Custodian and Allied Insurance Plc has announced a profit before tax of N2.32billion for the year ended December 2012, indicating some 99 per cent increase over the N 1.16billion posted in the previous year.
The company’s chairman, Chief Michael Ade Ojo made this known to shareholders yesterday in Lagos at their 18th Annual General Meeting (AGM) in Lagos. He also noted that the company’s gross premium income rose by 18 per cent, from N10.06 billion to N11.83billion, while net premium earned surged by 16 per cent, from N4.02billion to N4.66billion.
Besides, he said that investment and other income moved up by 15 per cent, from N1.1billion to N1.1.26 billion; total assets grew by 102 billion, from N20.7billion to N40.98billion, while shareholders’ funds inched up by 48 per cent, from N11.7 billion to N17.35 billion.
As a result of these stellar performance, the shareholders smiled home with a dividend of 13 kobo for every 50kobo ordinary share – out of which 5 kobo had earlier been paid as interim dividend during year.
Ade Ojo reiterated that the company remains committed to implementing the electronic dividend system in order to significantly reduce the volume of unclaimed dividends and share certificates.
He said : “Custodian is committed to sustainable development in a manner that can be demonstrated to our internal and external stakeholders. We are have consistently delivered superior performance and we are committed to ensuring we remain positioned to do so in the future in a responsible manner.”
Ade Ojo reminded shareholders that following the approval of the company’s merger and receipt of all regulatory approvals, the new entity resulting from the combination of Crusader Group with Custodian will now be known as Custodian and Allied Plc.
He explained that the new Custodian will comprise of four subsidiaries namely – Custodian and Allied Insurance Limited, Custodian Life Assurance Limited, Custodian Trustees Limited and Custodian Sterling Pensions Limited.
Commenting on the future outlook, the Chairman assured shareholders that the emerging entity will “have more robust balance sheet, stronger financial capacity, improved operational efficiencies and an expanded and flexible product portfolio, strong risk management framework and solid investment portfolio, which would enable us to play in other markets with larger volumes of transaction guarantee the company’s continued resilience in the face of a dynamic, social and political environment.”
He said these will in turn ensure the company takes a strong hold on its leadership in the market and increase returns on investment for its loyal shareholders.