Premium income growth trajectory sustained: After growing its revenue by 14.77% YoY to NGN36.72bn in FY2018, the momentum was sustained in Q1:2019 as the firm grew gross premium income by 35.58% YoY to NGN11.71bn, the highest level at this period of the year in over ten years. The company also recorded solid growth from its other main income streams as investment income and fees and commission income grew by 17.27% and 19.92% respectively to NGN2.14bn and NGN1.11bn. This reflects the growing underwriting capacity of the company in its quest to strengthen its 2nd and 3rd ranking (in terms of market share) in the non-life and life insurance markets. We expect the growth of premium income from its oil and gas contracts to continue to drive the company’s top line, with support from growth in its life contracts (5-year CAGR of 18.54%). This should see revenue settling at NGN41.34bn by FY2019. Kindly find attached the full report.
Earnings Update- CUSTODIAN: Q1 2019.
Premium income growth trajectory sustained: After growing its revenue by 14.77% YoY to NGN36.72bn in FY2018, the momentum was sustained in Q1:2019 as the firm grew gross premium income by 35.58% YoY to NGN11.71bn, the highest level at this period of the year in over ten years. The company also recorded solid growth from its other main income streams as investment income and fees and commission income grew by 17.27% and 19.92% respectively to NGN2.14bn and NGN1.11bn. This reflects the growing underwriting capacity of the company in its quest to strengthen its 2nd and 3rd ranking (in terms of market share) in the non-life and life insurance markets. We expect the growth of premium income from its oil and gas contracts to continue to drive the company’s top line, with support from growth in its life contracts (5-year CAGR of 18.54%). This should see revenue settling at NGN41.34bn by FY2019. Kindly find attached the full report.