Business

Royal Exchange sees N448m gross premium in Q4’21

Royal Exchange Plc has projected to achieve N448.257 million gross written premium for the fourth quarter ending December 31, 2021. In its Q4 earning forecast obtained from the Nigerian Exchange Limited (NGX), the insurance firm also projected N70.157 million as profit after tax and N103.172 million as profit before tax for the period.

 

The Nigerian Exchange Group had recently notified the investing public of the suspension of four listed companies from the facilities of the Nigerian Exchange Group Limited effective on Friday July 2, 2021, having failed to file their audited financial statements for the year ended December 31, 2020. The companies include African Alliance Insurance Plc, Niger Insurance Plc Royal Exchange Plc and The Tourist Company of Nigeria Plc.

 

The Rules for Filing of Accounts and Treatment of Default Filing, (Default Filing Rules), Rule 3.1 states that “if an Issuer fails to file the relevant accounts by the expiration of the cure period, the exchange reserves the right to suspend trading in the issue’s securities and notify the SEC and investing public within  twenty-four hours of the suspension.”

 

Royal Exchange reported a profit after tax of N158.002 million from a loss after tax of N1.312 billion reported in 2019. According to the company’s financial results, the profit before tax stood at n232.359 million from a loss after tax of N1.013 billion in 2019. Earned income rose by seven per cent to N15,844 billion in Q4’20 from N14.870 billion in 2019.

 

Royal Exchange ended the 2019 financial year in the red with a loss after tax of N215.336 million from a loss of N156.176 million reported in 2018. Loss before tax stood at N158.218 million from a profit of N326.871 million posted in 2018.

 

Gross premium written was N14.200 billion in 2019 full year from N14.712 billion recorded during the comparable period of 2018

 

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