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Earnings Watch: Standard Alliance Insurance, Still In The Green

By on November 9, 2011

Standard Alliance Insurance Plc posted its unaudited 3Q numbers on the floor of the exchange today.

The ompany reorted a 34% increase in Gross Premium Income, as it took N 3.9 Billion in receipts from writing premiums, up from N 2.9 Billion over the same period last year.

Reinsurance costs were up 52%, reflecting a deeper penetration of insurance services and need for insurance products.

Acquisition and Management expenses rose 36% to N 824 Million, reflecting increasing costs of doing business.

Skyrocketing costs conspired to eat into profits that were down approximately 25%.

Profit Before tax fell 25% from over a N 1 Billion over the same period last year to N 765 Million at the end of 3Q, 2011.

Net Income was also down 25% to N 552 Million from N 733 Million over the same period last year.

However the company is still profitable,  even as it operates in a sector largely believed to be muted.

The company’s stock price is currently trading at  its nominal value of N 0.50, where it has traded since before the onset of the year.