BY NKECHI NAECHE-ESEZOBOR–Standard Alliance Insurance Plc has released its first financial statements since 2018 with that of first quarter ended 31 March 2019 with
Profit after taxation dropping by 78.98%.
According to notice to Nigerian Exchange Group the insurer profit declined from N406.403 million in Q1 2018 to N85.411 million in the period under review.
The company’s also report a drop in it’s gross premium written as it came down by 57.57% to N531.976 million as against N1.254 billion in Q1 2018.
Nigerian Insurer’s Association ( NIA) had in June expelled the company with effect from Feb. 22 over allegation of for failing to meet up their obligations to policy holders and thus negating the basic principles of insurance.