Prestige Assurance Plc Tuesday reported a profit after tax of N344.785 million for the nine months ended September 30, 2013 . The performance, which was made available to stock traders by the Nigerian Stock Exchange (NSE) showed an increase of about 12per cent above the N308.682 million recorded in the corresponding period of 2012. An analysis of the results indicated that Prestige Assurance ended the nine months with gross premium of N2.933 billion, 11.4 per cent below the 2012 level. Net premium income also fell by 26 per cent from N1.571 billion to N1.156 billion. Underwriting profit equally went down by 54.7 per cent from N363.3 million to N164.3 million. However, a 50 per cent increase in investment and other income, combined with reduction in management expenses and impairment losses, bolstered the profit before. Specifically, investment income rose from N363.982 million to N549 million, while management expenses and impairment losses reduced from N266.6 million to N198.7 million. Consequently, profit before tax rose from N460.7 million to N514.6 million, while profit after tax ended at N344.785 million compared with N308.7 million in 2012. Meanwhile, the bullish trading of the previous day could not be sustained yesterday as Dangote Cement Plc led other highly capitalised stocks to pull down the NSE All-Share Index by 0.11 per cent. The ASI had the previous day appreciated by 0.88 per cent to close at 39,906.76. However, while there were price more gainers yesterday, the ASI declined by 0.11 per cent to close at 39,858.23 as a result of losses by Dangote Cement and 16 others. Nigerian Breweries Plc led the price losers with N3.15, trailed by Dangote Cement with N1.77. International Breweries Plc , shed N1.29, while Large Cement WAPCO Nigeria Plc dipped by N1.29. On the other hand, 37 stocks appreciated led by Glaxosmithkline Consumer Plc with N2.88. Oando Plc , which recently raised N30.7 billion fresh capital via special placement, followed with a gain of N1.36. UAC of Nigeria Plc chalked up N1.00.
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