Prestige Assurance Gives Shareholders Bonus Shares

By Dipo Olowookere

The board of Prestige Assurance Plc has proposed to give shareholders of the company bonus shares, a notice to the Nigerian Stock Exchange (NSE) on Thursday disclosed.

In the disclosure, the insurer said the bonus shares would be given to those whose names appear on the register of members of the company as at the close of business of Friday, June 19, 2020.

It further said the bonus, which is in the ratio of two new stocks for every 11 existing stocks held by investors, is subject to the approval of the appropriate regulatory authorities, including the Securities and Exchange Commission (SEC).

From June 22 to 26, 2020, the register of shareholders will be closed, while the company’s Annual General Meeting (AGM) will take place on June 30, 2020 at 12 noon at the Foyer of Agip Recital Hall of the Muson Centre in Lagos.

Meanwhile, Prestige Assurance has announced its earnings for the first quarter of 2020, growing its gross premium written by 5 percent to N2.1 billion from N2.0 billion.

In the period, the gross premiums income increased to N2.3 billion from N2.0 billion, the re-insurance expenses jumped to N954.3 million from N917.0 million, leaving the net premium income at N1.3 billion, higher than the N1.1 billion of the corresponding quarter of last year.

Also, the commission income grew to N239.0 million from N229.9 million, while the total underwriting income closed at N1.6 billion in Q1 2020 versus N1.3 billion in Q1 2019.

According to the financial statements, the total underwriting expenses dropped to N684.6 million from N829.1 million, while the underwriting profit increased to N875.9 million from N505.1 million, with investment income down to N121.8 million from N159.7 million, and the other income income declining to N4.1 million from N16.6 million.

In the first three months of this year, Prestige Assurance said it had a profit before tax of N796.7 million, higher than N519.6 million of the same time last year, while the profit after tax jumped to N581.6 million from N355.4 million.