Custodian Investment Plc (CUSTODIAN) recorded a growth of 22.22% YoY in gross revenue to NGN75.06bn (vs. NGN61.42bn in 2019FY), driven by growth across all its business segments. Notably, the gross premium income (which was the main driver) advanced by 23.18% YoY to NGN58.14bn (vs. NGN47.20bn in 2019FY). The performance of its underwriting business was underlined by the growth in the oil & energy and the fire segments in the non-life insurance category, while the life business also improved by 18.35% YoY. Topline performance was also buoyed by interest income (+14.56% YoY) due to relatively higher volumes of investment assets (+37.83%YoY). In addition, property sales from the recently acquired UACN Property Development Plc (UPDC), contributed 1.18bn (representing 1.57%) to gross revenue between the date of acquisition and reporting of the company’s financials. In our view, a strong topline performance reinforces the growing underwriting capacity of the company and supports the quest for market share and portfolio diversification.
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