The NSIA Insurance says its profit before tax rose by 39 per cent to N892.29m in 2018 from N640.75m reported in its 2017 financial account.
A statement from the company said this was disclosed during its annual general meeting in Lagos.
It also said its profit after tax rose by 67 per cent to N670.45m in 2018 from N402.35m in the corresponding period of 2017.
The shareholders, it said, adopted all the resolutions submitted and approved a dividend payment of 1.45k per share for the 2018 financial year.
The NSIA stated that the total revenue from operations increased by 27 per cent from N5.46bn in 2017 to N6.91bn in 2018, while total assets for the year ended 2018 increased by 15 per cent to N17.92bn.
The gross premium income for the company increased by 16 per cent to N6.3bn in 2018 from N5.48bn reported in 2017, while the net premium income improved by 25 per cent to N3.16bn in 2018 from N2.54bn reported for the year ended December 31, 2017.
The earnings per share rose by 75 per cent to 7k in 2018 from 4k in 2017.
While addressing shareholders at the meeting, the Chairman Ituah Ighodalo, said the NSIA Insurance had made good its promise of maximising the returns of its shareholders’ investments in the business, lending credence to the company’s values of integrity, care, innovation and professionalism.
The Managing Director and Chief Executive Officer, NSIA Insurance, Ebelechukwu Nwachukwu, said, “We are pleased to have met the set goals for the financial year of 2018 and we expect to significantly grow our income for better competitive edge.
“We look forward to growing capacity by 20 per cent before the end of 2019 even as we plan for a 25 per cent growth in 2020.”
Nwachukwu stated, “Our primary objective is to continually grow our business, satisfy our customers and maximise returns on investments for our stakeholders.”