Niger Insurance Investment contract liabilities peaks @N1.01bn
Nigeria Insurance Plc’s shareholders may have been reassured that their company is committed to meeting post-listing rules of the Nigerian Stock Exchange (NSE), as its 2016 audited financial statement has been filed.
It would be recalled that early in June, when National Insurance Commission (NAICOM) approved results of 32 insurance firms, that of Nigeria Insurance was listed among the results undergoing review.
With the filing of the company’s first quarter result for the period ended 31 March, 2017, last week, Niger Insurance has ended the era of tags, which depicted the company was below listing standard, or fear of suspension of trading on its equities by regulators.
Meanwhile, the firm’s financial statement for the period ended 31st March, 2017, reflects potentials for sustainable growth, as key performing indices continued to garner momentum.
Indicating sign of growth in opportunities in the first quarter, Insurance contract liabilities peaked at N8, 909,773, while it was N7, 928,761 in first quarter 2016.
The result further indicated that investment contract liabilities closed first quarter higher at N1.01 billion, from N915, 210 in the prior year’s Q1.
Borrowings closed Q1 2017, at N352, 421, from N416, 083 in 2016 first quarter, trade payables increased by 358 per cent to N423, 336, from n127, 005 in the prior period of 2016.
Provision and other payables by Niger Insurance in first quarter 2017 dropped to N696, 674, from N800, 241 in same period of 2016.
The result showed that as the end of First quarter 2017, the company’s investment value of securities available for sale, dropped to N1, 813,320, against N1, 828,345 in same period of 2016, while value of investment securities held to maturity rose to N105, 979, against N54, 522 in Q1 2016.
Loans and receivables for the quarter closed at N523, 616 from N337, 477 in Q1 2016.
Reinsurance assets of Niger Insurance closed first quarter at lower at N610, 056, against N638, 255 in the prior period of 2016.
