• Friday, March 29, 2024
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NSE lifts suspension on Universal Insurance’s shares

Nigerian Stocks enter free-fall as banks fall by most in over 3yrs

The Nigerian Stock Exchange (NSE) has lifted the suspension placed on the trading in the shares of the insurance company after it successfully filed its audited Financial Statements for the year ended 31 December 2018 with the regulator.

“The suspension of trading in the Issuer’s securities shall be lifted upon submission of the relevant accounts provided The Exchange is satisfied that the accounts comply with all applicable rules of The Exchange. The Exchange shall thereafter also announce through the medium by which the public and the SEC was initially notified of the suspension”.

Universal Insurance Plc, with 10 other firms were suspended on July 2nd by the NSE over non-compliance with Rule 3.1, Rules for Filing of Accounts and Treatment of Default Filing, Rulebook of The Exchange (Issuers’ Rules) (Default Filing Rules”), which provides that: “If an Issuer fails to file the relevant accounts by the expiration of the Cure Period, The Exchange will: (a) send to the Issuer a “Second Filing Deficiency Notification” within two (2) business days after the end of the Cure Period; (b) suspend trading in the Issuer’s securities; and (c) notify the Securities and Exchange Commission (SEC) and the Market within twenty- four (24) hours of the suspension.”

Meanwhile, after an initial delay in the release of its financial results which led to the suspension in the trading of its shares, Universal Insurance has released its 2018 full-year result for the period ended 31st December 2018 and Q1 2019 result for the period ended 30th March 2019.

Analysis of the full year 2018 show gross premium written increased to N1.68bn in the full year 2018 as against N753mn in previous corresponding period, claims expenses declined to N262mn in full year 2018 from N462mn in the full year 2017, loss for the period stood at N45.5 mn in 2018 compared to 635mn profit in 2017. In its Q1 financial result gross premium written doubled to 650mn for the period from N346mn in the corresponding period in 2018.

 

OLUFIKAYO OWOEYE