By Yakubu LAAH investadvocate

Oct 18 2010 16.07 GMT

Two Insurance Companies, Niger Insurance Plc (NIGERINS) and Intercontinental WAPIC Insurance Plc (WAPIC) had both declared losses in their Audited Year Ended December 2009.

 

First NIGERINS posted a Profit After Tax (PAT) negative of N124.754 million in year 2008 compared to N2.285 billion in year 2009 indicating a loss of 1731.6 percent (-1731.6%) in the period under review.

 

The Insurance Company also posted a loss in Profit Before Tax (PBT), in year 2008, it recorded N9.805 million compared to N2.149 billion in the review period; representing a loss in PBT of -22017.4%.

 

While Gross Premium was N5.177 billion in year 2008 compared to N7.196 billion in the Audited Year Ended 2009; showing an increase in Gross Premium of 39.0%.

 

In the same vein, Intercontinental WAPIC Insurance Plc (WAPIC), declared a loss of N387.542 million in year 2009 Audited Result.

 

While in year 2008, the company recorded N181.582 million compared to negative (N387.542 million) recorded in the review period; indicating a loss of -313.4%.

 

PBT was negative N15.139 million in year 2008 compared to negative N576.055 million in year 2009, indicating a loss of -3705.1%.

 

While Turnover rose slightly from N2.497 billion in year 2008 to N2.619 billion in year 2009; showing a rise of 5.6%.

 

However, both companies in their Corporate Actions did not declare dividends and no Annual General Meeting (AGM) date announced.