Custodian Investment Posts Growth in Half-Year Profit, Revenue

By Adedapo Adesanya

Custodian Investment Plc has released its half year report for 2019 and it indicated that the insurance firm made a net profit of N4.1billion, an improvement from N3.7 billion recorded in that period in 2018.

Also, the company’s revenue increased in the period under consideration to N30.4 billion between January and June, compared to N23.7 billion returned in the same period last year.

A critical look at what generated the turnover for the company in the first six months of the year showed that gross premium income rose to N23.4 billion in H1 2019 versus N17.1 billion, while the investment income increased to N4.8 billion from N3.8 billion, with the fee and commission jumping to N2.19 billion from N2.17 billion.

However, the other operating income decreased in the period under review to N23.4 million from N708.1 million in the same time of last year.

The firm registered a net fair value gain of N1.8 billion, higher than what was calculated in HY 2018, which was N66.3 million, while net realized gains was lower in this half against that of the previous half year, as Custodian recorded N5.8 million compared to N10.1 million in 2018.

Operating expenses from claims, reinsurance, and underwriting expenses went higher to N23.6 billion this half year, as compared to N16.6 billion recorded in HY 2018.

Management expenses, likewise, rose to N3.2 billion in the first six months of the year from N2.6 billion expended on staff, marketing, and others as at the same period last year.