Standard Alliance Insurance Plc (SA Insurance), one of the general risks underwriting groups in the country, has made N223.69 million profit from its operations for the period ended December 31, 2011.
This translates to 102.60 per cent improvement in performance of the company for the period under consideration. The information was contained in the company's 2011 Annual Report unveiled at its16th Annual General Meeting in Lagos recently.
Gross premium income raked in by the firm last year peaked at N4.55 billion, a 20.37 per cent improvement on the figure of the previous year which was N3.78 billion.
Net premium earned by the firm within the year under consideration also rose by 18.52 per cent, moving up from N3.51 billion in 2010 to N4.16 billion last year while commissions raked in by the firm last year peaked at N92.73 million last year, a 244.21 per cent increase over the N26.94 million recorded in 2010.
Within the year under review, total income raked in by the group rose from N3.54 billion in 2010 to N4.25 billion last year, a 20.06 per cent improvement.
Also last year, SA Insurance paid incurred claims to the tune of N428.47 million last year, a 30.04 per cent reduction in value and an indication of improvement in underwriting processes. In the previous year, direct claims settled by the company were N691.53 billion.
Also last year the company made underwriting profits to the tune of N2.73 billion, a 56 per cent increase over the N1.75 billion made in 2010. The group also raked in N171.12 million from its investments, a 247.45 per cent improvement on the N49.25 million recorded the previous year.
The company however, recorded N319.09 million profit before tax as against N8.46 billion loss suffered in the previous year, a 103.77 per cent improvement in performance.
In the same vein, the profit after tax raked in by the firm rose to N223.69 million, a 102.60 per cent improvement and reversal of the N8.60 billion loss suffered in the previous year.
The non-life insurance group within the year under consideration maintained its share capital, share premium and revaluation reserve at N6.0 billion, N15.85 billion and N14.30 million respectively.
Its contingency reserve was also grown by as much as 20.66 per cent, having been raised from N691.81 million in the previous year to N834.76 million last year just as its revenue reserve was drawn down from N14.90 billion in the previous year to N15.01 billion last year, a 24.18 per cent increase.
Shareholders' interest in the company was marginally grown to the tune of 0.39 per cent, having been increased from N7.66 billion in the previous year to N7.69 billion last year.
SA Insurance group last year increased its short term investments by 0.92 per cent from N2.17 billion in the previous year to N2.19 billion last year and reduced its long term investments by 2.69 per cent from N4.09 billion in the previous year to N4.20 billion last year.
Its insurance fund was drawn down to the tune of 41.43 per cent, from N726.14 million deficits in 2010 to N1.03 billion deficits in 2011.
The company's fixed assets was marginally reduced to the tune of 0.71 per cent from N1.131 billion in 2010 to N1.126 billion last year while its total assets was increased by 2.34 per cent, having been grown from N10.69 billion as at the end of 2010 accounting period to N10.94 billion by the end of last year.
The basic earnings per share by the insurance company increased by 102.66 per cent, going up from 2.63 kobo per share in the previous year to 99 kobo loss per share in 2011.