Sovereign Trust Insurance records a 43% surge in profit after tax to N392.1 million in Q1 2021.

Sovereign Trust Insurance Plc released its unaudited results for the first quarter of the year (Q1, 2021).

  • Net premium written for the period was N1.9 billion. (+18% YoY)
  • Total claims paid during the period was N1.27 billion (+17% YoY)
  • Underwriting profit of N851 million. (+53% YoY)
  • Profit after tax was N392.11 million. (+43% YoY)
  • Earnings per share of 3.45 kobo Vs 3.3 kobo YoY.
  • Net assets per share of 79 kobo.

See link to results.

CHI Plc post profit after tax of N291.45 million in Q1 2021.

Consolidated Hallmark Insurance Plc released its unaudited results for the first quarter of the year (Q1, 2021).

  • Net premium income for the period was N2.25 billion. (+24.05% YoY)
  • Total claims paid during the period was N915.08 million (+76.3% YoY)
  • Underwriting profit was N918.2 million. (+16.4 YoY)
  • Profit after tax was N291.45 million. (+39.1% YoY)
  • Earnings per share of 4 kobo Vs 3 kobo

See link to results.

Guinea Insurance Plc reports a loss after tax of N61.2 million in Q1 2021.

Guinea Insurance Plc released its unaudited results for the first quarter of the year (Q1, 2021).

  • Net premium income for the period was N198.12 million. (-3.4% YoY)
  • Total claims paid during the period was N40.2 million (-55.2% YoY)
  • Underwriting profit of N99.42 million. (-9.1% YoY)
  • Loss after tax of N61.2 million was recorded.
  • A loss per share of -1 kobo was recorded during the period.

See link to results.

NEM Insurance Plc appoints Idowu Semowo as new Chief Financial Officer

NEM Insurance Plc has announced the appointment of Mr Idowu Semowo as its new Chief Financial Officer (CFO) effective from 1st of February, 2021.

This is according to a disclosure signed by the firm’s secretary, Olajumoke Philip-Akede and made available on the website of the Nigerian Exchange Group Plc (NGX), as seen by Nairametrics.

As part of his responsibilities, Idowu will support the Board in driving the Group’s strategic vision and harnessing greater wealth building opportunities for shareholders. Sequel to this, the board expressed optimism and trust in the capability of the new CFO to deliver.

Profile

Mr Idowu is a financial industry expert with over thirty years of experience in banking, stock broking and auditing, having worked for firms like Universal Trust Bank, MBC International Bank and Kinley Securities Limited, among others.

He is a fellow of both the Institute of Chartered Accountants of Nigeria and the Chartered Institute of Bankers of Nigeria, and an Associate of the Chartered Institute of Stockbrokers of Nigeria [ACS].

What you should know:

  • NEM Insurance Plc is one of the oldest financial institutions in Nigeria. It started insurance business in Nigeria in 1948 and it currently offers life and non-life insurance services.
  • The firm recently posted a profit after tax of N5.08 billion in FY 2020, indicating a surge of about 112.3% YoY.

 

For more information about the recent appointment, click HERE.

Sovereign Trust Insurance Plc notifies stakeholders of 26th Annual General Meeting.

The Board of Sovereign Trust Insurance Plc has notified relevant stakeholders of its imminent Annual General Meeting (AGM) scheduled to hold on the 27th of May, 2021.

According to a notification signed by the company’s secretary, Yetunde Martins, the 26th AGM is expected to hold at The Bay Lounge Hall, Lekki Phase 1, Lagos by 11:00 am. Sequel to this, the following issues will be discussed;

  • The audited financial statement for the year ended December 31, 2020, and the report of its Directors, auditor, and the audit committee.
  • Board appointments will also be considered and ratified.
  • To deliberate on and approve the proposed Directors’ fees for FY 2021 pegged at N3.8 million.
  • Managers and Auditors remuneration in FY 2021 will be discussed and fixed.
  • To elect shareholders’ representatives of the statutory audit committee.

