Insurance – Page 7 – NAIRAMETRICS| COMPANY EARNINGS

Mutual Benefits Assurance Plc reports loss after tax of N1.97 billion in Q1 2021.

17 June 202117 June 2021 Chidi Emenike Leave a comment

Mutual Benefits Assurance Plc released its unaudited interim results for the first quarter of the year (Q1, 2021).

Net premium income was N5.45 billion. (+27.1% YoY)
Net benefits and claims of N1.35 billion. (+70.5% YoY)
Underwriting profit was N3.17 billion. (+23.9% YoY)
Loss after tax was N1.97 billion. (-312% YoY)
Loss per share of 19 kobo. (-311% YoY).
Total shareholders fund for the period was N21.4 billion

See link to results.

Mutual Benefits Assurance Plc grows profit by 41% to N5.11 billion in FY 2020.

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Mutual Benefits Assurance Plc released its full-year results for the year ended 31st of December, 2020.

Net premium income was N16.08 billion. (+5% YoY)
Net benefits and claims of N7.9 billion. (+35% YoY)
Underwriting profit was N3.7 billion. (-32% YoY)
Profit for the year was N5.11 billion. (+41% YoY)
Earnings per share of 46 kobo Vs 36 kobo YoY.
Total shareholders’ fund was N23.35 billion. (+74% YoY)
No dividend announcement was made.

See link to results.

Linkage Assurance Plc projects a profit after tax of N700.84 million in Q3 2021.

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Linkage Assurance Plc released its earnings forecasts for the third quarter of the year (Q3, 2021).

Gross premium was projected at N2.07 billion.
Net claims projection of N495.5 million
Net operating income was projected at N2.2 billion.
Underwriting and management expenses projection of N1.47 billion.
Tax was projected at N36.9 million.
Profit after tax was projected at N700.84 million.

See link to results.

Lasaco Assurance Plc projects profit of N299.17 million in Q3 2021.

14 June 202114 June 2021 Chidi Emenike Leave a comment

Lasaco Assurance Plc released its earnings forecast for the third quarter of the year (Q3, 2021).

Net premium was projected at N2.98 billion.
Net claims were projected at N906.63 million
A total underwriting expenses of N732.03 million was projected.
An underwriting profit of N752.35 million was projected.
Profit for the period was projected at N299.17 million.
Tax was projected at N57.14 million.

See link to forecasts.

AIICO Insurance Plc projects profit after tax of N3.05 billion in Q3 2021.

11 June 202111 June 2021 Chidi Emenike Leave a comment

AIICO Insurance Plc released its earnings forecasts for the third quarter of the year (Q3, 2021).

Net premium income was projected at N43.14 billion.
Net claims projection of N29.9 billion.
Underwriting profit was projected at N803.34 million.
Operating income was projected at N9.5 billion
Profit after tax was N3.05 billion.

See link to results.

CHI Plc projects profit after tax of N515.7 million in Q3 2021.

10 June 202110 June 2021 Chidi Emenike Leave a comment

Consolidated Hallmark Insurance Plc released its earnings forecasts for the third quarter of the year (Q3, 2021).

Net premium was projected at N4.91 billion
Net claims projection of N2.03 billion
Net operating income was projected at N3.46 billion.
Underwriting and management expenses projections of N1.53 billion.
Tax projection of N110.79 million
Profit after tax was projected at N515.7 million.

See link to results.

Sunu Assurances Nigeria Plc projects profit after tax of N168.6 million in Q3 2021.

9 June 20219 June 2021 Chidi Emenike Leave a comment

Sunu Assurances Nigeria Plc has released its earnings forecasts for the third quarter of the year (Q3, 2021).

Net premium income was projected at N2.2 billion.
Underwriting income was projected at N2.38 billion.
Net claims projection of N429.36 million.
Operating expenses projection of N1.24 billion.
Profit after tax was projected at N168.6 million.

See link to forecasts.

Lasaco Assurance announces CEO’s retirement, appoints Razzaq Abiodun as replacement.

7 June 20217 June 2021 Chidi Emenike Leave a comment

The Board of Directors of Lasaco Assurance Plc has announced the retirement of its Managing Director/Chief Executive Officer and the appointment of a new one.

This was disclosed in a notification that was signed by the firm’s secretary/legal adviser, Gertrude Olutekunbi and sent to the Nigeria Exchange Group Plc (NGX).

In the statement, the company disclosed that its former Managing Director, Mr. Segun Balogun had retired from the Board effective from May 29, 2021. In a bid to fill the void left by his departure, the Board announced the appointment of Mr. Razzaq Abiodun who will superintend over affairs as the MD/CEO, although in an acting capacity.

Mr. Segun Balogun is a financial industry expert with experience that over three decades of experience. Prior to his appointment as MD of LASACO Assurance Plc, he was the CEO of FBN General Insurance Limited. He was also the former MD/CEO of WAPIC Insurance Plc for 13 years.

Balogun is an alumnus of the prestigious University of Lagos and is a Fellow of the Chartered Insurance Institute of Nigeria. He is an Associate of the Chartered Insurance Institute of the United Kingdom.

In similar vein, his successor- Mr. Razzaq Abiodun has over 30 years’ experience in the insurance industry with technical expertise in claims, reinsurance, underwriting and marketing. He worked for a host of leading insurance companies like the defunct City Union Insurance, Metropolitian Trust Insurance (now Consolidated Hallmark), WAPIC Insurance Plc, among others. He joined Lasaco Assurance Plc in 2017 as Executive Director Technical and later became Deputy Managing Director Technical.

Abiodun is an alumnus of the Lagos State University and the Ghana Institute of Professional Studies (GIMPA), where he obtained a MBA and LLB respectively.