Prime Business Africa
After five consecutive years of being unprofitable, Fortis Global Insurance ended its losing streak in 2024; however, the company is back in the era of unprofitability.
A breakdown of the company’s publicly available financials showed that Fortis Global, which has only achieved profitability for two consecutive years once in 14 years, has recorded profit four times and net loss 10 times between 2012 and 2025.
Join our WhatsApp ChannelA broader look at the insurer’s latest earnings report, financial statements for the period ended December 31, 2025, showed that Fortis Global recorded an 11.45 percent growth in gross premium written, rising from N413.63 million in 2024 to N461.02 million in 2025.
Fortis Global also reported an unearned premium of N48.27 million last year, after recording zero in 2024, resulting in a 0.57 percent year-on-year decline in gross premium income, which decreased from N413.63 million to N411.25 million.
According to the company’s financial statements for the period ended December 31, 2025, Fortis Global, formerly known as Standard Alliance Insurance, incurred N16.62 million reinsurance expenses, compared to the zero reported in 2024.
This led to the insurer’s net premium income dropping to N394.62 million last year, below the N413.63 million earned in 2024, representing a 4.59 percent decline.
Additionally, the company recorded zero commission income in 2025, the same as 2024, while net underwriting income decreased by 4.59 percent year-on-year to N394.62 million, from N413.63 million.
During the period under review, Fortis Global incurred net claims expenses of N552.50 million, exceeding the N347.58 million recorded in 2024, indicating a 58.95 percent increase.
In the earnings report, the company posted N100.38 million as underwriting expenses in 2025, compared to the zero incurred in the previous year, while it sustained total underwriting expenses of N258.25 million last year, against the N66.04 million total underwriting profit of 2024.
However, Fortis Global closed the reviewed period with N136.37 million underwriting profit in 2025, up by 106.47 percent, compared to the N66.04 million netted in the year before.
The company was able to boost its earnings with a N527.57 million investment income in 2025, which surpassed the N144.38 million reported in 2024, reflecting a 265.39 percent growth, while also achieving other income of N85.02 million last year, after posting zero the year before.
Fortis Global’s management expenses contributed to the inability of the company to post a profit, as it increased by 543.95 percent year-on-year, from N103.85 million to N668.80 million, during a period when the insurer’s fair value gain on investment property dropped to zero in 2025, as the insurer failed to replicate the N7.63 billion recorded in 2024.
In addition, the company incurred finance charges of N1,38 billion last year, surpassing the N251.57 million sustained in 2025, indicating a 450.65 percent increase; however, the insurer was able to reduce foreign exchange (FX) loss by 82.40 percent year-on-year, from N2.17 billion to N382.67 million.
This was, however, not enough to prevent the company from suffering a N1.68 billion loss before tax last year, failing to achieve the N4.99 billion pretax profit recorded in 2024.
As a result of the pretax loss, Fortis Global paid zero tax in 2025, compared to the N3.12 million tax expense in the previous year, leading to the company closing last year with a N1.68 billion loss for the year, against the N4.99 billion profit after tax (PAT) of 2024.
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Prime Business Africa is a business, economy and policy news platform founded in 2021 by veteran journalist and media scholar, Dr Marcel Mbamalu, after he left The Guardian as Editor.
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