Great Nigeria Insurance Q1.Q2, Q3 2016 results record revenue drop
Great Nigeria Insurance Plc having been in default of filing first quarter (Q1), second quarter(Q2) and third quarter (Q3) 2016 as well as Q4 2016 periodic results, released three quarterly results last week.
The result further showed that gross premium written for general business in Q3 was N920.277million, while life business stood at N527.016. Combined gross premium written closed the period at N1.45bn against N2.33bn in 2015 Q3.
Gross premium earned general business for Great Nigeria Insurance Q3 closed at N866.196, while life business stood at N1.8 billion. Combined Q3 2016 gross earnings closed Q3 at N2.04 billion, against N2.07 billion in 2015 third quarter.
Outward reinsurance premium of N401.236 million was recorded in Q3 for general business, against N32.871 for life business while combined figures reflect N434.107 million in 2016 Q3, against N253.051 million in Q3 2015.
The company’s financial statements for the period ended September 30, 2016 showed that third quarter 2016 revenue dropped to N1, 447,293, from N2, 329,211 posted in the corresponding period of 2015. Profit after Tax (PAT) however rose to N405, 033 million, from N277, 710 million in Q3 2016.
Great Nigeria insurance plc financial statements for the second quarter ended June 30, 2016 also released recently showed that revenue during the period also dropped to N1.04 billion, against N1.17 billion in Q2 2015, while Profit after Tax (PAT) rose to N510,518 million, from N293, 091m in 2015 Q2.
The result further showed that Q2 2016 gross premium for general business stood at N658.891million, while life business was N378.184 million. Combined gross earnings 2016 Q2 N1.04 billion while 2015 Q2 was N1.17bn
Gross premium earned N611.791 for general business while life stood at N1.29 billion. Combined gross premium earned 2016 Q2 N1.9bilion, against N1.40 billion in Q2 2015.
Outward reinsurance premium N277.05million for general business and N30.053 million for life business, while combined showed Q2 outward reinsurance premium of N207.107 million from N403.668 million in Q2 2015.
Net premium income earned for general business was N334.737 million, while that of life business stood at N1.26 billion. Combines showed N1.59 billion net premium income earned in Q2 2016, against N993.74 million in 2015 Q2.
Claims expenses gross for general business was N58.693 million, while life business was N623, 602. Combined showed N564.909 in Q2 2016, against N757.554 million in 2015 Q2.
Claims expenses net for general business during the period N145.090, while N584.906 was recorded for life business. Combined, the figure stood at N439.816 in Q2 2016, against N757.557 in same period 2015.
The company’s financial statements for the period ended march 31st, 2016 showed revenue of N694,342 million, over N659,462 million in Q1 2015, while PAT in Q1 rose to N352,270 million, from N124,256 million in 2015 Q1.
