By: Modestus Anaesoronye
Life specialist underwriting firm, UBA Metropolitan Life Insurance Limited has recorded more than 600 percent growth in Profit after tax (PAT) for the financial year ending December 31, 2012, moving from a loss position of N93.85 million in 2011 to N501.14 million in 2012, while profit before tax also rose from a negative N69.26 million in the previous year to N515.46 million.
The account recently approved by the National Insurance Commission (NAICOM) is in line with the International Financial Reporting Standard (IFRS), which insurance companies and other quoted firms are expected to adopt beginning from 2012 financial year. Investigation also reveals that UBA metropolitan Life is one of the very few Companies that NAICOM has approved their 2012 Financials.
A further analysis of the result shows a substantial growth in investment income which rose from N318.32 million in 2011 to N575.62 million in the review year, indicating an 80.83 percent increase. Gross written premium also moved from N1.78 billion in 2011 to N2.01 billion.
Henry Ationu, executive director, Business Development, UBA Metropolitan Life said the return to profitability is following improved strategies in the company’s growth plan, which has seen appreciable performance in Prompt Claims payment, product distribution and service delivery across products and channels.
There has also been significant increase in customer loyalty and patronage due to the high level of confidence reposed on the Company’s Brand over the years.
At the close of business in 2012, the company’s assets stood at N5.41 billion as against N4.19 billion recorded in the previous year.
Source: Businessday
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