Standard Alliance Insurance returns to profit at N496.3m in H1

Standard Alliance Insurance Plc

Standard Alliance Insurance Plc on Friday released dual financial statements for half year (H1) ended 30th June 2015 and first quarter (Q1) ended 31st March, 2015.

The half year results show a 1 per cent decrease in Gross Premium income from N2.53 billion in June 2014 to N2.51 billion in June 2015.

Profit Before Tax grew 149 per cent from N243.7 million to N605.8 million in H1 2015 while 104 per cent increase of profit after tax was posted from N243.7 million posted in 2014 to N496.3 million in the period under review.

Total comprehensive income for the period added 12 per cent from N330.1 million to N369.9 million in 2015

While Basic Earnings per share increased 149 per cent to N5.05 from N2.03 per share.

Gross premium for Q1 2015 appreciated 10 per cent to N1.6 billion from N1.4 billion posted in the same period of 2014 as Profit before Tax grew 261 per cent to N554.1 million from a loss of N343.7 million.

Profit after Tax also increased 208 per cent to N369.7 million from a loss of 343.7 million.

Total Comprehensive Income for the period rose 171 per cent to N336.5 million from a loss of N474.1 million.

Basic Earnings Per share increased 261 per cent to 4.62 from a negative position of 2.87 per share.

By Pita Ochai

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