International Energy Insurance records 67% decline in Full Year loss after tax

International Energy Insurance plc recorded 67 percent decline in full year loss after tax from N2.164billion in 2014 to N710million in 2015 financial year ended December 31.

Basic earnings per share (EPS) which is the portion of the company’s profit allocated to each outstanding share of common stock – which also serves as an indicator of its profitability declined by 67 percent to 169kobo to 55kobo.

The insurance company’s financial statement released to investors at the Nigerian Stock Exchange (NSE) revealed 20 percent decline in gross premium written from N4.83billion in 2014 to N3.84billion in 2015.

Gross premium written is the sum of both direct premiums written and assumed premiums written before the effect of ceded reinsurance.

The company reported 15 percent decline in gross premium income – revenue that is derived from premiums paid by its customers –from N4.89billion to N4.17billion in 2015.

Underwriting results was down by 20 percent to N992.56million from N1.233billion; net operating income declined by 6 percent to N1.38billion from N1.47billion in 2014.

International Energy Insurance Plc also reported 63 percent decline in loss before tax from N2.164billion to N710million. Total Assets declined by 8 percent from N8.73billion to N8.07billion.

International Energy Insurance Plc emerged in June 2003, when a group of investors and management acquired 70% of Global Assurance Company Limited. The company at the time was 34 years old and was under the technical management of the National Insurance Commission (NAICOM).

The company was subsequently recapitalised to N500 million to meet with the challenges of its new business focus. The company has since increased its authorised share capital to N8.500billion comprising of 12,000,000,000 ordinary shares of 50 kobo.

Some of the company’s products include: motor insurance, burglary/theft insurance, marine insurance, goods in transit insurance, plant and equipment insurance, money insurance, contractors all risks insurance, personal/group accident insurance, workmen’s compensation insurance, bonds, and travel insurance.