Nigeria: Sterling Assurance Profits Up By 255.94% In 2016

Yemisi Izuora

Sterling Assurance Plc, has released its financial accounts which showed that the underwriting firms profits (loss)after tax rose by 255.94 percent to stand at N341,756million in 2016 as against N96.016 million reported in same period of 2015.

The company’s net claims expenses also went up to N747,098million when compared to N512,338million in 2015, representing 45.821percent increase.

Gross Premium Income grew from N2,509 in same period of 2015 to N2,733 billion in 2016, representing 8.916 percent.

While gross premium written rose by 9.5percent to stand at N2,716 billion in the period under review as against N2,480billion achieved in 2015.

Total assets rose by 13.119 percent to N5,451billion in 2016 when compared to N4,819bilion in 2015, while shareholders fund rose to N3, 493billion in 2016 as against N3,125bilion.

Release of the results followed approval by the National Insurance Commission ( NAICOM).

The Commission through a letter signed by its Director (Supervision) Mr O. Oba dated 15th June 2017 notified the firm that its 2016 has been confirmed and approved by the regulator.

The letter further reads: “I am pleased to inform you that the commission has no objection to the publication of your audited financial statements for the year ended 31st, December 2016 as submitted approval is granted after a confirmation that you have substantially complied with our regulatory requirements.

Section 26(1) of the Insurance Act 2003 stipulates that every insurer shall not later than 30th June of each year submit to NAICOM, a balance sheet duly audited showing the financial position of the insurer and its subsidiaries at the close of the preceding year together with a copy of the relevant profit and loss account which the insurer is to present to its shareholders at its annual general meeting.

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