International Energy Insurance (IEI) Plc, has begun its underwriting business this year with an excellent performance, as it has announced a profit after tax growth of 1,255 per cent in its half year operations.
The company, which was recently listed on the floor of the Nigerian Stock Exchange (NSE), recorded a gross premium income of N1.02 billion in 2007 against N273.43 million recorded in 2006, representing an increase of 73 per cent.

Its profit before tax rose from N40.6 million in 2006 to N488.18 million, indicating a 1,102 per cent growth over the review period, while the profit after tax appreciated from N30.64 million in 2006 to N414.95 million. The underwriting profit also appreciated by 232 per cent, increasing from N205.65 million in 2006 to N682.78 million in the review period, while the operating profit stood at N445.05 million, a growth of 1,302 per cent.

The company’s balance sheet also got a boost during the same period. Its total assets grew by 1,184 per cent to close at N12.47 billion over N970.92 million in the previous year. Besides, shareholders are optimistic that baring unforeseen circumstances, the result for the rest of the operating year would record a significant growth, as shareholders’ fund increased by 1,298 per cent from N803.76 million in 2007 to N11.23 billion in the last six months.

The company emerged in June 2003, when a group of investors and management acquired 70 per cent equity of old Global Assurance Company Limited. However, the new team with a visionary management redirected and refocused the company to consistently deliver unique value in the industry.

According to the management, its success over the years was founded on values that include proficiency and innovation in all its dealing as well as friendliness to all shareholders ideals that have contributed to its excellent brand equity and enormous investors’ confidence.