Oasis declares N102m profit in second quarter




OASIS Insurance Plc has announced profit after tax of N102 million for the second quarter ended June 31, 2010, as against N76.3 million in 2009.A statement issued by the company’s Chairman, Chief Samuel Adegbite, said the performance was positive in all respects, taking into consideration the enormous challenges in the operating environment.


He explained that despite the challenges being faced by operators in the financial service sector, the management of Oasis Insurance, has promised to do what it can to ensure better returns to shareholders.Adegbite  said: “For many of the recapitalised insurance companies, including Oasis Insurance Plc, the road to final recapitalisation approval process was tortuous. Our company recapitalised and was re-licensed as a General Business insurer in 2007.“Trading under this environment, our company was able to make a premium income of N895 million as against N558.4 million for 2009, aided by a fairly good investment income.


“The opportunity to grow the company to the highest and desired level stares your board and management in the face and is hinged on being adequately capitalised to underwrite the abounding risks and taking investment opportunities as they come.


“To engender this envisaged rapid growth, we have to be steps above competition and drive competition towards achieving needed capital for this purpose. Your company shall be seeking your approval to offer shares by way of rights issues and initial public offering. I encourage you to support your company all the way in this necessary course of action.”






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