Uni­tyKap­i­tal cuts op­er­at­ing cost by 22% in 2016

Daily Trust - - BUSINESS - By Mau­reen Onochie

Uni­tyKap­i­tal As­sur­ance plc said it cut its op­er­at­ing cost by 22 per cent which is from 1.6 bil­lion naira to 1.2 bil­lion naira last year.

Speak­ing while pre­sent­ing the 2016 fi­nan­cial re­port yes­ter­day at the 40th An­nual Gen­eral Meet­ing (AGM) of the com­pany, the Chair­man, Mr. Thomas Etuh said de­spite the per­for­mance of the com­pany in the pe­riod, the bal­ance sheet re­mained ro­bust as it ex­pe­ri­enced a mod­er­ate growth of nine per­cent from 11.4 bil­lion naira to 12.46 bil­lion naira.

He con­firmed that the com­pany needed to re­struc­ture due to fears and con­cerns of stake­hold­ers that the pre­mium in­come for 2016 be­came lower than that of 2015 hence promised that the com­pany repo­si­tion­ing would help cur­rent re­al­i­ties in the in­dus­try and en­hance its com­pet­i­tive­ness.

For the year ended 2016, the com­pany de­clared a Gross Pre­mium In­come of N2,197,357 Bil­lion, a Net Pre­mium In­come of N1,561,966 Bil­lion and a Profit Af­ter Tax of N180,945 Mil­lion.

Newspapers in English

Newspapers from Nigeria

© PressReader. All rights reserved.