Underwriting firm, Saham Unitrust Insurance Nigeria Limited’s group’s gross written premium (GWP) rose by 27 per cent to N3.168 billion at the end of December 2018 from N2.486 billion at the end of December 2017.
The increase in the group’s level of activity was mainly as result of strategic partnership and increase in market drive, which also impacted on the bottom line as well as return on investment to shareholders.
It’s profit before tax stood at N806.18m at the end of 2018 from N818.04m at the end of 2017, while its profit after tax rose to N759.96m from N427.68m respectively.
The group’s underwriting profit stood at N220.25m in the period under review from N303.79m in the corresponding period of 2017.
The group’s gross earnings rose to N4.53bn at the end of December 31, 2018 from N3.69bn at the end of December 31, 2017.
Saham Unitrust’s net claims expenses rose by 73 per cent to N505.11m in 2018 from N291.94m, attesting to its ability to continue to promptly respond to the claims demands of its’ clients.
The group’s total investment income increased marginally by 0.34 per cent to N1.1484b as at December 31, 2018 from N1.144b in December 31, 2017.
Saham Unitrust stated that it will continue to intensify its efforts to ensure that investment income remains a key revenue source. The group’s stated that its investment is in accordance with its investments policy which is compliant with regulatory requirements.
The group recorded operating expenses of N341.83m in the year under review from a figure of N337.64m in the previous year.
The board of directors has recommended a dividend of 12kobo per share, resulting to N396m for the year ended 31 December 2018, from N198m paid in the corresponding period of 2017.
It stated, “The group’s approach to managing capital involves managing assets, liabilities and risks in a coordinated way, assessing shortfalls between reported and required capital level on a regular basis and taking appropriate actions to influence the capital position of the group in the light of changes in economic conditions and risk characteristics.”
The group has a shareholders’ fund of N11.17bn at the end of 2018 financial period.
John Ijerheime, managing director of the company, said that despite the challenges in the country’s economy, the company emerged with improved results compared to last year’s figures.
While reiterating its passion for excellent service delivery, he said that the company will continue to be prudent in the underwriting business.
The company underwrites motor, marine, aviation, engineering, bonds, fire & special perils, burglary, money, goods in transit, personal/group personal accident, employers’ liability, fidelity guarantee, including oil and gas insurance and is a major player in travel insurance.
