Custodian & Allied records N2.02bn profit


Jun 21, 2010 Patience Saghana

Custodian and Allied Insurance Plc recorded a gross profit of N2.02 billion for the year ended 31st December, 2009. The company’s gross premium increased by 29 per cent from N4.1billion in December, 2008 to N5.3billion in 2009.


The company holds the Nigerian National Petroleum Corporation’s Consolidated Insurance Policy (NNPC_CIP) for 2010/2011,The profits before tax increased to N2.02 billion in 2009 from N1.85billion in 2008 while profit after tax rose by 21 per cent to N1.89 billion as at December, 2009 from N1.56 billion achieved in the previous year. The company’s shareholders fund grew by 24.5 per cent to N11.1billion from N8.9billion the previous year. Its total Assets rose to N14.2billion in 2009 from N11.9billion posted in 2008.


The result of Custodian and Allied Insurance Plc for the half year ended 30th June 2009 showed a gross premium of N2.87 million, as against N2.01million in the comparable period of 2008. Profit after tax stood at N851.6 million compared with N648.6 million in 2008.The company’s 2008 results also showed that its gross premium income grew by 51 per cent from 2007 to 2008.Assets of the company grew substantially by 111 per cent, while its shareholders funds increased by 121 per cent. Its profit before tax as at end of 2008 increased by 75 percent over the previous year’s figure from N1.06 billion to N1.9 billion.


Rated A+ by Augusto & Co, the company’s goals are to position itself strategically in the market and be perceived as a modern, dynamic and resourceful underwriter, as well as to strike a fine balance between the businesses of sound underwriting, cost control and service on one hand and investment on the other.Chief Michael Ade Ojo, Chairman of the company had predicted that the company would be among the top three insurance companies in the country by this year 2010.


According to him, “Our mission of becoming one of the top 3 insurance companies in Nigeria by 2010 is well on track. We assure you that the “CUSTODIAN” brand is waxing stronger and we are resolute in preserving our culture of trust, innovation, prompt service delivery, professionalism and sound technical expertise. The proceeds of our recently concluded offers will be well utilised in further positioning die company financially and operationally”.


True to his calculation, Custodian and Allied Insurance Plc is currently leading 39 other insurance companies on the 2010/2011 Nigerian National Petroleum Corporation Consolidated Insurance Policy (NNPC_CIP) with all commendations from the co_insurers on the account over the way and manner it company has coordinated the NNPC-CIP. The company for the first time in its history led the NNPC-CIP with a whopping $56.8 million in the 2010.





Comments are closed.