UnityKapital cuts operating cost by 22% in 2016
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.