NSIA Insurance has recorded an increase in profit as its profit before tax for the 2018 financial year, increased by 39 per cent to N892.3 million from N640.7 million recorded in 2017.
This is even as its profit after tax grew by 67 per cent to N670.4 million from N402.3 million reported in the corresponding period of 2017.
According to a statement, the company disclosed that total revenue from operations increased by 27 per cent from N5.46 billion in 2017 to N6.91billion in 2018, while total assets for the year ended 2018 increased by 15 per cent to N17.92billion.
The gross premium income for the company increased by 16 per cent to N6.3billion in 2018 from N5.48bn reported in 2017, while the net premium income improved by 25 per cent to N3.16billion in 2018 from N2.54bn reported for the year ended December 31, 2017, the statement noted.
Speaking at the company’s yearly general meeting, the Chairman Ituah Ighodalo, said NSIA Insurance had made good its promise of maximising the returns of its shareholders’ investments in the business, lending credence to the company’s values of integrity, care, innovation and professionalism.
On her part, the Managing Director/Chief Executive Officer, NSIA Insurance, Ebelechukwu Nwachukwu, said, “We are pleased to have met the set goals for the financial year of 2018 and we expect to significantly grow our income for better competitive edge.
“We look forward to growing capacity by 20 per cent before the end of 2019 even as we plan for a 25 per cent growth in 2020.
“Our primary objective is to continually grow our business, satisfy our customers and maximise returns on investments for our stakeholders, Nwachukwu stated.