Niger Insurance recorded a 10.12% growth in its 2014 profit. The net profit of the company went from 627.42 million NGN (3.93 million USD) in 2013 to 690.96 million NGN (3.82 million USD).
During the year, the Nigerian insurer's net premiums also increased by 1.45% compared to 2013 and now amount to 9.79 billion NGN (54.09 million USD).
Despite a difficult market environment, the company investment income, for its part, jumped by 45.47%, from 790.54 million NGN ( 5 million USD) in 2013 to 1.15 billion NGN (6.35 million USD) in 2014.
Niger Insurance attributes the increase in its profitability to the significant reduction in business costs and the adoption of the NAICOM's new directive of "no premium, no cover policy" which took effect on January 1, 2014. This policy has a positive impact on the income statements of insurance companies by eliminating a large portion of the outstanding premiums.
N.B.: growth in local currency