Standard Alliance posts N4.76 b premium income

Chuks Udo Okonta

Standard Alliance Insurance Plc generated a gross premium of N4. 765 billion last year, its Chairman Aliyu Sa'ad, has said.

He disclosed this at the company's Annual General Meeting (AGM) in Lagos, adding that the firm made a gross premium of N3.883 billion in 2010.

He noted that the firm's underwriting income also grew to N4.253 billion from N3.541 billion in 2010 and that the underwriting profit stood at N2.729 billion as against N1.754 billion recorded in 2010.

Sa'ad said the company through hard work was able to return to profit, growing its profit after tax to N223.6 million,from a loss of N8.6 billion in 2010.

He said the company is poised to take advantage of the reforms in oil and gas, agriculture and other sectors to drive its operations.

The Managing Director Tom Imokhai, said the company would continue to work hard to increase its market share locally and internationally and would continue to be responsible to clients in claims settlement.

He said the firm has put in place the necessary machinery towards the adoption of International Financial Reporting Standard (IFRS), adding that the firm is also on course in ensuring that its 2012 financials is IFRS compliants.