Sunu Assurances Tops Performers, Gains 23%
Sunu Assurances Nigeria Plc topped performers on the Nigerian Exchange (NGX) as investors sentiment improved. The Assurances company bucked trend in the equities market, gained more than 23% week on week.
According to data from the domestic bourse, Sunu Assurances price increased by 23.4% to N3.90 on Friday, from opening price of N3.16. The positive price movement nudged its market value to N22.662 billion.
According to information from the Nigerian bourse, Sunu Assurances has 5.8 billion shares outstanding, now priced at N3.90 each.
The stock is trading at 13.10% discount to its 52-week high, according to analysts review. Sunu Assurances share price had peaked at N4.58 before it retreated due to bearish mood on insurance stocks.
At the end of the third quarter, Sunu Assurance Nigeria Plc boosted its total equities to N14.5 billion as the company more than double down its retain earnings growth.
Details from its 9months of financial year 2024 earnings showed that the company grew its insurance revenue to N11.394 billion, which was a significant year on year increase from N6.734 billion posted in the comparable period in 2023.
Profit for the period settled at N4.78 billion at the end of 9months of financial year 2024, which was 145% above N1.954 billion the company declared in the equivalent period in 2023.
The strong growth in the bottom line was helped by reduction in impairment loss on the back of better asset quality versus prior period in 2023. .
In 9-month, Sunu Assurance Nigeria grew total asset to N26.675 billion from N16.748 billion at the beginning of the year – boosted by reinsurance contract assets including cash and cash equivalent. #Sunu Assurances Tops Performers, Gains 23%#
