By Ify Onye InvestAdvocate

Lagos (INVESTADVOCATE)-Equity Assurance Plc operating in the Insurance Sector of the Nigerian Stock Exchange (NSE) Thursday reported a Loss of N200.825 million in its Third Quarter Report for the period ended September 30 2011.

This was contained in the Result Announcement the Company released on the Floor of the Nigeria’s Exchange in Lagos Nigeria and obtained by www.investadvocateng.com.

To record the Loss, Equity Assurance declared a Profit After Tax (PAT) of N187.074 million in its Third Quarter of year 2010 compared to a negative of N200.825 million in the same period of year 2011; indicating a Loss of 207.4 percent (-207.4%) in the review period.

While Profit Before Tax (PBT) also was at the negative, the Insurance Company recorded N212.548 million in the Q3 of year 2010 compared to a negative N140.987 million in the corresponding period of year 2011; representing a Loss of -166.3%.

Gross Premium also declined from N1.952 billion in the Q3 of 2010 compared to N1.574 billion in same period of 2011, showing a decline of -19.4% in the review period.

Similarly, its peer Niger Insurance Plc, made a slight Loss of 0.6% as the Company’s PAT slightly decreased from N191.536 million in the Third Quarter of year 2010 compared to N190.369 million in the same period of year 2011.

Profit Before Tax of Niger Insurance in the review period was N257.256 million in the Third Quarter of year 2011 compared with N240.698 million in the same period of 2011; representing a decrease of 6.9%.

While Gross Premium grew from N4.243 billion in the Q3 Report for the period ended September 2010 compared to N5.605 billion in the same period of year 2011; showing a growth of 32.1% in the review period.