Unity Kapital profit declines by 35% in nine months

Unity Kapital profit declines by 35% in nine months

Unity Kapital Assurance Plc has reported a decline of 35.44 per cent in its profit after tax for the nine months period ended 30 September 2016.

The insurance firm in the result released to the Nigerian Stock Exchange (NSE) in Lagos shows that its profit after tax fell by N94.259 million from N265.997 million reported in correspondent period of 2015 to end third quarter 2016 with N171.738 million.

In the same vein, its profit before tax dropped from N312.938 million during the same period of 2015 to N215.382 million at the end of third quarter 2016.

However, gross premium written of Unity Kapital Assurance Plc decline from N2.294 billion it generated in third quarter of 2015 to N1.760 billion at the end of current quarter. This is N534 million or 23.28 per cent decline on year on year basis.

The insurance firm incurred huge amount of money on claims expenses in third quarter of 2016 which stood at N428.226 million as against N251.814 million spent on the same purpose in third quarter 2015. This represented N176.412 million or 70.06 per cent difference when compare to 2015 figure.

Its underwritten profit went down by N304.403 million or 44.72 per cent from N680.644 million in 30 September 2015 to end review period with N376.241 million.

Earnings per share of Unity Kapital dropped by 25 per cent, from 4 kobo in third quarter 2015 to 3 kobo at the end of third quarter 2016.