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2011 Earnings: GT Assurance Grows Net Income 44%, Proposes 8 kobo Dividend

By on April 3, 2012

GT Assurance has released its FYE 2011 audited financial statements. The company reported a 33% increase in Gross Premium Written at N 10 billion, up from N 7.5 billion at FYE 2010.

GTAssure also reported a 34.5% increase in Gross Premium Earned at N 6.89 billion, from N 5.1 billion at the end of 2010.

Investment and other income grew modestly by 17.5% to N 761 million from N 648 million at FYE 2010.

Profit before tax was up 23.6% to N 1.2 billion from N 1 billion at FYE 2010.

Net Income recorded an impressive 44% growth at N 931 million, from N 643 million at the end of 2010.

The company’s fixed assets were up 232% to N 1.2 billion from N 384 million at FYE 2010.

Its cash reserves also improved 125% at N887 million from N 392 million at FYE 2010.

The company has proposed a dividend of 8 kobo . The qualification date is 16th of April, closure date is 17th of April and payment date is scheduled for 27th of April.

The company’s AGM will hold at Eko Hotel on the 27th of April.