The huge claims expenses incurred by underwriting firm, Goldlink Insurance Plc are responsible for the Nigeria insurer’s loss position in the most recent quarter, culminating in a high combined ratio fast approaching the 100 percent threshold.
This is in addition to lower premium incomes recorded by the insurer as it repositions to improve its performance.
Goldlink Insurance Plc announced a loss of N731.47 million in its first-half (H1) report for the period ended June 30, 2015.
The risk company in a notice to the Nigerian Stock Exchange (NSE) said that profit before tax also depreciated to N731.47 million loss in its first-half (H1) report for the period ended June 30, 2015.
Similarly, Gross premium was not left out as it decline to N1.394 billion from N1.723 billion recorded in same period of 2014; this indicating a drop of 19.1 percent.
Source: Insurance Advice & Business Day
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