Earnings Watch: Prestige Assurance 3Q 2011 Numbers Released

Prestige Assurance announced its unaudited 3Q, 2011 results on the floor of the exchange today.

The company recorded a 3% increase in Gross Premiums written that sttod at N 3.24 billion at the end of September as against N 3.15 billion over the similar period in the foregoing year.

The company increased its income from commissions and other sources by 27.4% to N 1.01 billion at the end of the third quarter, up from N 796 billion over the same period last year.

Profit before tax and net income nosedived 37.2% to N 532 Million and N 360 million respectively, down from N 846 million and N 573 million respectively in the similar period of the foregoing year.

The company’s stock is currently trading at 98 kobo, down  over 53% from the onset of the year.

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