Custodian & Allied posts N2.3bn profit

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Custodian-and-Allied-PLC-BellaNaija-April-2013-600x315Custodian and Allied Insurance Plc’s profit rose by 99 per cent to N2.3bn in 2012 from N1.1bn in the 2011 financial period.

The Chairman of the company, Chief Ade Ojo, stated this during its annual general meeting in Lagos.

“The performance highlighted the company’s determination to increase market share across business classes through a balanced growth focus that ensures its participation in all viable businesses in the sector despite the challenges and constraints of the operating environment,” he said.

He said the firm would pay a dividend of 13k for every 50k ordinary share declared for the year out of which 5k was paid as interim dividend.

The company’s gross premium also grew to N11.8bn in the year under review from N10bn recorded in the preceding year while its claims stood at N3bn.

Its total assets stood at N41bn from N20.2bn while shareholders’ funds grew by 48 per cent to N17.4bn.

Ojo said Custodian remained focused on improving its systems, processes and operations to meet the challenges of commitment to excellent service delivery, new growth and evolving best practices.

Managing Director of the company, Mr. Wole Oshin, said it was a particularly intense year for Custodian and the insurance industry.

He said, “We had to grapple with various guidelines and regulations in particular, the International Financial Reporting Standards, which has 2012 as its adoption year.

“This new reporting format is a departure from the past as it is more informative and user-friendly for all stakeholders making it easier to compare insurance companies’ results.”

He noted that the company was able to conclude the merger with Crusader Nigeria Plc, ending a seven-year negotiation process with strategic stockholders.