Sterling Assurance Nigeria Limited has paid its shareholders a gross dividend of three kobo per share of 50 kobo for the financial year ended in 2009.
The Chairman of the company, Mr. Olabode Emmanuel who disclosed this at the company‘s 11th Annual General Meeting in Lagos, said the board recommended a total dividend of N222,680,760 which translated to 3k per share at 50k.
According to him, despite the harsh operating business environment, the company’s profit after tax for the financial year 2009 grew by 162 per cent, from N75.9m in 2008 to N198.8m in 2009 and its profit before tax grew by 170 per cent from N121.3m, to N327.9m in the same period.
Emmanuel said that in 2009, gross underwriting premium was N1.6bn, compared to N722m in 2008, an increase of 123.3 per cent. Investment income rose by 88.46 per cent from N204.19m to N384.8m in the year under consideration.
“We fared better in 2009 than in 2008, despite the difference in the period covered – nine months in 2008, as against 12 months in 2009.”
He stressed that despite the significant reduction in demand for goods and services which constitute the major sources of foreign exchange earnings of most developing economies, the company will continue to reward shareholders’ patience, loyalty and support over the years.
The chairman expressed that the company has put in place various strategies to ensure a better future for the company’s shareholders.
He said, ”We look to the future with a positive attitude and focus on continued growth and expansion of our business. We are confident that this goal is realisable with the human and other resources dedicated to our operations.”