By Yakubu Laah
Mutual Benefit Assurance Plc reported a loss of N609 million in its audited report for the period ended December 31, 2012.
From the result released to the Nigerian Stock Exchange (NSE) and made available to InvestAdvocate, the company recorded a negative profit after tax (PAT) of N609.261 million compared to N72.814 million reported in the same period of 2011; showing a 737 percent (737%) change.
Also, the company recorded a negative profit before tax (PBT) of N290.607 million in 2012 end compared to a positive of N238.931 million recorded in the corresponding period of 2011; indicating a loss of 222% in the review period.
However, gross premium written increased by 18.3% as the insurance company recorded N7.944 billion in the review period compared to N6.716 billion declared in the same period of 2011.
On its part, Prestige Assurance Plc, reported a PAT of N344.785 compared to N308.602 million in its third quarter (Q3) report for the period ended September 30, 2013; representing an increase of 11.7%.
Similarly, PBT grew from N460.720 in its Q3 2012 to N514.604 million in the review period of 2013.
Gross premium written declined from N3.363 billion in the Q3 of 2012 compared to N2.687 billion in the review period; indicating a decrease of -20.1%.
Source: InvestAdvocate
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