UNIC INSURANCE Plc

[wanaj0]

Originally Posted by nosa2

i think the whole insurance sector is heading and most likely would stay in the kobo region for a long time, the market is just too small and there are just too many players, i think that is why a lot of these guys ended up becoming traders in our stock market and this is evident in all the write off's we've been seeing

Insurance companies by the nature of their business are suppose to have investements that will come in handy when they need to pay claims etc. Just that in Nigeria people are ignorant of how the sector works. They are suppose to be the institutional investors along with the PFA's. So you cant fault them for being traders.

Anyway, insurance companies were penny stocks until the madness of 2007/2008. So we are gradually returning to normalcy.

[Owo]

Oga Wanajo,

Pls do you know when Unic will likely release their result. ta

[wanaj0]

Originally Posted by Owo

Oga Wanajo,

Pls do you know when Unic will likely release their result. ta

Most likely before the coming of the Lord Jesus lol

There is nothing to show when a company will release its audited result. UNIC's own is overdue. I guess the result is bad thats why you are not hearing anything!

[nosa2]

Originally Posted by wanaj0

Insurance companies by the nature of their business are suppose to have investements that will come in handy when they need to pay claims etc. Just that in Nigeria people are ignorant of how the sector works. They are suppose to be the institutional investors along with the PFA's. So you cant fault them for being traders.

Anyway, insurance companies were penny stocks until the madness of 2007/2008. So we are gradually returning to normalcy.

You're right, me and my household are very ignorant of the workings of insurance companies but what i do know is that very few people in this country insure and until there is a culture change insurance companies are gonna suffer. By the way isn't there a difference between trading and investing? Are insurance companies ment to rely on the stock to generate profit? Aren't they ment to invest more in bonds etc?

[wanaj0]

Originally Posted by nosa2

You're right, me and my household are very ignorant of the workings of insurance companies but what i do know is that very few people in this country insure and until there is a culture change insurance companies are gonna suffer. By the way isn't there a difference between trading and investing? Are insurance companies ment to rely on the stock to generate profit? Aren't they ment to invest more in bonds etc?

Do you know how much the companies rake in from goods in transit?

Do you know how much they rake in even from 3rd Party car insurance?

Yes insurance companies like PFA's invest in so many other things apart from Shares. They invest in bonds, properties and even FD.

Not every time they make a write off is because they have suffered a loss. Accounting standards require that they make provision for loss or dimunition in value of their assets. So UNIC with substantial stake in Nigerian German will have to make such provisions. Not because they've sold their holdings!

[utuocha]

Originally Posted by wanaj0

Do you know how much the companies rake in from goods in transit?

Do you know how much they rake in even from 3rd Party car insurance?

Yes insurance companies like PFA's invest in so many other things apart from Shares. They invest in bonds, properties and even FD.

Not every time they make a write off is because they have suffered a loss. Accounting standards require that they make provision for loss or dimunition in value of their assets. So UNIC with substantial stake in Nigerian German will have to make such provisions. Not because they've sold their holdings!

Nigerian insurance companies are lazy and lacks the technical competence to navigate the tough terrains of their sector. That explains why many of them choose the easy route of investing and speculating in the stock market. With the meltdown and sanusing shock, many insurance companies have the value of their stock market investments diminished. UNIC does not have a good result and is bidding time to see if the market will pick up before releasing their result. Expect the stock to pack at the 50k bus stop very soon!

[wanaj0]

Originally Posted by utuocha

Nigerian insurance companies are lazy and lacks the technical competence to navigate the tough terrains of their sector. That explains why many of them choose the easy route of investing and speculating in the stock market. With the meltdown and sanusing shock, many insurance companies have the value of their stock market investments diminished. UNIC does not have a good result and is bidding time to see if the market will pick up before releasing their result. Expect the stock to pack at the 50k bus stop very soon!

What made you to call insurance companies lazy? These companies did not come into existence in 2006. They've had investments spanning decades. Yes they do have their problems but calling them lazy is uncalled for. The problem of the insurance companies was undercapitalisation. That was why the minimum capital was increased.

There is no rule barring insurance companies from investing in shares. Actually, most have funds with well diversified portfolio. That things now go bad does not mean we should call them lazy.

[Babs_O]

Originally Posted by utuocha

Does anyone see anything good in this stock? Methinks it is heading to the 50k park!

Many stocks even outside insurance are heading there as the economy is wobbling. Hope a new spark of life will come soon.

