Niger Insurance gross premium declines by 48%

Niger Insurance Plc has recorded a reduction in its Gross Premium Written from N8.5 billion in 2017 to N4.4 billion as at the end of its financial year ended December 31, 2018. This represents a 48% reduction. 

This was revealed in a notification sent by the firm to the Nigerian Stock Exchange.  

[READ MORE: Insurance Companies shocked as NAICOM increases capital base by 200%]  

Niger Insurance also recorded a shortfall in its Gross Premium income which fell by 29%, recording N5.2 billion in 2018 down from N7.3 billion recorded in 2017.  

Profit Before Tax: The company recorded a profit before tax of N661 million in 2018, compared to a loss before tax of N920 million in 2017.  

Profit After Tax: Similarly, the company recorded a profit after tax of N593 million in 2018, compared to a loss after tax of N978 million recorded during the same period in 2017.  

Earnings Per Share (EPS) stood at N7.67 in 2018 compared to a loss of N12.65 in 2017.   

 [READ FURTHER: Guinea Insurance boosts gross premium by 28.2% in 2018]