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Nigerian insurer Custodian and Allied's nine-month profit up 5% to $19.4 million

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Nigeria's Custodian and Allied Insurance P.L.C. has said that its unaudited profit after tax stood at 3.2 billion Nigerian nairas ($19.4 million) for the first nine months of 2014, up 54% year on year, reports The Guardian Nigeria.

The insurer's combined assets totaled NGN 49.9 billion on Sept. 30, up from NGN 45.6 billion as of Dec. 31, 2013. An official at Custodian said the insurer recorded positive underwriting income and high efficiency gains across its operations.

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