Prestige Assurance reports 41% decline in H1 PBT

Prestige Assurance Company plc yesterday released its half-year (H1) 2014 results at the Nigerian Stock Exchange (NSE).

The company’s statement of comprehensive income for the review period shows a decline of 8 percent in Gross Premium Written to N1.583bn, against N1.725bn in the corresponding H1 period of 2013.

Prestige Assurance with share price at 50kobo reported 41 percent decline in H1’14 Profit Before Tax to N296.130m, compared to N499.487m in H1’13.

The company’s Profit After Tax was also down by 41 percent to N198.407m, from N336.255m in the corresponding H1’13. Its Basis Earnings per Share dropped by 99 percent, to 0.08kobo from 13.41kobo in the corresponding H1’13 period.

Earlier, the company released its unaudited IFRS financial results for the first quarter (Q1) ended March 31, 2014. Its gross premium written for the Q1’14 period was N720.062m against N641.165m in the corresponding Q1 period of 2013.