Guaranty Trust Assurance Plc. has recorded an impressive growth in its half year result as its profit before tax rose by 40 per cent.
The unaudited result made available to LEADERSHIP in Lagos showed that PBT went up to N713.6 million compared to N511.2 million in the corresponding period in 2010.
Similarly, the Gross Premium Income (GPI) grew by 28 per cent to N6.1 billion at the end of six months compared to N4.8 billion for the same period in 2010.
Commenting on the result, the Chief Client Officer of the company, Tosin Runsewe, said: “This performance yet again reflects the quality of our company’s business model which has consistently delivered growth rates above industry levels”.
Having also achieved a combined ratio of 84 per cent, GTAssur continues to record positive ratios along its key financial indicators. Net Premium Earned and Underwriting Profit grew by 27 per cent and 31 per cent respectively.
However, the net claims incurred grew slightly by 8 per cent while operating expenses remained relatively flat, rising by six per cent.
Head of the Institutional Business Division, Kunle Ahmed, noted that the Division’s continual growth was fuelled by the patronage of insurance brokers and direct relationships the company had forged with Institutional clients. He said, “We remain focused towards building a company that conforms to international standards with emphasis on professionalism and value – added services”.
In his own reaction, the Retail Business Division, Owolabi Salami, also said that the 139 per cent Individual Life Insurance business during the period grew from N86.7 million to N207 million. “Our strategy of developing a wide and varied retail distribution network where our customers can have convenient access to our products and services continues to bear fruits. After ending Financial Year 2010 with an Underwriting Profit of N511 million, the Retail Business Division ended half year 2011 having already achieved 60 per cent of 2010 financial year figures.