Saham Unitrust records 28% growth in gross premium
Saham Unitrust Insurance Nigeria Limited recorded an increase in gross written premium by 28 per cent from N1.92bn in 2016 to N2.486bn in the 2017 financial period.
This was disclosed in the firm’s 2017 audited financial statement, which was approved by the National Insurance Commission.
In the report, its gross premium income also rose by 11 per cent from N2.08bn in 2016 to N2.3bn in the year under review.
The company said its profit after tax stood at N425.44m in 2017 from N786.9m in the 2016 financial period.
Its total asset rose from N11.54bn in 2016 to N12.75bn in 2017, while its total liabilities amounted to N4.9bn from N4.02bn in the period under review.
Saham Unitrust’s shareholders’ fund rose slight from N7.52bn in 2016 to N7.76bn while its solvency margin rose from N6.35bn in 2016 to N6.8bn in the period under review.
Its net claims expenses reduced to N291.94m in 2017 from N355.2m in 2016.
Saham Unitrust revealed that its underwriting expenses stood at N651.02m in the year under review from N458.59m in the previous year.
In 2017, the company’s net operating result was N814.5m from N1.3bn, while the management expenses stood at N631.61m from N447.53m.
The Managing Director of the company, Mr John Ijerheime, said that despite the challenges in the country’s economy, the firm emerged with improved results compared to last year’s figures.
While reiterating its passion for excellent service delivery, he said that the company would continue to be prudent in the underwriting business.
He also said that as part of its promise to honour all genuine claims, Saham Unitrust would continue to ensure prompt claims settlement.
Ijerheime assured the public that the company would continue to deploy cutting-edge technology to provide the best services in the insurance industry.