[pumping]

09-11-2009 UNIC INSURANCE PLC
AUDITED FINANCIAL REPORT FOR THE YEAR ENDED 31ST DECEMBER 2008
2008 2007 %CHANGE
GROSS EARNINGS N2.742b N2.079b 31.86
PROFIT BEFORE TAXATION N294.591m N403.825m 27.05
EXTRA ORDINARY ITEM (N95.381m) (N101.470m) (6.00)
TAXATION (N48.072m) (N37.046m) (29.76)
PROFIT AFTER TAXATION N151.138m N265.309m 43.03
RETAINED EARNINGS N129.221m N206.102m 37.30
FIXED ASSETS N3.302b N1.123b 193.96
STOCK N1.294b N1.122b 15.32
CASH AND BANK BALANCES N79.546m N445.497m (82.14)
OTHER DEBIT BALANCES N3.478b N5.023b
SHORT TERM BORROWINGS N1.416b N1.392b 1.74
OTHER CREDIT BALANCES N3.380b N3.371b 0.28
WORKING CAPITAL N3.145b N3.185b (1.27)
NET ASSETS N4.797b N4.763b 0.71)
NOTE: A TOTAL OF N3m AND N16.796m WAS REPORTED AS WRITE BACK ON DOUBTFUL
INVESTMENTS AS AT THE PERIOD UNDER REVIEW CORPORATE ACTIONS: AGM DATE DECEMBER
7TH 2009 CLOSURE OF REGISTER NOVEMBER 23TH TO DECEMBER 4TH 2009 AGM VENUE AT
VGC RECREATIONAL INVESMENT TRUST LIMITED AT PLOT M-2 ROAD 22A VICTORIA GARDEN
CITY AJAH ON MONDAY DECEMBER 7TH

[muranay@yahoo.com]

Originally Posted by pumping

09-11-2009 UNIC INSURANCE PLC
AUDITED FINANCIAL REPORT FOR THE YEAR ENDED 31ST DECEMBER 2008
2008 2007 %CHANGE
GROSS EARNINGS N2.742b N2.079b 31.86
PROFIT BEFORE TAXATION N294.591m N403.825m 27.05
EXTRA ORDINARY ITEM (N95.381m) (N101.470m) (6.00)
TAXATION (N48.072m) (N37.046m) (29.76)
PROFIT AFTER TAXATION N151.138m N265.309m 43.03
RETAINED EARNINGS N129.221m N206.102m 37.30
FIXED ASSETS N3.302b N1.123b 193.96
STOCK N1.294b N1.122b 15.32
CASH AND BANK BALANCES N79.546m N445.497m (82.14)
OTHER DEBIT BALANCES N3.478b N5.023b
SHORT TERM BORROWINGS N1.416b N1.392b 1.74
OTHER CREDIT BALANCES N3.380b N3.371b 0.28
WORKING CAPITAL N3.145b N3.185b (1.27)
NET ASSETS N4.797b N4.763b 0.71)
NOTE: A TOTAL OF N3m AND N16.796m WAS REPORTED AS WRITE BACK ON DOUBTFUL
INVESTMENTS AS AT THE PERIOD UNDER REVIEW CORPORATE ACTIONS: AGM DATE DECEMBER
7TH 2009 CLOSURE OF REGISTER NOVEMBER 23TH TO DECEMBER 4TH 2009 AGM VENUE AT
VGC RECREATIONAL INVESMENT TRUST LIMITED AT PLOT M-2 ROAD 22A VICTORIA GARDEN
CITY AJAH ON MONDAY DECEMBER 7TH

What about dividends or bonus?

[pumping]

Originally Posted by muranay@yahoo.com

What about dividends or bonus?

I suppose they don't have any for this year. The result does not look good. N151m PAT is not a lot to spread around.

[nosmas]

I just tire for all this insurance company walahi talahi

[pumping]

Originally Posted by nosmas

I just tire for all this insurance company walahi talahi

This is expected. No prior result for this year.

[savvy]

Originally Posted by pumping

This is expected. No prior result for this year.

Almost two weeks to close the register
What do they mean by this:
NOTE: A TOTAL OF N3m AND N16.796m WAS REPORTED AS WRITE BACK ON DOUBTFUL INVESTMENTS 19.796M ?

[wanaj0]

Originally Posted by pumping

09-11-2009 UNIC INSURANCE PLC
AUDITED FINANCIAL REPORT FOR THE YEAR ENDED 31ST DECEMBER 2008
2008 2007 %CHANGE
GROSS EARNINGS N2.742b N2.079b 31.86
PROFIT BEFORE TAXATION N294.591m N403.825m 27.05
EXTRA ORDINARY ITEM (N95.381m) (N101.470m) (6.00)
TAXATION (N48.072m) (N37.046m) (29.76)
PROFIT AFTER TAXATION N151.138m N265.309m 43.03
RETAINED EARNINGS N129.221m N206.102m 37.30
FIXED ASSETS N3.302b N1.123b 193.96
STOCK N1.294b N1.122b 15.32
CASH AND BANK BALANCES N79.546m N445.497m (82.14)
OTHER DEBIT BALANCES N3.478b N5.023b
SHORT TERM BORROWINGS N1.416b N1.392b 1.74
OTHER CREDIT BALANCES N3.380b N3.371b 0.28
WORKING CAPITAL N3.145b N3.185b (1.27)
NET ASSETS N4.797b N4.763b 0.71)
NOTE: A TOTAL OF N3m AND N16.796m WAS REPORTED AS WRITE BACK ON DOUBTFUL
INVESTMENTS AS AT THE PERIOD UNDER REVIEW CORPORATE ACTIONS: AGM DATE DECEMBER
7TH 2009 CLOSURE OF REGISTER NOVEMBER 23TH TO DECEMBER 4TH 2009 AGM VENUE AT
VGC RECREATIONAL INVESMENT TRUST LIMITED AT PLOT M-2 ROAD 22A VICTORIA GARDEN
CITY AJAH ON MONDAY DECEMBER 7TH

Only good thing is that they have completed the VGC project.

