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Custodian and Allied explains impressive results

By BusinessNews Staff on August 7, 2014

Custodian and Allied Plc
yesterday attributed the impressive results for the half year ended June 30, 2014 to favourable underwriting income from insurance subsidiaries and remarkable efficiency gains group wide.
Custodian and Allied Plc, a wholly owned Nigerian company, which is listed in the other financial services sector of the Nigerian Stock Exchange (NSE) holds significant interests in life and non- life insurance, pension administration, property and trusteeship businesses.

The company last week declared a profit before tax of N2.751 billion and profit after tax of N2.276 billion, for the half year of 2014, showing over 100 per cent increase compared to the corresponding period of 2013.

Explaining the performance, Chief Finance Officer of Custodian and Allied Plc, Mr. Ademola Ajuwon said in a statement yesterday that the improved result was “achieved on the back of favourable underwriting income from the insurance subsidiaries and remarkable efficiency gains group wide.”

Speaking in the same vein, a director of the company, Mr. Wole Oshin, said the performance presents in concrete terms, the result of Custodian and Allied Plc’s unwavering customer focus, comprehensive systems, processes and operations integration; coupled with unrelenting commitment to its corporate ideal of exceeding customers and other stakeholders’ expectations at all times.

“We will continue to ensure that our products and services are customer-driven; even as we strive to position our subsidiaries to become Africa’s insurers of choice,” he assured.

Specifically, the company reported gross premium income of N9.8 billion, up from N7.7 billion. Profit before tax grew by 80 per cent from N1.5 billion to N2.7 billion, while profit after tax grew by 102 per cent from N1.12 billion to N2.27 billion.

Similarly, shareholders’ funds grew from N19.1 billion to N20.88 billion while total assets stood at N48.2 billion compared with N45.6 billion reported as at June 30, 2013.

Following the improved performance, the Board of Directors has recommended the payment of an interim dividend of six kobo on every 50 kobo ordinary share of the company to shareholders on record as at the close of business on August 8, 2014. Custodian and Allied Plc is the company that was formed as a result of the merger between Custodian and Allied Insurance Plc and Crusader

[This Day]

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