Great Nigeria Insurance

[Dr. Awo]

Hello folks,

I'll really like to know whats up with GNI? They've been on technical suspension since last year september for a rights issue which i doubt ever took off. Did they survive recapitalization and if they did, when is the right issue starting and when will suspension be lifted?

Thanks for your help people.

Awo

[BLUEMONEY]

yes they met the recapitalization deadline but no word yet on thier proposed PO and right issue

[juliusdudu]

Originally Posted by Dr. Awo

Hello folks,

I'll really like to know whats up with GNI? They've been on technical suspension since last year september for a rights issue which i doubt ever took off. Did they survive recapitalization and if they did, when is the right issue starting and when will suspension be lifted?

Thanks for your help people.

Awo

I will advise u to tread softly on GNI as nobody knows what is going on with the company whether they merged or not with another company. Abeg stay off.

[riskreturn]

Originally Posted by Dr. Awo

Hello folks,

I'll really like to know whats up with GNI? They've been on technical suspension since last year september for a rights issue which i doubt ever took off. Did they survive recapitalization and if they did, when is the right issue starting and when will suspension be lifted?

Thanks for your help people.

Awo

I think GNI may not go to the market to raise funds through the planned offer for subscription (not inclusive of risghts issue, as you claimed) until the problem confronting its parent company, Wema Bank Group is sorted out. Probably they should lift the technical suspension (imposed since August 2007) and permit investors to trade freely in the shares.

[Dr. Awo]

Thanks house, you've saved me time and money.

[faoogoke]

Originally Posted by riskreturn

I think GNI may not go to the market to raise funds through the planned offer for subscription (not inclusive of risghts issue, as you claimed) until the problem confronting its parent company, Wema Bank Group is sorted out. Probably they should lift the technical suspension (imposed since August 2007) and permit investors to trade freely in the shares.

The powers that be are probably protecting GNI. Does anyone need to tell SEC and NSE that this stock has been on suspension longer than necessary

[billions]

GREAT NIGERIA INSURANCE PLC
SECOND QUARTER UNAUDITED ACCOUNT FOR
THE PERIOD ENDED 30-06-2008
2008 2007
GROSS PREMIUM WRITTEN N563.697m N425.178m
PROFIT BEFORE TAXATION N115.376m N108.352m
TAXATION (N30.000m) (N32.505m)
PROFIT AFTER TAXATION N85.376m N75.847m

[billions]

GREAT NIGERIA INSURANCE PLC
AUDITED ACCOUNT FOR THE PERIOD ENDED 31-12-2007
2007 2006
GROSS PREMIUM WRITTEN N608.039m N289.741m
PROFIT BEFORE TAXATION N163.305m (N519.651m)
TAXATION (N73.056m) (N364.296m)
PROFIT AFTER TAXATION N90.249m (N155.355m)

[hispy99]

GNI strengthens board

DETERMINED to emerge as one of the top-flight insurance firms in Nigeria in a short time possible, Great Nigeria Insurance Plc recently strengthened its Board of Directors by appointing five new members.

Mr. Lai Alabi who emerged as the new chairman of the board, stated that the resolve to become one of the leading three dominant players in the industry within the next three years necessitated the new line of action. Therefore, he charged the new board members whom he described as core professionals to bring their expertise to bear on the fortunes of the company.

The others are Mr. Remi Babalola, Mrs Christy Okoye, Alhaji Nurudeen Fagbenro and Mr. Dauda Iliya.

It would be recalled that in September 2006, WEMA Assets Management, a subsidiary of WEMA Bank Plc acquired majority stake in GNI.

[chokit]

GREAT NIGERIA INSURANCE PLC:
First quarter result for the period ended 31st
March,2008 posted a 12% increase in Gross Premium
to N228.753 Million from N203.983 Million
posted in the same period of 2007. Profit Before Tax
increased by 26% to N53.017 Million while Profit After
Tax increased by 22% to N36.051 Million from
N29.513 Million posted in 2007.

[Monwowo]

Originally Posted by chokit

GREAT NIGERIA INSURANCE PLC:
First quarter result for the period ended 31st
March,2008 posted a 12% increase in Gross Premium
to N228.753 Million from N203.983 Million
posted in the same period of 2007. Profit Before Tax
increased by 26% to N53.017 Million while Profit After
Tax increased by 22% to N36.051 Million from
N29.513 Million posted in 2007.

Am I reading this right...2008 result now? Ok now

[hispy99]

GREAT NIGERIA INSURANCE PLC INTERIM FINANCIAL REPORTING FOR THE FIRST QUARTER ENDED 31ST MARCH 2009 PROFIT AND LOSS ACCOUNTS INFORMATION

GROSS PREMIUM WRITTEN 09 N324.244m 08 N228.753m
PROFIT BEFORE TAXATION 09 N71.780m 08 N53.017m
TAXATION 09 (N21.534m) 08 (N16.965m)
PROFIT AFTER TAXATION 09 N50.246m 08 N36.052m
BALANCE SHEET INFORMATION
FIXED ASSETS 09 N958.923m 08 N942.986m
STOCK 09 N4.442b 08 N4.548b
TRADE DEBTORS 09 N759.215m 08 N532.962m
CASH AND BANK BAL 09 N34.906m 08 N78.955m
OTHER DEBIT BAL 09 N898.084m 08 N930.450m
TRADE CREDITS 09 N608.939m 08 N537.456m
OTHER CREDIT BALANCES 09 N364.194m 08 N400.640m
WORKING CAPITAL 09 N399.187m 08 (N582.548m)
NET ASSETS 09 N6.120b 08 N6.095b

[hispy99]

Great Nigerian Insurance Plc

Corporate Action

The Company Has Informed The Stock Exchange That Due To The Need To Comply With The Statutory Regulations In Relation To The Engagement And Appointment Of New Auditors Their Financial Statement For The Year Ended 31st December 2008 Would Not Be Made Available To The Exchange As At 31st March, 2009.meanwhile The Company Has Promised To Make It Available As Soon As The Audit Is Completed

[cashrules]

GREAT NIGERIA INSURANCE PLC
November 3, 2011
Unaudited Q3 (Sept. 2011)
Profit and Loss Information
Gross Premium 30/09/2011 N2.010b 30/09/2010 N1.471b
Reinsurance Cost 11 (N50.683m) 10 (N47.005m)
Premium earned 11 N992.729m 10 N714m
Commissions Received 11 N8.832m 10 N10.498m
Claims Incurred & Underwriting Expenses 11 (N546.277m) 10 (N390.646m)
Investment & Other Income 11 N116.512m 10 N67.234m
Management Expenses 11 (N759.146m) 10 (N578.722m)
Diminution on Investment 11 (N20.841m) 10 Nil
Profit Before Tax 11 N74.056m 10 N34.157m
Taxation 11 (N13.328m) 10 (N10.947m)
Profit After Tax 11 N60.727m 10 N23.210m

Balance Sheet Information
Fixed Assets 30/09/2011 N637.554m 31/12/2010 N663.216m
Investments 11 N385.252m 10 N299.886m
Short term Investments 11 N1.032b 10 N797.095m
Trade Debtors 11 N200.120m 10 N226.570m
Cash and Bank Balances 11 N186.820m 10 N155.152m
Other Debit Balances 11 N5.033b 10 N4.776b
Insurance Funds 11 N1.819b 10 N1.306b
Other Debit Balances 11 N1.352b 10 N1.350b
Net Assets 11 N4.304b 10 N4.261b