ROYAL Exchange Plc has said that its Profit after Tax (PAT) increased to N203.3 million in the first half of 2017, H1‘17.

The figure represents a 19 per cent increase from N171.14 million recorded in the first half of 2016 (H1‘16).

In a statement issued last week, the company said that its Gross Written Premium (GWP) stood at N9.37 billion in the period under consideration, which represents an increase of 11 per cent over N8.43 billion recorded in 2016.

Gross premium income witnessed a moderate growth of 6.3 per cent over the previous figures, at N6.86 billion compared to N6.46 billion generated in the corresponding period in 2016.

Net premium income for the period amounted to N4.72 billion, representing a marginal growth of 2.5 per cent over that of 2016, which stood at N4.60 billion. Total net claims paid for the period under review amounted to N1.76 billion, a decrease of 10 per cent from N1.95 billion in half year 2016.

Commenting, Group Managing Director of the company,    Alhaji Auwalu Muktari, stated: “By focusing on the growth objectives set forth at the beginning of the year, which included an increased focus on the retail and corporate markets, amongst others, we have been able to achieve moderate growth and the Board and management of the company are definitely optimistic for the second half of the year”.