Prestige Assurance Plc, has made growth projection of N9 billion in its gross premium income by 2021.
Managing Director/ CEO, Dr. Balla Swamy made this known while presenting the company’s fact behind the figure on the floor of the Nigerian Stock Exchange( NSE) that it’s gross premium income is expected to grow from N3.4 billion in 2017; N5.2billion in 2018; N6.6 billion in 2019; N7.5billion in 2020 and N9billion at the end of 2021.
He added that net premium is projected to grow from 45 percent in 2017 to 60 percent by the end of 2021; while profit before tax will grow from N877million in 2017 to N3.078 billion by the end of 2021.
Profit after tax was also forecasts to grow from N567million in 2017 to N2.093billion by the end of 2021.
On risk retention he said the company’s risk retention stands at 42 percent as at third quarter ended September 2017 (Q3)when compared to 43 percent it reported in same period of 2016.
While noting that company is technically viable and has spread its assumed risk with reinsurer which guarantee its continuous existence .
On current ratio, he said that company as at third quarter 2017 current ratio stands at 1.8 as against 1.9 reported in 2016, adding that it can confidently pay its liabilities without having recourse to borrow or disposal of assets. This he said is evidence in timely payment of claims.
Asset turnover according to him improved slightly in 2016 by 26 percent as against 22percent reported in 2017; this he said was made possible as a result of the significant increases in premium income achieved.
Returned of equity as as third quarter 2017 (Q3) stands at 6 percent while 2016 was 4 percent when compared to -2 percent retuned on shareholders funds in 2015; with current growth in 2017 the return to shareholder shall be greatly enhance, he assured.