Several forecasts despatched by quoted insurance companies on the Nigerian Exchange (NGX) for the third quarter relay a sign post of anticipated improvements not only for Q3 but also a marked increase on same period last year.
Custodian Investment Plc forecasts despatched to the Nigerian Exchange projects 2.56% growth for profit after tax from N5.62bn for Q3 2020 to expected N5.48bn in Q3 2021. Its forecasts for gross revenue is N60.81bn up from N53.05bn in Q3 2020.
Further disclosure state that cash and cash equivalent will come down from N6.83bn in Q1 to N5.14bn in Q3 2021.
Consolidated Hallmark Insurance Plc is also in the stretch of good forecasts for Q3 sent to NGX, and its gross premium is expected to come up to N7.92bn from N3.85bn set for Q1 2021. Its cash/bank balance is expected to rise to N4.69bn in Q3 from N2.74bn in Q1 2021.
The brief also expects profit after tax to grow by 82.42% to N515.74m, representing 82.41% growth over N282.73m projected for Q1 2021.
Sunu Assurances Nigeria Plc in its forecasts reduced its profit after tax to N168.59m lower than N184.42m projected in Q2. Forecasts for gross written is N3.81bn representing 42.12% growth over N2.68bn recorded for same period in Q3 2020.
Gross claims forecasts slated for 2021 were projected on five years average loss ratio.