Unic Insurance Plc's Profit Up by 142%
The Board of Directors of Unic Insurance Plc, a second generation underwriting firm, has disclosed that its group has recorded an impressive 142.47 percent rise in profit after tax figure over what it posted the previous year. The group made an after tax profit totalling N248.21 million from its operations last year as against N102.37 it posted the previous year.
This information formed part of the contents of the company's 2003 Annual Report unveiled at its 39th Annual General Meeting in Lagos yesterday. The report also indicated that the company raised its total assets by 20.2 percent from N2.03 billion to N2.44 billion.
The report indicated that the company last year, made N855.26 million as gross premium income, a 25.11 percent shortfall from the N1.07 billion recorded the previous year just as its net premium income declined by 6.80 percent, falling from N619.24 million in 2002 to N577.11 million in 2003.
Its underwriting profit before tax last year was 33.33 percent higher than what it was the previous year, rising from N107.09 million in 2002 to N142.78 million in 2003. Likewise, the company's underwriting profit peaked at N135.28 million last year, a 32.15 percent increase over the amount recorded the previous year, which stood at N102.37 million.
Good enough, the group income last year stood at N1.2 billion a 12.15 percent sincrease over the N1.07 billion recorded the previous year while the group profit before tax increased by 143.45 percent, rising from N107.09 million in 2002 to N260.71 million last year. The group profit after tax also rose by 142.47 percent from N102.37 million the previous year to N248.22 million last year.
Unic Insurance also increased its statutory contingency reserve by 13.96 percent from N207.91 million in 2002 to N236.94 million last year. The company's total assets was also grown from N2.03 billion the previous year to N2.44 billion last year.
Shareholders' fund in the underwriting firm was also raised by 41.3 percent from N669.03 million in 2002 to N945.33 million last year while increasing the level of its general reserves from a deficit of N148.48 million the previous year to a surplus totalling N93.09 million by the end of its 2003 accounting period. In addition it created a general reserve fund for life to the tune of N5.7 million within the year.
The underwriting operations of the group increased its earnings per 50 kobo ordinary share by 30.77 percent from 13 kobo to 17 kobo per share while its net asset per share was raised by 21.43 percent from 84 kobo to 102 kobo. As per the group operations, its earning per share peaked at 31 kobo while its net assets per share stood at 119 kobo.
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