Guaranty Trust Assurance is targeting a Gross Premium of N5,001.5 billion for the first quarter ended March 31, 2012.
In a filing at the Nigerian Stock Exchange, the company also sees a profit after tax of N368.92 million during the first quarter.
The company had declared a 16.4 per cent in net earnings during the third quarter ended September 30, 2011.
In a report obtained from the Nigerian Stock Exchange, the unaudited result of the company showed that Profit After Tax grew to N809.9 million in 2011 compared with N676.92 million recorded in 2010, representing an increase of 16.4 per cent.
The company’s Gross Premium stood at N8,261.11 billion as against N5,963.56 billion in the comparable period of 20102 representing an increase of 27.8 per cent while The Net Asset Value stood at N12,708.9 billion compared with N12,869 billion in the comparable period of 2010.
The company had also declared a 28.4 per cent growth in Gross Premium Income (GPI) during the half-year ended June 30, 2011.
In a statement released by the company, the GPI grew to N713.6 million compared to N511.2 million in the corresponding period last year representing an increase of 2 8.4 per cent.
The company’s Chief Client Officer, Mr. Tosin Runsewe, speaking on the result said that the performance reflected the quality of the company’s business model which has consistently delivered growth rates above industry levels.
Runsewe noted that having achieved a combined ratio of 84 per cent, the company continued 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. Net claims incurred grew slightly by eight per cent while operating expenses remained relatively flat, rising by six per cent.
The institutional business division continued to contribute the larger income (GPI) to the company. It contributed 81 per cent to GPI whilst contribution to Net Earned premium was 65 per cent,” he said.
Speaking on the company’s outlook for the second half of the year, Runsewe stated that the investment climate continued to be challenging as the equities market had trended lower than expectation year to date, hence a larger proportion of their investment portfolio had been shifted into low risk asset classes.
He noted however that the company’s development strategy was yielding results and the figures showed that they were on the right track.
Runsewe said the company’s desire to explore other viable channels would not automatically compromise the services rendered to its existing channels.