What you should know:

  • Sovereign Trust Insurance Plc had earlier reported a profit after tax of N687.7 million in FY 2020.
  • In line with CAC guidelines, attendance at the AGM will be by proxy. Sequel to this, a list comprising of six (6) representatives authorized to represent shareholders, have been made available.
  • The Annual General Meeting will be streamed live from the company’s website: www.stiplc.com

For more information about the AGM, click HERE.

Linkage Assurance Plc proposes N500million as final dividend for 2020, and a bonus issue on its existing shares.

The Board of Linkage Assurance Plc has proposed a final dividend of N500 million and a bonus issue to existing shareholders of the company for the period ended 31st December 2020.

The company’s Board made this announcement in a notification published on the website of the Nigerian Exchange Group Plc (NGX), stating that a dividend of 5 kobo per share will be paid on all the issued 9,999,999,994 ordinary shares of the company.

In addition to the payment of the cash dividend of 5 kobo per share, shareholders will also be issued a bonus of 2 (two) new shares for every 5 (five) existing shares held in the company, amounting to N2 billion.

Qualifying conditions

The following conditions must be met by shareholders, to benefit from the recent bonus issue and dividend;

  • Only shareholders, whose names appear in the Register of Members at the close of business on the 30th of April, 2021 will be considered.
  • Shareholders must have completed the e-dividend registration and must have mandated the Registrar (Centurion Registrars) to pay their dividends directly into their bank accounts.
  • For the purpose of the dividend payment, the Register of Shareholders will be closed from 3rd to 10th of May, 2021

Sequel to the aforementioned points, the dividend will be electronically paid to qualified shareholders on the 26th of May, 2021.

What you should know:

  • Linkage Assurance Plc had earlier declared a profit after tax of N2.4 billion in FY 2020, and consequently proposed a final dividend of 5 kobo per share.
  • It is pertinent to note that the firm did not declare any cash dividend last year. However, it announced a bonus issue of 1 (one) share for every 4 (four) shares held by existing shareholders, amounting to N1 billion in the same period.
  • Therefore, the recent bonus issue is 50% higher than what was declared in the preceding year.
  • Linkage Assurance shares is currently trading at 80 kobo as at the period of reporting this.

2020 FY Results: Guinea Insurance Plc reports a loss of N227.7 million.

Guinea Insurance Plc released its full-year audited results for the year ended 31st of December, 2020.

  • Net premium income for the year was N733.95 million. (-18.7% YoY)
  • Total claims paid during the period was N155.2 million (-39.1% YoY)
  • Underwriting profit was N374.1 million. (-13.8% YoY)
  • Loss for the year was N227.7 million
  • Loss per share of -4 kobo vs -13 kobo YoY.

See link to results.

Guinea Insurance Plc reports a loss of N142.13 million in 9M 2020.

Guinea Insurance Plc released its audited results for the nine months period ended September 30, 2020.

  • Net premium income of N557.13 million. (-13.2% YoY)
  • Total claims paid during the period was N176.57 million (+36.4% YoY)
  • Underwriting profit of N236.53 million. (-34.5% YoY)
  • Loss after tax for the period was N142.13 million
  • Loss per share of -2kobo Vs -12 kobo YoY.

See link to results.

2020 FY Results: Sovereign Trust Insurance Plc records a 37% increase in profit after tax.

Sovereign Trust Insurance Plc released its audited full-year results for the period ended 31st December, 2020.

  • Net premium income for the year was N6.54 billion (+10%YoY)
  • Net claims expenses totalled N3.49 billion. (+58% YoY)
  • Underwriting profit of N1.99 billion. (-4% YoY)
  • Profit after tax was N687.7 million. (+37% YoY)
  • Earnings per share of 8kobo vs 6kobo YoY.
  • No dividend was announced

See link to results.