Royal Exchange Plc says its projecting a gross written premium of N2.36bn at the end of Q4 quarter 2020,
This is contained in a collection of statistics sent to The Nigerian Stock Exchange with N731.8m profit before tax protected at Q4 and N1.07bn set for the whole year.
With net premium set to grow at N2,07bn, reinsurance is projected at 31 percent of gross written premium.
Fees and commission income forecast wast 11% of reinsurance expense and claims expense of N559m is estimated not to exceed 27% of net premium income.
Underwriting expenses of N542m forecast would not exceed 26% of net premium income, while management expenses of N547m is estimated not to exceed 26% of net premium income. However, total operating expenses of N610m Royal Exchange stated, represents 21% of the total amount budgeted for 2020 while anticipated inflation rate was put at 13%. The exchange rate of operations is N380 to a dollar.