By Peter OBIORA InvestAdvocate

Lagos (INVESTADVOCATE) – The third quarter (Q3) result for the period ended September 30, 2013 of Standard Alliance Insurance Plc; operating in the insurance subsector of the Nigerian stock exchange (NSE) shows that the company recorded N635.720 million compared to a negative -N2.024 billion profit after tax (PAT) posted in the same period of 2012.

With this result, it shows that the company is beginning to reverse its -N2.024 billion negative PAT in its Q3 2012, the latest result showed that PAT for the firm is 131.4% up.

The insurance company is also on its way to reverse a negative profit before tax (PBT) of –N1.886 billion recorded in the     Q3 of 2012 as it posted N934.883 million in the review period of 2013.

However, gross premium declined by -35.2% as Standard Alliance posted N3.563 billion in the Q3 of 2013 compared to N5.496 billion declared in the Q2 of 2012.

The reverse of the -N2.024 billion PAT began in its first quarter (Q1) report through to its second quarter (Q2) and subsequently the third quarter.

A review of these shows that Standard Alliance made a PAT of N395.884 million in its Q1 2013 from a negative of -N2.024 billion the same period of 2012.

PBT also appreciated from a negative of -N1, 886 billion in Q1 2012 to N618.506, while gross premium dropped from N5.496 billion in the first quarter of 2012 to N1.501 billion in the review period of 2013.

The Q2 also shows that PAT further appreciated from a negative -N2.024 billion in 2012 to N399.050 million in 2013, similarly, PBT appreciated from a negative -N1.886 billion in 2012 to a positive N623.515 million.

Gross premium recorded in the review period was N2.368 billion in the Q2 of 2013 compared to N5.496 billion in the same period of 2012; indicating a decline in gross premium of -56.9%.

With the consistent reversal of its –N2.024 billion PAT recorded in 2012, Standard Alliance is yet to write off this figure or surpass its N5.496 billion gross premium. From our opinion, what is left for the 2013 financial year of the company is the fourth quarter (Q4) and we question how the insurance player will meet up or breakeven the balance of the -N2.024 billion negative PAT or beat its expectations.

As at the time of filing in this report, we were unable to reach officials of the company for comment.