By Ify Onye InvestAdvocate

Lagos (INVESTADVOCATE)-Standard Alliance Insurance Plc Wednesday posted a 24 percent (-24%) loss in its Third Quarter (Q3) report for the period ended September 30, 2011. This was contained in the Result announcement of the Insurance Firm to the Nigerian Stock Exchange (NSE) in Lagos Nigeria.

To record the loss, Profit After Tax (PAT) declined from N733.168 in Q3 of 2010 to N552.972 million in the Q3 of year 2011; indicating a loss of 24.6% in the review period.

Profit Before Tax (PBT) also dropped by the same margin of 24.6% as Standard Alliance PAT declined from N1.105 billion in the Q3 of year 2010 to N765.654 million in the corresponding period of 2011; showing a decrease of 24.6%.

However, Gross Premium grew from N2.974 billion in the Third Quarter of 2010 compared to N3.990 billion in the same period of year 2011; representing a growth of 34.2% in the review period.

Mid October, Standard Alliance declared a loss of N8.551 billion in the Audited period ended December 31 2010.

To report the loss, the Company’s PAT was a negative N8.551 billion in year 2010 compared with N5.858 billion recorded in year 2009 end; indicating a further loss of 46 percent (-46%) in review period.

While PBT also went from a negative N1.016 billion in year 2009 end to N1.986 billion in the Audited period ended December 31 2010; showing a loss of -295.5%.