Custodian and Allied Plc has said its profit before tax for the first quarter of 2014 is N1.1bn, representing a 90.7 per cent increase on the N587m it declared in the corresponding period of 2013.
The company said in a statement by its Head, Corporate Affairs, Bunmi Aderemi, that its profit before tax also rose by 78.5 per cent to N1.3bn, when compared to the N746.9m recorded in the first quarter of 2013.
Aderemi was quoted as saying that the rise in profit contained in its unaudited first quarter results was a reflection of the insurance investment holding company’s expertise.
She added that the company’s gross written premium in the period under review was N5.9bn, as against the N4.1bn written in the same period of 2013.
This, she said, represented a 41.8 per cent increase in gross written premium.
Aderemi also said Custodian and Allied’s asset base increased to N47.6bn in the first quarter of 2014 from N45.6bn as of December 31, 2013.
This indicated a 4.2 per cent growth in asset base within a three-month period.
She said, “Our performance in the first quarter of 2014 is a reflection of our expertise in delivering quality innovative service while offering a varied product portfolio to our clients, ultimately giving value to all our stakeholders.
“As we strive to be Africa’s insurer of choice, our aim is to keep improving on past performance, realise untapped potential in the various sectors we operate in, while maintaining efficiency in the system.”
On Tuesday, shares of the group, which offers services including general and life insurance, pensions, trusteeship and property investment, rose by 4.76 per cent or 12 kobo to close at N2.64 per share.
In June 2013, following regulatory and legal approvals, Custodian and Allied Insurance Plc and Crusader Nigeria Plc had merged to form Custodian and Allied Plc.
Custodian and Allied Plc came into existence in June last year as a result of the successful merger, following regulatory and legal approvals, of Custodian and Allied Insurance Plc and Crusader (Nigeria) Plc.
In April it said it recorded profit before tax and profit after tax of N4.3bn and N3.6bn, respectively in its 2013 consolidated audited financial period.
The firm had explained that the result was achieved due to the robustness of its insurance subsidiaries with the gross premium written rising to N22.9bn and gross premium earned adding up to N18.7bn plus notable fees and investment income contributions from the pension fund administration subsidiary and the holding company.
