Prime Business Africa
Prestige Assurance recorded a decline in it topline and bottom line in the first quarter (Q1) of 2026, according to analysis of the company’s unaudited financial statements.
The insurance company a gross premium written of N7.21 billion between January and March 2026, compared to the N8.02 billion posted in the same period in 2025, representing a decline of 10 percent.
Join our WhatsApp ChannelAlso, insurance revenue dropped marginally by 1 percent during the period under review to N6.98 billion, falling below the N7.04 billion recorded in Q1 2025, while service expenses grew by 3 percent year-on-year, from N13.49 billion to N4.69 billion.
In addition, insurance service result before reinsurance contracts held decreased by 35 percent, after Prestige recorded N2.29 billion in Q1 2026, compared to the N3.55 billion filed in the same period the previous year.
However, the decline was offset by a 53 percent drop in net expense from reinsurance contracts held, which decreased from N13.07 billion in the first quarter of 2025 to N1.45 billion in Q1 2026.
The financials further showed that insurance service result of Prestige increased to N843.86 million in Q1 2026, compared to the N471.23 million reported in Q1 2025, indicating a 79 percent growth.
But the company’s total investment income decreased by 36 percent to N438.78 million during the period under review, compared to the N687.51 million recorded in Q1 2025.
Also, insurance finance expenses for insurance contracts issued dropped by 66 percent year-on-year, from N742.35 million to N253.38 million, while reinsurance finance income for reinsurance contracts held declined by 94 percent, from N616.07 million to N39.85 million.
Additionally, net insurance finance expense grew by 69 percent year-on-year, from N126.27 million to N213.52 million, and net insurance & investment income increased by 4 percent to N1.06 billion, from N1.03 billion.
Regardless, Prestige suffered a 4 percent decline in profit before tax (PBT), which dropped from N649.36 million in Q1 2025 to N622.57 million in Q1 2026.
Despite the decline in pretax profit, the company paid N87 million worth of taxes during the period under review, up by 17 percent when compared to the N74.46 million income tax incurred in Q1 last year.
This left Prestige with N535.56 million as profit after tax in Q1 of this year, down from the N574.90 million earned in the first quarter of 2025, reflecting a 7 percent decrease.
Meanwhile, Prestige’s total assets dropped by 4 percent to N37.7 billion in the first quarter of 2026, below the N39.19 billion recorded in Q1 2025.
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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.
Dr Mbamalu, who serves as Founder and Publisher, set up Prime Business Africa to deliver sharp, data-driven reporting on Nigeria’s markets, trade, investment, and governance trends for decision-makers, entrepreneurs, and policy leaders.
He also writes The Bottom Line, a backpage column for Punch Newspaper every Thursday.
Under his leadership, Prime Business Africa combines deep newsroom experience with a focus on accountability journalism, aiming to bridge information gaps between Africa’s private sector and the global economy.
