Universal Insurance Plc., has said late approval of its accounts by the regulatory authorities including the National Insurance Commission (NAICOM) is the main reason for the continued delay in the release of its full year 2017 results.
The insurance company disclosed this Thursday in a notice to stakeholders and the general public, saying that it is yet to file the audited financial statement for the year ended, 31st December 2017 in line with posting obligations of the Nigerian Stock Exchange (NSE).
The written notification signed by Chinedu Onyilimba, the company secretary, stated the company has since concluded and submitted the accounts to their primary regulators and as such are awaiting approvals.
“However, the company has since completed the auditing of the accounts and submitted same with our primary regulator – the National Insurance Commission (NAICOM) for approval” the statement read, adding that the audited financials will be filed with the Nigerian Stock Exchange upon receipt of approval from NAICOM.
The NSE X-Compliance report for June 2018, classifies the company as a “delinquent filer” as the company has fallen short of the minimum listing standards in terms of timely disclosure of their audited annual financial performance and have Missed Regulatory Fillings (MRF).
Universal Insurance, one of the leading names in the Nigerian insurance and financial services in its half-year report for 2017, reported a loss before tax N279 million, after a gross premium figure of N440 million.