Africa Prudential PLC Reports N1.68bn Profit After Tax in 2019

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Africa Prudential Plc has reported a profit after tax of N1.68bn for the financial year ended December 31, 2019, compared to N1.95bn in FY 2018, accounting for 13.9 per cent YoY decline.
According to the company’s result highlights obtained from the Nigerian Stock Exchange, profit before tax stood at N2.40bn, compared to N2.39bn in FY 2018 representing a 0.2 per cent YoY decline.
Revenue from contracts with customers stood at N1.50bn compared to N1.42bn in FY 2018 accounting for 6.0 per cent YoY increase. Gross earnings were N3.90bn compared to N4.49bn in FY 2018, accounting for 13.0 per cent YoY decline.
Comparing FY 2019 to FY 2018, the company noted that profit before taxation for the period under review reduced by 0.2 per cent despite the decline in gross earnings.
The reduction according to the company was on the back of an 89 per cent drop in the interest paid on borrowings which effectively reduced the company’s finance cost by 88 per cent.
On the gross earnings, the firm said the decline in treasury bills yields witnessed in 2019 brought about a 22 per cent reduction in revenue made from interest income thereby causing the company’s gross earnings to reduce by 13 per cent.
Commenting on the result, The Managing Director/CEO of Africa Prudential, Mr Obong Idiong said, “2019 was a challenging year in the money and capital market as businesses struggled to deliver positive results due to the drastic reduction in interest rates on treasury bills and other money market instruments.
We were also affected by this decline which causes our gross earnings to fall by 13 per cent year-on-year, we were, however, able to increase our revenue from contracts through a strategic increase in our retainership fee by 21 per cent. We remain dedicated to delivering quality registrar business to our clients while we slowly transit into digital technology.
“During the period under review, our Innovation Lab introduced a number of innovative products to the market, some of which include a new version of EasyCoop, an enterprise resource solution for cooperative societies and EasyMall, a cooperative market place.
“We have also continuously strived to improve how we currently serve our clients as evident in the recent upgrade of our Customer Experience Centre and the introduction of new customer channels. Our Digital Transformation journey is on course as we change the way we create, deliver and capture value.”
Idiong added, “For us at Africa Prudential, the future is digital technology-driven which is why we are integrating all our processes into a seamless system that offers world-class solutions to our customers and creating new revenue lines.
“In the long-run, this would reduce our huge exposure to capital market activities which have been on a decline of late.
“Our company would continue to innovate not only to improve capital market interactions but also to improve our top line in order to deliver superior value to all stakeholders.”
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Africa Prudential PLC Reports N1.68bn Profit After Tax in 2019 - Brand SpurAfrica Prudential PLC Reports N1.68bn Profit After Tax in 2019 - Brand Spur

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Africa Prudential PLC Reports N1.68bn Profit After Tax in 2019 - Brand SpurAfrica Prudential PLC Reports N1.68bn Profit After Tax in 2019 - Brand Spur

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Chubb launches “Chubb LifeBalance” in Korea, a 360 degree personalised Health and Well-being App

SEOUL, SOUTH KOREA - Media OutReach - 12 April 2021 - Chubb today announced its release of "Chubb LifeBalance" in Korea, a digital health and well-being application that encourages people to incorporate healthy routines into their lifestyle.


Africa Prudential PLC Reports N1.68bn Profit After Tax in 2019 - Brand Spur


Chubb LifeBalance comprehensively assesses the lifestyle of users and provides a holistic view of health to help them to objectively measure and manage their own health condition.


Once users set their personal goals within the app, such as walking 5,000 steps a day, reducing snack consumption, and establishing a meditation and/or sleep routine etc., the coaching functionality starts to monitor and encourage the users to achieve their goals.


Chubb LifeBalance tracks and records over 115 different activities—including yoga, swimming, boxing, and meditation, and lets users invite their friends and family to join challenges and compete in these activities together. It connects with a full range of health devices and other apps such as Fitbit, Strava and Garmin.


Based on over 2,500 clinical papers and years of clinical data collected from over 300 million people, reputable teams from the Massachusetts Institute of Technology (MIT) USA participated in building a credible health score system behind the app so that users can effectively monitor their overall health and well-being.


The health points, based on activities and goal achievements set on the app, can be exchanged for mobile vouchers at various coffee shops, gas stations, and grocery stores to enjoy varied benefits. These are only available as exclusive incentives to existing Chubb customers.


Edward Ler, Country President of Chubb's general insurance business in Korea said, "Chubb LifeBalance was created to offer more advanced and personalized health and well-being services for the customers in Korea who lead busy lifestyles. We believe Chubb LifeBalance will help our customers strive towards a sustainable and balanced lifestyle."


The app is currently available on the Google Play Store and Apple App Store.


About Chubb

Chubb is the world's largest publicly traded property and casualty insurance company. With operations in 54 countries and territories, Chubb provides commercial and personal property and casualty insurance, personal accident and supplemental health insurance, reinsurance and life insurance to a diverse group of clients. As an underwriting company, we assess, assume and manage risk with insight and discipline. We service and pay our claims fairly and promptly. The company is also defined by its extensive product and service offerings, broad distribution capabilities, exceptional financial strength and local operations globally. Parent company Chubb Limited is listed on the New York Stock Exchange (NYSE: CB) and is a component of the S&P 500 index. Chubb maintains executive offices in Zurich, New York, London, Paris and other locations, and employs more than 30,000 people worldwide. Additional information can be found at: www.chubb.com.


Africa Prudential PLC Reports N1.68bn Profit After Tax in 2019 - Brand Spur
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