WorldStage Newsonline– Niger Insurance Plc, a Nigerian firm which is into underwriting of life and general insurance business has released its annual report and financial statements for the year ended 31 December 2019 with 59% drop in gross premium written to N1.846 billion from N4.450 billion in 2018.
The result released at the Nigerian Stock Exchange showed an operating loss of N5.151 billion from N594 million profit in 2018.
The company was established in 1962 as an affiliate of Yorkshire Insurance Company (U.K.) and was then known as Yorkshire Insurance Company Nigeria Limited. Following the implementation of the Indigenisation Act 1976, the Federal Ministry of Finance through the National Insurance Corporation of Nigeria wholly acquired the company and its name was changed to ‘The Niger Insurance Company Limited’. As a result of privatization policy of the Federal Government, the company’s shares were sold to the public in 1989 and its name changed to Niger Insurance Plc.
The Company has two wholly owned subsidiaries: NIC Properties Limited and NIC Securities Limited.
