Prestige Assurance announces 28% premium growth

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Prestige Assurance Plc, said it posted a Gross Written Premium (GWP) of N6.1 billion in 2019 as against N4.73 billion in 2018, indicating a 28 per cent increase.

According to the company’s unaudited fourth quarter (Q4) financial statement submitted to the Nigerian Stock Exchange (NSE), for the period ended December 31 2019, showed a rise in the firm’s net premium income from N2.2 billion in 2018 to N2.8 billion in 2019, representing a growth of 26.9 per cent.

Similarly, the underwriting firm recorded a growth in its profit before tax of N684. 88 million when compared to N645.43 million reported in 2018 while profit after tax grew from N423,79 million in 2018 to N499,96 million for the period under review; thus, revealing a growth of 17.97 per cent.

The total assets of the insurance company stood at N12.5 billion for the 2019 financial year.

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