NON - LIFE REVENUE ACCOUNT
For the year ended 31st December, 2005
| |
Fire
|
General
Accident
|
Motor
|
Engr
|
Marine
|
Oil &
Energy
|
2007
|
2006
|
|
N'000 |
N'000 |
N'000 |
N'000 |
N'000 |
N'000 |
N'000 |
N'000 |
| Revenue |
|
|
|
|
|
|
|
|
| Gross premium written |
215,268 |
485,516 |
728,361 |
567,682 |
714,130 |
2,717,876 |
5,428,833 |
5,161,639 |
| Outward reinsurance |
(53,817) |
(72,828) |
(145,672) |
(141,920) |
(214,239) |
(1,902,513) |
(2,530,989) |
(3,645,829) |
|
|
|
|
|
|
|
|
|
| Net premium |
161,451 |
412,688 |
582,689 |
425,762 |
499,891 |
815,363 |
2,897,844 |
1,515,810 |
(Increase)/decrease in
unexpired risks
|
(4,538) |
(16,041) |
(53,978) |
(47,344) |
(5,698) |
(41,522) |
(169,121) |
85,676 |
|
|
|
|
|
|
|
|
|
| Premium earned |
156,913 |
396,647 |
528,711 |
378,418 |
494,193 |
773,841 |
2,728,723 |
1,601,486 |
| Commission received |
17,491 |
15,037 |
21,851 |
69,628 |
36,190 |
65,481 |
225,678 |
179,805 |
|
|
|
|
|
|
|
|
|
|
174,404 |
411,684 |
550,562 |
448,046 |
530,383 |
839,322 |
2,954,401 |
1,781,291 |
| |
|
|
|
|
|
|
|
|
| Expenses |
|
|
|
|
|
|
|
|
| Gross Claims paid |
16,547 |
80,079 |
100,257 |
5,477 |
26,588 |
61,967 |
290,915 |
234,544 |
| Reinsurance claims recovery |
(9,044) |
- |
(150) |
- |
(9,625) |
(49,574) |
(68,393) |
(31,535) |
| Net claims paid |
7,503 |
80,079 |
100,107 |
5,477 |
16,963 |
12,393 |
222,522 |
203,009 |
| Increase/(decrease) in outstanding claims |
638 |
(25,897) |
318 |
(864) |
17,335 |
- |
(8,470) |
(51,540) |
|
|
|
|
|
|
|
|
|
| Claims incurred |
8,141 |
54,182 |
100,425 |
4,613 |
34,298 |
12,393 |
214,052 |
151,469 |
|
|
|
|
|
|
|
|
|
| Underwriting expenses: |
|
|
|
|
|
|
|
|
| Acquisition cost |
32,290 |
67,812 |
72,836 |
107,119 |
56,768 |
314 |
337,139 |
206,158 |
| Maintenance cost |
43,571 |
111,372 |
157,250 |
114,901 |
134,906 |
220,042 |
782,042 |
445,488 |
| |
|
|
|
|
|
|
|
|
| |
84,002 |
233,366 |
330,511 |
226,633 |
225,972 |
232,749 |
1,333,233 |
803,115 |
| |
|
|
|
|
|
|
|
|
| Underwriting profit |
90,402 |
178,318 |
220,051 |
221,413 |
304,411 |
606,573 |
1,621,168 |
978,176 |
|
|
