UBA Metropolitan Life Insurance Limited, one of the life insurance companies in the country, has reversed its loss position for the previous year and made a significant profit for the year ended December 31, 2012.
The firm announced a 600 per cent increase in its profitability, reversing the N93.85 million loss it suffered in 2011 to N501.14 million profit last year.
In the same vein, the company’s profit before tax peaked at N515.46 million last year, from the N69.26 million loss before tax that it suffered in the 2011 financial year.
This was the highlight of the company’s International Financial Reporting Standard (IFRS) compliant 2012 Accounts and Financial Reports that was recently approved by the insurance regulator, National Insurance Commission (NAICOM).
Throwing more light on the performance of the company, the Executive Director in charge of Business Development in the company, Mr. Henry Ationu, said the firm recorded a substantial growth in investment income within the period under consideration.
According to him, the investment income rose from N318.32 million in 2011 to N575.62 million last year, an 80.83 per cent increase.
He also said gross written premium raked in by the company last year also peaked at N2.01 billion, as against the N1.78 billion recorded in 2011; a 12.92 per cent improvement.
“At the close of business in 2012, the company’s assets stood at N5.41 billion as against N4.19 billion recorded in the previous year,” Ationu added.
The executive director said UBA Metropolitan Life’s return to profitability was as a result of improved strategies put in place by the firm’s management as well as the company’s growth plan, which has seen appreciable performance in prompt claims settlement, product distribution and service delivery across products and channels.
“There has also been significant increase in customer loyalty and patronage due to the high level of confidence reposed on the company’s brand over the years,” he added.