Earnings Watch: Standard Alliance Insurance, Still In The Green
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.
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