By JEROME USHAKANG
The Nigerian Stock Exchange (NSE) has on Monday announced that full suspension placed on Universal Insurance shares, has been lifted.
The Exchange in a notice placed on its website, announced the lifting of the full suspension placed on Universal Insurance shares.
Full suspension means that a company’s share price has been pegged and trading activities suspended.
The company alongside African Alliance Insurance Plc, Cornerstone Insurance Plc, R. T. Briscoe Plc, Royal Exchange Plc, STACO Insurance Plc, Standard Alliance Insurance Plc, and VeritasKapital Assurance Plc was suspended earlier in July this year for failing to submit its audited results for the 12 months ended December 2017.
The NSE had earlier lifted the suspension placed on African Alliance Insurance and Royal Exchange Plc
According to an excerpt from the release.Universal Insurance Plc (the Company) which was one of the companies suspended by the NSE earlier in July has submitted its Audited Financial Statement for the year ended 31 December 2017.
In view of the submission of its accounts and pursuant to Rule 3.3 of the Default Filing Rules, which provides that; “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 general public is hereby notified that the suspension placed in the trading of the Company’s shares has been lifted effective July 30 2018.
Results for the first quarter ended March 2018 show Gross Premium written increased from N178 million in 2017 to N346 million in 2018. The company made a profit before tax of N131 million in 2018 as against a loss of N12.6 million in the corresponding period of 2017. Profit after tax of N118 million as against a loss after tax of N12.6 million