In the week ending 30 October, 2020, several Insurance Companies listed on the Nigerian Stock Exchange (The NSE) released their Financial Statements for the period 9 months period ended 30 September, 2020.
We have reviewed the reports of five of these insurance companies, and below are the highlights.
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AIICO Insurance Plc (NSE Ticker: AIICO)
- Gross premium written increased by 27.4%, from N37.046 billion booked in same period in 2019 to N47.194 billion for the 9 months ended 30 September, 2020.
- Investment Income increased by 35.5% to N10.625 billion (9M 2019: N7.841 billion)
- Profit Before Tax decreased by 6.5% to N4.661 billion (9M 2019: N4.986 billion)
- Profit for the period increased by 17.3% to N5.405 billion (9M 2019: N4.609 billion)
- The Total Assets grew by 54.2% to N245.840 billion, up from the N159.476 billion as at 31 December 2019.
- The Total Liabilities also increased by 62.9% to N212.635 billion (FY 2019: N130.566 billion)
- The Shareholders Equity saw 14.4% growth from N27.914 billion as at 31 December 2019, to N31.946 billion as at 30 September 2020.
- 13.0% of the company’s asset is funded by the Shareholders Equity
Lasaco Assurance Plc (NSE Ticker: LASACO)
- Gross premium written increased by 23.2%, from N8.202 billion booked in same period in 2019 to N10.107 billion for the 9 months ended 30 September, 2020.
- Investment Income decreased by 8.3% to N0.505 billion (9M 2019: N0.550 billion)
- Profit Before Tax increased by 20.2% to N1.009 billion (9M 2019: N0.840 billion)
- Profit for the period increased by 32.3% to N0.862 billion (9M 2019: N0.652 billion)
- The Total Assets grew by 18.8% to N21.993 billion, up from the N18.510 billion as at 31 December 2019.
- The Total Liabilities increased by 28.9% to N13.324 billion (FY 2019: N10.336 billion)
- The Shareholders Equity saw 6.1% growth from N8.173 billion as at 31 December 2019, to N8.669 billion as at 30 September 2020.
- 39.4% of the company’s asset is funded by the Shareholders Equity
AXA Mansard Insurance Plc (NSE Ticker: MANSARD)
- Gross premium written increased by 5.4%, from N37.434 billion booked in same period in 2019 to N39.462 billion for the 9 months ended 30 September, 2020.
- Investment Income decreased by 2.4% to N3.930 billion (9M 2019: N4.028 billion)
- Profit Before Tax increased by 161.5% to N7.059 billion (9M 2019: N2.699 billion)
- Profit for the period increased by 168.7% to N5.671 billion (9M 2019: N2.110 billion)
- The Total Assets grew by 10.7% to N102.165 billion, up from the N92.288 billion as at 31 December 2019.
- The Total Liabilities increased by 3.5% to N64.209 billion (FY 2019: N62.209 billion)
- The Shareholders Equity saw 22.3% growth from N30.078 billion as at 31 December 2019, to N37.795 billion as at 30 September 2020.
- 37.0% of the company’s asset is funded by the Shareholders Equity
Highlights of the Statement of Profit/Loss and that of the Statement of Financial Positions for Five Insurance companies are shown in the graphs below. The full financial statements can be downloaded from the website of the Nigerian Stock Exchange, click here.
By; Nnamdi M.
