Sterling Assurance records 256% rise in profit

Sterling Assurance Nigeria Limited has finally rendered and got approval of its year 2016 accounts from the National Insurance Commission (NAICOM), declaring a 256 percent rise in profit.

Analysis of the company’s 2016 trading results shows that Sterling Assurance net profit rose by 255.94 percent to stand at N341.76 million as against N96.02 million reported in the corresponding period of 2015.

The company’s net claims expenses went up to N747,098 million when compared to N512,338 million in 2015, representing 45.821 percent increase.
Gross premium income grew from N2.51 billion in 2015 to N2. 73 billion in 2016, representing 8.92 percent rise.

Gross premium written rose by 9.5 percent to stand at N2,72 billion in the period under review as against N2,48 billion achieved in 2015.

Total assets was not left out as it rose by 13.119 percent to N5.45 billion in 2016 when compared to N4.82 billion in 2015, while shareholders fund rose to N3. 49 billion in 2016 from N3.13 billion in the prior year.

The approval of Sterling Assurance accounts makes it 34 the number of accounts so far approved by NAICOM for year 2016, with 23 others outstanding which may risk being delisted.

NAICOM had warned that non-rendition of accounts within stipulated time frame constitutes condition precedent to issuance of notice of liquidation.