[pumping]

Originally Posted by savvy

Almost two weeks to close the register
What do they mean by this:
NOTE: A TOTAL OF N3m AND N16.796m WAS REPORTED AS WRITE BACK ON DOUBTFUL INVESTMENTS 19.796M ?

This should mean they recovered part of debts they had classified as bad debt and provisioned for.

[blanka]

Originally Posted by pumping

09-11-2009 UNIC INSURANCE PLC
AUDITED FINANCIAL REPORT FOR THE YEAR ENDED 31ST DECEMBER 2008
2008 2007 %CHANGE
GROSS EARNINGS N2.742b N2.079b 31.86
PROFIT BEFORE TAXATION N294.591m N403.825m 27.05
EXTRA ORDINARY ITEM (N95.381m) (N101.470m) (6.00)
TAXATION (N48.072m) (N37.046m) (29.76)
PROFIT AFTER TAXATION N151.138m N265.309m 43.03
RETAINED EARNINGS N129.221m N206.102m 37.30
FIXED ASSETS N3.302b N1.123b 193.96
STOCK N1.294b N1.122b 15.32
CASH AND BANK BALANCES N79.546m N445.497m (82.14)
OTHER DEBIT BALANCES N3.478b N5.023b
SHORT TERM BORROWINGS N1.416b N1.392b 1.74
OTHER CREDIT BALANCES N3.380b N3.371b 0.28
WORKING CAPITAL N3.145b N3.185b (1.27)
NET ASSETS N4.797b N4.763b 0.71)
NOTE: A TOTAL OF N3m AND N16.796m WAS REPORTED AS WRITE BACK ON DOUBTFUL
INVESTMENTS AS AT THE PERIOD UNDER REVIEW CORPORATE ACTIONS: AGM DATE DECEMBER
7TH 2009 CLOSURE OF REGISTER NOVEMBER 23TH TO DECEMBER 4TH 2009 AGM VENUE AT
VGC RECREATIONAL INVESMENT TRUST LIMITED AT PLOT M-2 ROAD 22A VICTORIA GARDEN
CITY AJAH ON MONDAY DECEMBER 7TH

Friends, I noticed something here. A net profit of N151m and retained earnings of N129m. No dividend. Now if the retained earnings is removed from the net earnings, what is left is about N22m. What has happened to this N22m since no dividend was declared? Or is the said N22m related in any way to the write backs? I'm confused.

[hispy99]

UNIC INSURANCE PLC INTERIM REPORT FOR THE PERIOD ENDED 31ST MARCH 2009 (FIRST QUARTER)
2009 2008 % change
N'M N'M
GROSS EARNINGS 904.662 550.435 64.35
PROFIT BEFORE TAXATION 233.603 276.898 (15.63)
TAXATION (7.425) (41.534) (82.12)
PROFIT AFTER TAXATION 226.178 235.364 (3.90)
RETAINED EARNINGS 226.178 235.364 (3.90)

UNIC INSURANCE PLC INTERIM REPORT FOR THE PERIOD ENDED 30TH JUNE 2009 (SECOND QUARTER)
2009 2008 % change
N'b N'b
GROSS EARNINGS 1.495 1.285 16.34
PROFIT BEFORE TAXATION 330.519 451.127 (26.73)
TAXATION (17.070) (81.203) (78.97)
PROFIT AFTER TAXATION 313.449 369.924

[hispy99]

UNIC INSURANCE PLC INTERIM REPORT FOR THE PERIOD ENDED 30TH SEPTEMBER 2009 (THIRD QUARTER)

2009 2008 % change
N'b N'b
GROSS EARNINGS 2.242 1.840 21.84
EXTRA ORDINARY ITEMS (9.938) (105.529) (90.58)
PROFIT BEFORE TAXATION AND EXTRA ORDINARY ITEMS 380.610 429.707 (11.42)
TAXATION (8.285) (64.455) (87.14)
PROFIT AFTER TAXATION 372.325 365.252 1.94

[wanaj0]

Originally Posted by hispy99

UNIC INSURANCE PLC INTERIM REPORT FOR THE PERIOD ENDED 30TH SEPTEMBER 2009 (THIRD QUARTER)

2009 2008 % change
N'b N'b
GROSS EARNINGS 2.242 1.840 21.84
EXTRA ORDINARY ITEMS (9.938) (105.529) (90.58)
PROFIT BEFORE TAXATION AND EXTRA ORDINARY ITEMS 380.610 429.707 (11.42)
TAXATION (8.285) (64.455) (87.14)
PROFIT AFTER TAXATION 372.325 365.252 1.94

Now this is looking GOOD!!!