2021
Scib CEO Tinubu

Professionals Want Value Dimension Added To Enhance Compulsory Insurance

6247
How Strong Is The Reinsurance Sector Going Into 2021?

How Strong Is The Reinsurance Sector Going Into 2021?

5792
Allianz Claims Survey Shows Changing Claims Patterns

Internal Failures, Major Cause Of Cyber Claims

4997
Anchor MD Loses Father

Anchor MD Loses Father

1325
As Nat Cat Losses Mount A Resilience Mindset Matters More Than Ever

As Nat Cat Losses Mount A Resilience Mindset Matters More Than Ever

1318
Leadway Assurance Leads With ISO/IEC Re-certification

Leadway Assurance Leads With ISO/IEC Re-certification

892
NIID: Dare Project To Take back Motor Policy From Touts Still Surging Despite Odds

NIID: Dare Project To Take back Motor Policy From Touts Still Surging Despite Odds

828
PenCom Trigger Lifts Transfer System Off The Starting Block With Split Responsibilities

Pension Funds Encounter First Waterfall

347
Old Mutual Points Nigerians To Insurance-backed Savings Plans To Hedge Economic Volatilities

Old Mutual Points Nigerians To Insurance-backed Savings Plans To Hedge Economic Volatilities

294
Linkage Assurance Aligns With Brokers For Growth

Linkage Assurance Aligns With Brokers For Growth

235
Tax Administrators Charged To Match The Pace Of Global Technological Advancements

Tax Administrators Charged To Match The Pace Of Global Technological Advancements

March 21, 2023
Ojumah’ Exploits Earn Induction Into Sanlam Pan Africa Council Of Elders

Ojumah’ Exploits Earn Induction Into Sanlam Pan Africa Council Of Elders

March 20, 2023

FIRS Feast Of MoU Snaps UK Counterpart

March 18, 2023
Guinea Insurance Sets For Return To Profit Turf

Guinea Insurance Sets For Return To Profit Turf

March 18, 2023
Image Spin: Farewell For Omolola Adekunle Bankole

Image Spin: Farewell For Omolola Adekunle Bankole

March 17, 2023
Seplat Energy Says Allegations Against CEO, Board Untrue, Misleading

Seplat Energy Says Allegations Against CEO, Board Untrue, Misleading

March 16, 2023
Transactional Risk Insurance Now Mainstream Product – Report

Transactional Risk Insurance Now Mainstream Product – Report

March 15, 2023
Over 2,100 RSA Holders Make Maiden Dash For Transfer Window

PenOp Creates Bastion Of Effective Leadership For Pension Professionals

March 14, 2023
Allianz Combines Commercial Insurance Divisions

Allianz Combines Commercial Insurance Divisions

March 14, 2023
Preferred PenCom Logo

PenCom Knocks Lagos For Consistent Failure To Pay N2bn Monthly Commitment To Retirees

March 13, 2023

Recent News

Tax Administrators Charged To Match The Pace Of Global Technological Advancements

Tax Administrators Charged To Match The Pace Of Global Technological Advancements

March 21, 2023
Ojumah’ Exploits Earn Induction Into Sanlam Pan Africa Council Of Elders

Ojumah’ Exploits Earn Induction Into Sanlam Pan Africa Council Of Elders

March 20, 2023

FIRS Feast Of MoU Snaps UK Counterpart

March 18, 2023
Guinea Insurance Sets For Return To Profit Turf

Guinea Insurance Sets For Return To Profit Turf

March 18, 2023
Image Spin: Farewell For Omolola Adekunle Bankole

Image Spin: Farewell For Omolola Adekunle Bankole

March 17, 2023
Seplat Energy Says Allegations Against CEO, Board Untrue, Misleading

Seplat Energy Says Allegations Against CEO, Board Untrue, Misleading

March 16, 2023
Transactional Risk Insurance Now Mainstream Product – Report

Transactional Risk Insurance Now Mainstream Product – Report

March 15, 2023
Over 2,100 RSA Holders Make Maiden Dash For Transfer Window

PenOp Creates Bastion Of Effective Leadership For Pension Professionals

March 14, 2023
Allianz Combines Commercial Insurance Divisions

Allianz Combines Commercial Insurance Divisions

March 14, 2023
Preferred PenCom Logo

PenCom Knocks Lagos For Consistent Failure To Pay N2bn Monthly Commitment To Retirees

March 13, 2023
Guinea Insurance Takes The Stride Of Fresh N900m Capital

Guinea Insurance Takes The Stride Of Fresh N900m Capital

March 9, 2023
World Survey, Nigeria In Third Spot In Credit And Political Risk

World Survey, Nigeria In Third Spot In Credit And Political Risk

March 9, 2023
Advans Nigeria Goes Further At 10 With Better Banking, Branch Expansion

Advans Nigeria Goes Further At 10 With Better Banking, Branch Expansion

March 9, 2023
Doing Good, Sanlam Nigeria Sends Waves Of Special Care To Needs Organisations

Doing Good, Sanlam Nigeria Sends Waves Of Special Care To Needs Organisations

March 7, 2023
Business Post

We connect brands with buyers and sellers of insurance, pension and also project insurance and allied Businesses to the trending generation. We help the various public to adapt to the constant changes as it would impact, and also enable advertisers to connect, engage and target opportunities on line , in print and in person.

Browse by Category

  • Business Unlimited
  • Feature
  • Insurance
  • News
  • OIL & ENERGY
  • Pension
  • Travel

Recent News

Tax Administrators Charged To Match The Pace Of Global Technological Advancements

Tax Administrators Charged To Match The Pace Of Global Technological Advancements

March 21, 2023
Ojumah’ Exploits Earn Induction Into Sanlam Pan Africa Council Of Elders

Ojumah’ Exploits Earn Induction Into Sanlam Pan Africa Council Of Elders

March 20, 2023
  • About
  • Advertise
  • Privacy & Policy
  • Contact

© 2023 BusinessPost

No Result
View All Result
  • Home
  • Insurance
  • Business Unlimited
  • OIL & ENERGY
  • Feature
  • News
  • Contact Us
  • About
  • Advertise
  • Privacy & Policy

© 2023 BusinessPost

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In