Standard Alliance Insurance reports NGN379 million profit for Q2

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Standard Alliance Insurance plc in its financial report for second quarter 2017 is reporting NGN379.7 million net profit compared to NGN311.2 million loss reported same period 2016.

The insurance company closed the quarter with NGN3.1 billion gross income in contrast to NGN2.8 billion posted in the previous year and reinsurance expenses dropped to NGN450.9 million from NGN521.7 million in the fiscal year 2016.

Standard Alliance’s net premium income was higher at NGN2.6 billion against NGN2.3 billion in the year 2016 while investment income was NGN71.2 million in contrast to NGN13.1 million loss in the year before.

Total assets increased assets to NGN13.6 billion in the period under review compared to NGN13.0 billion in the previous year while total liabilities was stood still at NGN8.3 billion as last year.

 

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