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Equity Assurance gross income rises by 43% in 2008

Equity Assurance has recorded premium income of N2.21 billion for its operations in the last financial year ended December 31, 2008.

The N2.2billion premium income generated by the company last year represented 43.41 per cent rise against N1.52 billion recorded in 2007.

The company made a profit of N4.19 million, while total assets rose to N8.05 billion from N6.22 billion posted in 2007, representing 29.42 per cent increase

Net premium income value rose slightly to N1.85 billion from N1.29 billion in the previous year. The company generated N195.03 million from its investments, a decline of 3.42 per cent from the N201.92 million recorded in 2007.

Profit on ordinary activities dropped by 34 per cent to N328.38 million from the N498.71 million in 2007 while profit before tax also fell by 89.27 per cent to N53.50 million from N498.71 million in the previous year. Profit after tax fell by 99.06 per cent, from N445.05 million in 2008 to N4.19 million last year.

The company last year maintained share capital, share premium, capital reserve and reserve for bonus share at N3.85 billion, N674.40 million, N327.62 million and N0.61 million respectively. Its revenue reserve was drawn down by as much as 113.64 per cent from N282.45 million in 2007 to N38.52 million last year.


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