NAICOM approves Custodian and Allied Insurance Life 2013 accounts

Precisely two months after the end of the 2013 financial year, Custodian and Allied Insurance Life has gotten the National Insurance Commission’s (NAICOM’s) approval of its 2013 financial accounts. The Company exactly two weeks ago submitted its account and after a few queries got the regulator’s approval, emerging the first company to have gotten its 2013 accounts stamped by NAICOM, BusinessDay learnt.

NAICOM expects that other companies in line with the Insurance Act 2003 provisions on returns, submit their full years audited annual accounts on or before 30th June 2014.

Custodian and Allied Group had announced a profit before tax of N2.5 billion for the unaudited third quarter result ended 30 September 2013, indicating an increase of 89.5 per cent over the N1.3 billion recorded in the corresponding period of 2012.

It managing director/CEO Wole Oshin, had noted that profit after tax increased by the same proportion from N1.14 billion to N2.1 billion, while the Group’s asset base increased from N40.9 billion to N47.2 billion, indicating 15.3 per cent growth within a nine-month period. The gross written premium was N19.8 billion from N9.4 billion.

 “Our performance demonstrates Custodian’s commitment to its clients and shareholders. They expect nothing but the best from us, and we strive in every way to ensure that we always deliver on our promise of meeting and exceeding expectations. We will always endeavour to remain one of the most attractive stock options in the insurance sector, through innovative services, expanded product portfolio, improved operational efficiencies and stronger financial capacity.”