Custodian and Allied declares N4.3bn profit

Custodian and Allied plc, a wholly owned Nigerian investment holding company quoted on the Nigerian Stock Exchange and with significant investments in general and life insurance, pension fund administration, trusteeship and property holding businesses, has released its consolidated audited annual results for the year ended December 31, 2013. The results show a strong performance across all of its operations.

The Custodian Group’s total asset base stood at N45.6 billion, while profit before tax and profit after tax of N4.3 billion and N3.6 billion, respectively, were achieved. The result was achieved on the back of robust insurance subsidiaries whose gross premium written rose to N22.9 billion and gross premium earned was N18.7 billion, plus notable fees and investment income contributions from the pension fund administration subsidiary and the holding company.
Custodian remains a leader in the other financial services sector and its subsidiaries lead in their respective sectors. Going by the achievement of the Group this year, Custodian has once again lived up to its promise to always exceed stakeholders’ expectations.

Wole Oshin, a director in Custodian, said: “Our performance demonstrates Custodian’s commitment to its clients and shareholders. We will always endeavour to remain one of the most attractive stock options in the financial sector, through innovative services, expanded product portfolio, improved operational efficiencies and stronger financial capacity.

The merger exercise we concluded last year is yielding favourable results and we will not rest on this performance. We have expanded services offered from General Insurance to Life Business, Pensions and Trusteeship and remain committed to upholding the best standards and practices in the financial sector in Nigeria.”

The Custodian and Allied Group is involved in investments, insurance, pensions and trusteeship.

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