Prestige Assurance projects N10.5bn gross premium in Q3 2022
Prestige Assurance Plc. has projected to achieve N10.5 billion gross premium written for the third quarter ending September 2022.
In its Forecast Profit and Loss Accounts information for the Q3 earnings obtained from the Nigerian Exchange Limited (NGX), the insurance firm also projected N1.520 billion as profit after tax and N1.064 billion as profit before tax for the period.
AXA-Mansard’s projection for net premium income stood at N5.460 billion while net operating income for the period was N2.496 billion.
What the company is saying
According to the management of Prestige Assurance in a statement, “The profit forecast is based on the following assumptions: that there will be no serious Government restrictions on trade that will affect the insurance business; the company will not suffer any major catastrophe which will necessitate liquidation of investment portfolio for claims payment; there will not be any considerable reduction in the level of interest rate; the capital market activities will improve significantly from the bearish position to the bullish; the country’s political climate shall be stable for carrying out business activities across the nation; the company will continue to deal with its present range of insurance policies.”
Others include that, “The company will enhance its present treaty arrangement due to increase in shareholders fund; the accounting policies will not change; the basis of taxation will not change materially; the company would maintain its present workforce and additional hands will be employed to take care of increased business activities. and there will be vigorous effort to improve upon the present market share.”
The management noted further that “a part of the proceed from recapitalisation will be invested in government gilts to enhance investment income; there shall be no protest, pandemic and other pandemonium which might affect business transactions negatively and there will be availability of forex to meet up with the company’s obligation denominated in foreign currencies.”
Other key projections:
Underwriting profit N1.596 billion
Total income N6.720 billion
Management expenses N855.500 million
Re-insurance cost N5.040 billion.
