SUNU Assurance Plc records N3.8bn income

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Nigeria

By; PETER NOSAKHARE, Kaduna

SUNU Assurance Plc at the weekend in  Abuja announced that it has recorded gross premium income of 3.8 billion Naira for its interim financial year result ended December 31, 2019.

This represents a drop of 140 million Naira or 4.5 percent compared with 3.14 billion reported in the corresponding period of 2018.

The company’s interim report for 2019 financial year submitted at the Nigerian Stock Exchange showed that the gross premium written declined from 3.04 billion Naira recorded in the preceding year to 3.03 billion Naira at the end of last December.

An analysis of the company’s result within the period under review showed that Re insurance expense went down from 862.98 Naira in 2018 to 688.61 Naira within the period under review, while net premium income rose to 2.319 billion Naira from 2.285 billion in the preceding year.

Net underwriting income grew marginally to 2.437 billion Naira from 2.410 billion Naira while commission fell from 124.92 million Naira to 117.66 Naira.

The company posted loss before tax of 145.09 million Naira against profit of 1.653 Naira reported the same period from 2018.

The company tax of 52.95 million Naira within the period against 43.09 million Naira paid in the corresponding period bringing loss after tax to 198.04 million Naira as against loss of 41.442 million Naira made in the preceding year.

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