By Yakubu LAAH InvestAdvocate

Lagos (INVESTADVOCATE)-African Alliance Insurance Plc, Friday posted a loss of N3.15.4 million for the audited period ended December 31, 2012.

A review of the 2012 audited report of the company released to the Nigerian stock exchange (NSE) in Lagos Nigeria and made available to InvestAdvocate, post-tax profit in 2011 end was a negative of N894.591 million compared to a negative N315.375 million declared in 2012 audited period.

Similarly, pre-tax profit also was on the negative as the insurance firm recorded a loss of N152.405 million in the review period of 2012 compared to a negative of N970.088 million declared in 2011 end.

However, gross premium appreciated from N1.827 billion in 2011 end to N3.392 billion in the audited period of 2012; showing a growth in gross premium of 85.7 percent.