ARM Life Records N588.6m Loss in Q1 2020

Image

By Adedapo Adesanya

Underwriting company, ARM Life Plc, completed the first quarter of the year in a loss, recording a loss after tax of N588.6 million.

According to the interim returns of the company for the period ended March 31, 2020, the loss posted in the period was in contrast to the profit after tax of N1.1 billion achieved in the corresponding period of 2019.

In the results filed to the NASD Over-the-Counter (OTC) Securities Exchange, where it trades its equities, the firm said a loss before tax of N588.6 million compared with N1.1 billion pre-tax profit in the same time of last year, while its earnings per share (EPS) stayed flat at 11.41 kobo.

On its top line, the company recorded a Gross Premium Written (GPW) of N4.03 billion, lower than N11.19 billion recorded in the corresponding period of 2019.

The gross premium income reduced to N3.6 billion between January and March from N9.6 billion in the comparative period of last year.

ARM was left with a net premium of N3.4 billion for the period versus N9.2 billion after a reinsurance expenses of N131.2 million in Q1 2020 as against N397.4 million in Q1 2019.

From January to March of this year, ARM Life Plc incurred underwriting expenses of N3.2 billion from re-insurance recoveries, gross benefits and paid claims, acquisition expenses for the period, and increase on annuity contract liabilities. This was in contrast to N12.8 billion used for the same purpose between the same period of last year.

The firm recorded an underwriting profit of N251.9 million in the period under review compared with an underwriting loss of N3.5 billion in the corresponding time of 2019.

The net income in Q1 2020 was at -N220.7 million compared with N2.8 billion in Q1 2019, while the administrative and finance cost amounted to N367.9 million versus N1.6 billion.

The balance of ARM Life Plc, which has remained the most active stock at the NASD Exchange this year, showed that total assets for the period stood at N34.4 billion as at March 31, 2020 in contrast to N32.9 billion as at December 31, 2019.

The company’s liabilities during this period stood at N29.9 billion from N27.8 billion in FY 2019.

Business Post reports that the company’s shares at the NASD Securities Exchange, as at the time of this report, were trading at 50 kobo per unit.

Share
Related Stories
Image
22-September-2023

Traders Union has presented a list of Forex scams in Malaysia to protect your investment

Forex trading in Malaysia has been legal and regulated by the central bank, Bank Negara Malaysia (BNM), since 2012. While Malaysia’s growing economy attracts financial companies, traders need to beware of scammers who target beginners seeking quick profits. Traders Union (TU) experts provide a Forex scammer list for Malaysia and discuss types of Forex scams. Blacklist of Forex scam brokers in Malaysia BNM, the country’s financial regulator, maintains a list of nearly 400 companies involved in Forex trading scams in Malaysia. These companies are regularly updated as they engage in fraudulent activities, such as using manipulated software, blocking withdrawals, and

Image
22-September-2023

NGX RegCo to Amend Cross-Border Listing, Free-Float Rules

By Dipo Olowookere The regulator of the stock market in Nigeria, the Nigerian Exchange (NGX) Regulation Limited (RegCo), has announced its intention to change rules guiding free-float for companies listed on the NGX Limited. In a notice obtained by Business Post, the organisation further said it wants to amend the cross-border listing rules and develop guidelines for migrating listed securities from one board of the bourse to another. At the moment, the exchange does not have rules regulating the migration of listed securities from one board to another, prompting the regulator to “address this lacuna and to foster NGX’s commitment

More Stories
Image
26-July-2018

Yields to Remain Stable as CBN Mops up Inflows from Maturing Bills

By Dipo Olowookere The treasury bills market traded marginally bearish on Wednesday with yields expanding slightly higher by 0.05 percent. According to analysts at Zedcrest Research, there were some selloffs witnessed mostly on the Aug-Jan Maturities. “This came on the back of expectations for a renewed supply of OMO T-bills at an audition by the Central Bank of Nigeria (CBN) today,” Zedcrest Research said. “Yields consequently inched higher by 0.05 percent on average,” the first added. “We expect yields to be fairly stable today as the CBN is expected to conduct another auction to mop up inflows from about N293

Image
04-October-2021

NNPC Warns Public Against Fake Recruitment Notice

By Ashemiriogwa Emmanuel The Nigerian National Petroleum Corporation (NNPC) has warned the public to disregard information circulating in social media about an alleged recruitment exercise into the agency. NNPC’s Group General Manager, Public Affairs Division, Mr Garba Deen Muhammad, warned that some blogs and social media accounts have made posts suggesting that the agency has begun its recruitment for 2021. The state oil company, in a statement released on Sunday, said that it is not recruiting right now, and urged Nigerians to be wary of scammers on the internet, saying what they were seeing online are purely a fake recruitment

Image
07-August-2020

NNPC Takes Step to End Oil Mining Lease 130 Dispute

By Adedapo Adesanya The Nigeria National Petroleum Corporation (NNPC) alongside China’s CNOOC Limited and South Atlantic Petroleum (SAPETRO) has signed a preliminary agreement to resolve a dispute over Oil Mining Lease (OML) 130. The disclosure was made by the national oil, which explained that the signing happened on Thursday and was led by the Group Managing Director, NNPC, Mr Mele Kyari, with representatives from both firms. NNPC said on its official Twitter account that it signed a Heads of Terms (a non-binding broad outline of a deal) with the Chinese and Nigerian firms that seek to address disagreements over the

