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Custodian & Allied records 90.7% profit increase in Q1

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Custodian & Allied Plc has announced profit before tax of N1.3billion for the unaudited first quarter results ended 31 March 2014. This indicates an increase of 78.5 per cent over the N746.9 million recorded in the corresponding period of 2013.

Head, Corporate Affairs of Custodian, Mrs. Bunmi Aderemi, who made this known in a statement released, said the results have been transmitted to the stock market.

She noted that profit after tax increased by 90.7 per cent from N587 million to N1.1 billion for the period in review, while the gross written premium was N5.9 billion from N4.1 billion written in the same period in 2013 representing 41.8 per cent increase. The Group’s asset base increased from 45.6 billion as at 31 December 2013 to N47.6 billion for the first quarter ended 31 March 2014, indicating 4.2 per cent growth within a three-month period.

Commenting on the performance, Aderemi said, “Our performance in the first quarter of 2014 is a reflection of our expertise in delivering quality innovative service whilst 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, realize untapped potential in the various sectors we operate in, whilst maintaining efficiency in the system.”

The Custodian Group offers services including general and life insurance, pensions, trusteeship and property investment.

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