The shareholders of
This recommendation by the company's board of directors was unanimously approved during the 19th annual general meeting of the organisation in
The Chairman, Custodian and Allied, Chief
According to him, the top line growth was fuelled by 28 per cent increase in gross premium income and 38 per cent growth in fees and commission income, while the anticipated cost savings that were envisaged in the merger manifested in noticeable reduction in underwriting expenses which went down by 15 per cent and management expenses which went down by eight per cent in spite of the generous redundancy benefits paid to the disengaged employees.
He also disclosed that the group's profit before taxation was N4.33 billion in 2013, while the earnings per share and net asset per share increased to 60 kobo and 325 kobo respectively.
Total asset, he said, stood at N45.65 billion in
Ojo added that the successful integration of the Crusader operations and the resulting strong entity with enviable result had demonstrated that Custodian is ready for the future.
"Our strong balance sheet and financial capacity, expanded and diversified product portfolio, operational efficiency and highly professional team will ensure that the company maintains its leadership position and provides superior return on investment to our loyal shareholders," he said.
Custodian is an investment holding company with investment in life and non life insurance subsidiaries, Pension Fund Administrator and a trust company.
The company, he added, had also been classified under the other financial services subsector of the financial services sector of the
He added that Custodian shares had since been issued to the erstwhile shareholders of Crusader (
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