UNIVERSAL INSURANCE : EARNINGS FORECAST

UNIVERSAL INSURANCE PLC

EARNINGS FORCAST FOR THE

1ST QUARTER 31st MARCH, 2023

				Budgeted
				31-Mar-23
				N'000
Gross Premium written			2,000,000
Decrease/(increase) in unearned premium			(200,000)
Gross Premium Earned			1,800,000
Reinsurance Premium Expense			(260,000)
Net Insurance Premium Income			1,540,000
Fees and Commission income			72,000
Total Underwriting Income			1,612,000
			0
Claims expenses			(270,000)
Claims Expense Recovery from reinsurance			37,500
Net insurance benefit and claims			(232,500)
			0
Underwriting Expenses				-
Acquisition expenses			(234,000)
Maintenance expenses			(252,000)
Total Underwriting Expenses			(486,000)
Underwriting Profit/(Loss)			893,500
Investment income			180,000
Total investment income			180,000
Net Income			1,073,500
Unrealised fair value loss			-
Other operating and administrative expenses			(676,933)
2020 Net realised gain/(loss) on financial assets			-
Total Expenses			(676,933)
			0
Result of operating activities			396,567
Profit or (Loss) before Taxation			396,567
Income Tax Expense/ (Credit)			(79,313)
Profit or Loss after Taxation			317,254
Transfer to Contingency Reserve			-
Profit or Loss for the period			317,254

Company Secretary