Image
20-February-2017

Lagos Sues Lekki Gardens Boss over Collapsed Building

By Dipo Olowookere A criminal suit has been filed by the Lagos State government against the Managing Director of Lekki Gardens Estate Ltd, Mr Richard Nyong. Mr Nyong was charged longside others over the collapse of a five-storey building under construction on Kushenla Road in Ikate Elegushi area of the state which killed no fewer than 35 persons. Others also charged were Lekki Gardens Estate Ltd, GT Rich Ltd, HC Insight Solutions Ltd, Taiwo Odofin, Omolabake Mortune, Maruis Agwu, Sola Olumofe and Omotilewa Joseph. The defendants are facing a six-count of failure to obtain building approval for the collapsed building

Image
13-June-2022

Digital Wealth Managers Threaten Traditional Players’ Dominance—BCG Report

A report by Boston Consulting Group (BCG) has revealed that online platforms offering wealth management services and delivering faster customer growth, cheaper cost structures, and superior innovation, command a significant market premium, threatening the market dominance of traditional players. According to the study, these digital wealth managers have an edge over their traditional counterparts as they are democratising investment opportunities for a large group of investors, automating operations, providing customizable discretionary mandates at scale, using hybrid models for investment advisory and creating teams that use data for client acquisition and offering exposure to cryptocurrencies. In the report titled Global Wealth

Image
15-August-2023

Worrying Chinese Economic Recovery, Strong Dollar Weaken Oil Prices

By Adedapo Adesanya Oil prices finished lower on Monday on worries about China’s faltering economic recovery and a stronger US Dollar as well as supply resumed from a key terminal in Nigeria. Brent crude futures lost 60 cents or 0.69 per cent to trade at $86.21 a barrel, and the US West Texas Intermediate (WTI) crude futures depleted by 68 cents or 0.82 per cent to quote at $82.51 a barrel. The market is losing hope that the Chinese economy will return to pre-pandemic levels of demand after expectations show that the country will help the market this year. Recent

Image
08-August-2019

MTN Nigeria Joins MSCI Frontier Markets Index

By Dipo Olowookere Leading provider of research-based indexes and analytics, Morgan Stanley Capital International (MSCI), has announced the results of the August 2019 Quarterly Index Review for the MSCI Equity Indexes. These indexes include the MSCI Global Standard, MSCI Global Small Cap and MSCI Micro Cap Indexes, the MSCI Global Value and Growth Indexes and the MSCI Frontier Markets and MSCI Frontier Markets Small Cap Indexes. Others are the MSCI Frontier Emerging Markets Index, the MSCI Global Islamic and MSCI Global Islamic Small Cap Indexes, the MSCI Pan-Euro and MSCI Euro Indexes, the MSCI US Equity Indexes, the MSCI US

Image
02-August-2023

Sterling Bank, LASHMA Expand Healthcare Coverage in Lagos

By Aduragbemi Omiyale Residents of Lagos will soon begin to enjoy quality healthcare services at their doorsteps with the collaboration between the Sterling Bank and the Lagos State government. The financial institution is funding the building of some Ilera Eko Virtual Booths across the state to ensure busy residents of the metropolis access health services with ease. The Lagos State government came up with Ilera Eko as part of its efforts to ensure citizens of the aquatic city have access to cheaper healthcare and deepen health insurance. But despite this initiative, some residents, because of their busy schedules, have not

Ad
Ad
Recent Stories
Image
24-September-2023

Nigerian Banks Capable To Support Big-Ticket Transactions—Adeduntan

By Bliss Okperan The Managing Director and chief executive of First Bank of Nigeria Limited, Mr Adesola Adeduntan, has disclosed that financial institutions in the country have the balance sheet to support big-ticket transactions, particularly from offshore investors. President Bola Tinubu travelled to the United States last week for the United Nations General Assembly (UNGA) and went with some businessmen and bank executives, including Mr Adeduntan. The Nigerian leader used the occasion to urge foreign investors to bring their funds into the country because he would create a business-friendly environment to make their investments grow. Nigeria, which is the largest

Image
24-September-2023

SERAP Tasks Tinubu to Probe Missing $15bn, N200bn Oil Revenues

By Adedapo Adesanya President Bola Tinubu has been charged by the Socio-Economic Rights and Accountability Project (SERAP) to investigate the allegations that over $15 billion of oil revenues and N200 billion budgeted to repair the refineries are missing and unaccounted for between 2020 and 2021, as documented by the Nigeria Extractive Industries Transparency Initiative (NEITI). In the letter dated September 23 and signed by SERAP deputy director, Mr Kolawole Oluwadare, the organisation urged him to “name and shame anyone suspected to be responsible for the missing and unaccounted for public funds and to ensure their effective prosecution as well as

