Anjan Dey resigns as a director from the board of Prestige Assurance Plc

The Board of Prestige Assurance Plc has announced the resignation of Mr. Anjan Dey from its Board as a Non-Executive Director, effective from 27th of July, 2021.

The announcement was made in a statement signed by the Acting Secretary of the company, Chidinma Ibe-Louis, which reads: ‘’Prestige Assurance Plc (the Company) wishes to inform the Nigerian Exchange Limited (NGX), its shareholders and investing public that Mr. Anjan Dey, a Non-Executive Director of the company, has resigned from the Board, effective 27th July, 2021.’’

Recall that few weeks back, the company also announced the retirement of another Non-Executive Director, Mr. Gopalan Raghu, from its board effective from 28th of April, 2021. Mr. Raghu retired from his position after over nine years of meritorious service to the board.

What you should know about Mr. Anjan Dey

  • Anjan Dey is an astute Insurance Professional, who has cut an edge in insurance underwriting, marketing and new products development.
  • He joined the parent company of Prestige Assurance (The New India Assurance Company Limited) as direct recruit on 1st of July, 1986. He rose through the ranks to become the country Head for New India Assurance Co. Ltd, Aruba, Dutch Caribbean from the year 2000 to 2005. He held the unique position of Chief underwriter for the Regional office and as well served as Member of Regional Claims Committee from 2005 to 2008.
  • He is a first class graduate from university of Allahabad and holds a post graduate degree from Monirba-Premier Institute under University of Allahabad with specialization in Marketing Research and management. He is also an Associate of Insurance Institute of India.
  • He was appointed into the board of Prestige Assurance on 29th of July, 2019.

As at the period of reporting this, Prestige Assurance share price trades at 45 kobo on the floor of the Nigerian Exchange Limited (NGX).

 

Prestige Assurance Plc grows half-year profit by 25% N776.5 million

Prestige Assurance Plc released its unaudited financial results for the period ended 30th of June, 2021.

  • Gross premium for the period was N5.43 billion. (+38.9% YoY)
  • Net premium income of N2.6 billion. (+34.8% YoY)
  • Interest income was N371.3 million. (+59.4% YoY)
  • Underwriting expenses totalled N2.26 billion. (+51.4% YoY)
  • Profit for the period was N776.5 million. (+25.2% YoY)
  • Earnings per share of 5.86 kobo Vs 4.68 kobo YoY.
  • Total assets for the period stood at N19.42 billion. (+4.96% YoY)

See link to results.

Prestige Assurance announces retirement of a Director.

Prestige Assurance Plc has announced the retirement of Mr Gopalan Raghu from its Board as a Non-Executive Director, effective from 28th of April, 2021.

This is according to a disclosure signed by the Acting Secretary of the company, Chidinma Ibe-Louis, which reads: ‘’Prestige Assurance Plc (the Company) wishes to inform the Nigerian Exchange Limited (NGX), its shareholders and investing public that Mr Gopalan Raghu, a Non-Executive Director of the company, has retired from the Board, effective 28th April, 2021.’’

What you should know:

  • Mr Raghu is a Chartered Accountant and an Associate of Company Secretaries, India. He holds a Bachelor of Science degree from Loyola College, Madras, India.
  • Mr Raghu is a Director of various companies including; J. T. Chanrai & Co (PH) Ltd, Woollen & Synthetics Textile Mfg. Co Ltd, Standard Biscuits Nig. Ltd, Agro Products Nig. Ltd and Polythene Enterprises Nig. Ltd and a Trustee of Indian Language School, Lagos.
  • He was appointed into the Board of Prestige Assurance Plc on 12th of April, 2012. He also served as a member of the Establishment and Governance Committee, and Finance and Investment Committee until his retirement.

Meanwhile, Prestige Assurance Plc last traded its shares on the floor of the Nigerian Exchange Limited (NGX) at N0.46 per share.

 

 

Prestige Assurance Plc projects profit after tax of N1 billion in Q3 2021.

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

  • Turnover was projected at N7.5 billion
  • Profit before tax was projected at N1.25 billion
  • Tax was projected at N250 million.
  • Profit after tax was projected at N1 billion.

The forecasts were made based on numerous assumptions, among which are;

  • There will be no serious Government restrictions of trade that will affect the insurance business.
  • The company will not suffer any major catastrophe which will necessitate reduction of investment portfolio for claims payment.
  • There will not be any considerable reduction in the level of interest rate.
  • The capital Market activities will improve significantly from the bearish position to the bullish.
  • The country political climate shall be stable for carrying out business activities across the nation.

For more information about the disclosure, click HERE.

 

Prestige Assurance approves dividend worth N331.3 million to shareholders, set to raise additional capital of N3.4 billion

The Board of Prestige Assurance Plc has approved the sum of N331.3 million as dividends to be paid to shareholders for the period ended December 2020.  This is in addition to a plan of raising an additional capital of N3.4 billion at a price and quantum to be determined by the Directors.

These decisions are part of the resolutions reached during the recently concluded Annual General Meeting of the firm, held on the 26th of May, 2021.

An abstract of the ordinary resolutions reached during the AGM reads: ‘’ A dividend of 02.5k  per 50k ordinary share, amounting to a gross dividend of N331,314,047.20 out of Profit After Tax for the twelve months ended 31st December 2020 be and is hereby declared payable to shareholders whose names appear in the Register of Members as at the close of business on Monday 17th May 2021.’’

Other resolutions reached at the Annual General Meeting include;

  • The appointment of Dr Adedoyin Salami and Mrs Funmi Oyetunji into the company’s Board as Directors were reviewed and approved.
  •  The remuneration of the Non-Executive Directors for the year ending 31st December, 2021 was fixed at N14, 300,000.

What you should know:

  • Recall that Prestige Assurance Plc had earlier reported a profit after tax of N649.66 million in FY 2020.

For more information about the disclosure, click HERE.