CapitalInsurance World

Prestige Assurance Starts Strong In 2019, Grows Profits By 27% Q1 2019

Balla Swamy, MD/ CEO Prestige Assurance Plc

*As NAICOM Approves 2018 Financial Account

NKECHI NAECHE—- Prestige Assurance Plc has released its unaudited first quarter ended March 2019 results, showing significant growth across major income lines.

Following a sterling performance in the 2018 financial year, the underwriter delivered another impressive 47 percent year-on-year growth in gross premium written ( GPW) in the first three months of March 2019.

The company grew its gross premium written from N1,353,820billion  reported at end of first quarter (Q1) ended March 2018 to N1,989,050 billion same period of 2019.

The underwriting firm Net Premium Income rose by 60 percent to stand at N1,104,308billion at the end of March 2019 when compare to N689,824,000million reported in same period of March 2018.

Profit (loss) after tax rose from N279,578,000 million March 2018 to N355,348,000 million in same period of March 2019; indicating an increase of 27 percent.

Meanwhile, Prestige Assurance got the nod of the National Insurance Commission (NAICOM) for its 2018 audited financial statements.

This was contained in a letter dated 11th April, 2019 and signed by the Director, inspectorare, Mr.Barineke Thompson made available to BusinessToday Online by the company. 

The financial statements revealed that despite the harsh operating environment during the year, the underwriting firm grew its total assets to N13,020,999 billion while gross Premium written of the company stood at 4,792,385,000billion.

The underwriter’s gross Premium income stood at N4,662,272,000billion at the close of business on 31st December 2018 while underwriting result was N450,674,000 million in 2018.

The statement added that the company’s net operating results stood at N645,480million in 2018 while profit (loss) after tax stood at N423,795million at the end of 31st December 2018.

Poised to unlock the potentials in agric business  and to address the yearning of Nigerian farmers across the country, the company last year secured the approval of the NAICOM to underwrite agric insurance in the Nigerian insurance industry.

The company said  it has responded to the call in providing the much-needed protection the players in the agricultural business desire.

The Company known for its initiative exclusivity in special product design and development said these agricultural insurance products are tailored to suit the need of all classes of Nigerian farmers.

Thus, reiterating its preparedness to offer agricultural insurance to Nigerian farmers at all levels and potential investors in the agriculture business.

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