Posted by By Nnamdi Duru on
Guardian Trust Insurance Plc, a top ranking new generation life and non-life insurance underwriter, has posted N165.61 million profit after tax from its operations last year.
Guardian Trust Insurance Plc, a top ranking new generation life and non-life insurance underwriter, has posted N165.61 million profit after tax from its operations last year. It has also increased its shareholders' interest to N542.51 million. The company's after tax profit improved by 252.51 percent while its shareholders' fund was raised by 54.69 percent.
This information forms part of the company's 2004 Annual Report and Accounts unveiled at its 6th Annual General Meeting in Lagos recently.
Last year, the company was able to achieve N855.10 million gross premium income, a 33.71 percent improvement on the N639.52 million recorded the previous year. The company's premium earned for last year was N770.30 million, which translated to a 52.70 percent improvement on the N504.45 million that it realised the previous year.
The total income earned by the underwriter last year was N785.83 million, a 52.20 percent increase over the N516.30 million recorded the previous year while its underwriting result indicated a 78.43 percent improvement, having been raised from N290.06 million in 2003 to N517.55 million by the end of last year's operation.
Guradian Trust Insurance within the same period received investment income totaling N41.16 million, a 5.34 percent improvement on the N39.07 million recorded the previous year.
The report further revealed that the company's profit before tax for 2004 peaked at N170.48 million as against N67.39 million recorded the previous year. This translated to a 152.98 percent improvement on the gross profit figure. In the same manner, the company's after tax profit rose by 252.51 percent, moving up from N46.98 million in 2003 to N165.61 million in 2004.
The life and non-life underwriter also last year raised its contingency reserve by 97.53 percent, increasing it from N61.83 million the previous year to N122.13 million in 2004.
The underwriter also increased its insurance fund by 12.92 percent last year, moving it up from N341.18 million the previous year to N385.62 million last year.
The firm as well raised its short and long term investments by 7.09 percent and 1,613.91 percent respective. These were increased from N273.58 million and N10.93 million the previous year to N292.98 million and N187.33 million respectively last year while its fixed assets was enhanced by 12.45 percent, having been raised from N36.86 million in 2003 to N41.45 million in 2004. Its total assets last year peaked at N1.23 billion, up from N795.14 million recorded in the previous year, a 54.69 percent improvement.
Sovereign Trust Insurance Plc grew its shareholders' interest by a whopping 83.24 percent last year, having raised their fund from N296.06 million in 2003 to N542.51 million in 2004. The underwriting firm's earnings per share rose by 80.77 percent, it appreciated from 26 kobo for every N1 ordinary share in the company the previous year to 47 kobo last year while a N100 million dividend was appropriated to shareholders.
Its paid-up share capital was as well increased by 99.42 percent from N177.75 million the previous year to N354.47 million last year.