Custodian & Allied records 90.7% profit increase in Q1

Custodian and Allied plc, a wholly owned Nigerian insurance investment holding company quoted on the Nigerian Stock Exchange, has announced profit before tax of N1.3bn for the unaudited first quarter results ended 31 March 2014. This indicates an increase of 78.5 percent over the N746.9m recorded in the corresponding period of 2013.

Bunmi Aderemi, the head, corporate affairs of Custodian, who made this known in a statement released, said the results have been transmitted to the stock market.

She noted that profit after tax increased by 90.7 percent from N587m to N1.1bn for the period in review, while the gross written premium was N5.9bn from N4.1bn written in the same period in 2013 representing 41.8 percent increase. The Group’s asset base increased from 45.6bn as at 31 December 2013 to N47.6bn for the first quarter ended 31 March 2014, indicating 4.2 percent growth within a three-month period.

Commenting on this remarkable performance, Aderemi said, “Our performance in the first quarter of 2014 is a reflection of our expertise in delivering quality innovative service whilst offering a varied product portfolio to our clients, ultimately giving value to all our stakeholders.

“As we strive to be Africa’s insurer of choice, our aim is to keep improving on past performance, realise untapped potential in the various sectors we operate in, whilst maintaining efficiency in the system.’’ The Custodian Group offers services including general and life insurance, pensions, trusteeship and property investment.