Image
24-September-2023

Nigeria Picks 12 Gold Medals at ITTF African Para Championships

By Adedapo Adesanya Nigeria emerged as the overall champion of the 2023 International Table Tennis Federation (ITTF) African Para Championships, which ended on Saturday, September 23, 2023, in Giza, Egypt. The country went away with 12 gold medals to dethrone Egypt as the new para table tennis champion in Africa. The three-day tournament had hosts – Egypt – Algeria, Nigeria, Mauritius, Cameroon, South Africa, Kenya, and Cote d’Ivoire competing in the singles, doubles, and mixed doubles events. However, Nigeria dominated as the continent’s champions by leading the singles event to pick up most of the tickets to the Paris 2024

Image
23-September-2023

Dr Abayomi Baiyewu of Obitoks Hospital is a Quack Surgeon—LAHA

By Modupe Gbadeyanka The medical practitioner who performed surgery on the late 12-year-old Adebola Akin-Bright at the Obitoks Hospital in the Alimosho area of Lagos State, Dr Abayomi Baiyewu, has been described as a quack surgeon. The Chairman of the Lagos State House of Assembly ad-hoc committee with the mandate to investigate the circumstances that led to the disappearance of Adebola’s small intestine, Mr Noheem Adams, said the doctor was not qualified to carry out the exercise. Adebola died on Tuesday at the Lagos State University Teaching Hospital (LASUTH), Ikeja, where he was receiving treatment after he underwent surgery two

Image
23-September-2023

Advans Nigeria Scores Brace at Marketing Edge Awards

By Modupe Gbadeyanka It was a double reward for a foremost microfinance institution, Advans Nigeria, at the recently concluded Marketing Edge Awards in Lagos. The firm, a subsidiary of Advans Group, was announced as the Most Innovative Microfinance Bank of the Year and the Most Customer-centric Microfinance Bank of the Year. The double awards are coming after the organisation was recently named as The Best in Retail Banking of the Year at the Pan African International Award. Advans Nigeria won the accolades due to its top-notch financial services and unwavering commitment to its customers. “We are immensely proud to receive

Image
23-September-2023

UNIOSUN Targets Spot in 10 Top Universities in Nigeria by 2026

By Bliss Okperan The University of Osun State (UNIOSUN) has set a goal to achieve a spot in the 10 top universities in Nigeria by 2026. The Vice Chancellor of the institution, Prof. Clement Adebooye, while speaking on Friday at the main campus of the university in Osogbo, said the management also intends to make the school one of the 25 best in Africa in three years’ time. According to him, the management has begun to implement the strategies designed to meet this target, including providing a peaceful academic environment for students and others. He expressed the commitment of the

Image
23-September-2023

Why Debt Financing is so Important for the African Business Market

By Nathaniel Nyika Small and medium-sized enterprises (SMEs) are the beating heart of Africa’s economies. According to the World Economic Forum, as engines of growth, SMEs are responsible for around 80% of the continent’s employment, ultimately helping to reduce poverty and income inequality, enabling the establishment of a new middle class and driving demand for new goods and services. That’s why creating an enabling environment for SMEs to access finance will enhance their ability to not only contribute to Africa’s labour force but also facilitate the continent’s development and economic growth while driving the innovation needed to help solve the

Image
23-September-2023

Food Concepts, Two Others Rescue OTC Exchange From Bears

By Adedapo Adesanya The NASD Over-the-Counter (OTC) Securities Exchange closed in the green territory after it chalked up by 0.37 per cent on Friday, September 22, as three securities finished on the price gainers’ chart and one stock closed in the price losers’ table. This raised the market capitalisation of the OTC Exchange by N4.24 billion to N1.143 trillion from the previous day’s N1.139 trillion, as the NASD Unlisted Securities Index (NSI) increased during the session by 3.00 points to finish at 808.95 points compared with Thursday’s 805.95 points. At the close of transactions, investors traded a total of 10.7

Image
23-September-2023

Naira Falls at I&E, P2P, Gains at Black Market on New CBN Leadership

By Adedapo Adesanya The Naira closed mixed at the foreign exchange (FX) market on Friday, depreciating against the US Dollar in the Investors and Exporters (I&E) and Peer-to-Peer (P2P) segments and appreciating in the parallel market amid a new leadership at the Central Bank of Nigeria (CBN). On Friday, the CBN announced the resumption of Mr Olayemi Cardoso as the next head of the apex bank, in an acting capacity pending his confirmation by the Nigerian Senate. He is taking over the role amid a worrying FX market, high inflation, and increased call to halt interest rate hikes which currently

Image
23-September-2023

Crude Oil Trades Mixed on Demand Concerns Despite Supply Woes

By Adedapo Adesanya Crude oil prices went in different directions on Friday amid profit-taking as markets weighed supply concerns from Russia’s fuel export ban against demand woes from future rate hikes. While the Brent futures lost 3 cents to close at $93.27 a barrel, the US West Texas Intermediate crude (WTI) futures rose by 40 cents to sell for $90.03 a barrel. However, both benchmarks closed downwards on a week-on-week basis, with Brent shedding 0.3 per cent, breaking a three-week streak of gains, and WTI sliding by 0.03 per cent for the week, the first decline in four weeks. Russia