Niger Insurance Plc has recorded a Gross Premium of N8.5 billion in its 2017 financial year end. This translates to 44 percentage growth to N5.9 billion gross premium it posted in 2016.
Speaking at the 48th annual general meeting (AGM) of the company in Lagos last week, chairman of the company, Mr. Yusuf Hamisu Abubakar, added that there was a significant jump in the firm’s reinsurance expense to about N2.1 billion in its 2017 financial year from N422 million in the preceding year, which resulted in the reduction in the net premium ratio to gross premium written to 61 per cent from 78 per cent in 2016.
Consequently, he said, underwriting profit closed at N1.1 billion from N888.9 million in 2016.
Stating that the difficult operating environment led to an operating loss of N932 million from N94 million profit it posted in the preceding year, he stressed that the board had agreed to dispose investment in real estate in compliance with the regulatory requirements.
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