Prime Business Africa
Fortis Global Insurance generated revenue of N1.09 billion between the first quarter (Q1) and the second quarter (Q2) of 2026, surpassing the N59.56 million recorded during the corresponding period the year before.
According to analysis of the company’s financial statement for the period ended June 30, 2026, Prime Business Africa (PBA) gathered that Fortis Global’s revenue increased by 1,746.74 percent year-on-year.
Join our WhatsApp ChannelHowever, the impact of the significant increase in the topline was affected by a 1,780.52 percent surge in Fortis Global’s insurance service expenses, which skyrocketed to N3.46 billion in H1 2026, up from the N184.41 million recorded in H1 2025.
This company cut net expenses from reinsurance to N11.23 million during the period under review, compared to the N118.45 million incurred in the first six months of last year, indicating a 90.51 percent decline.
However, the decline was not enough to save the company from an 878.39 percent climb in insurance service loss, which rose from N243.17 million in the first half of 2025 to N2.37 billion in the same period this year.
The company supported its core earnings with a N535.37 million investment income between January and June 2026, compared to the zero recorded in the corresponding period in 2025.
Also, insurance finance expense costs the company N199.10 million during the reviewed period, against the zero recorded between the first quarter (Q1) and the second quarter (Q2) of 2025.
In addition, Fortis Global reported financial insurance result of N336.27 million in the first half of this year, recovering from the N243.17 million posted in the same period last year.
The company also recorded N231.97 billion from foreign exchange (FX) gain in the first half of this year, rebounding from the N163.28 million FX loss suffered in H1 2025.
Other operating income added N9.45 million to the insurer’s earnings between Q1 and Q2 2026, nosediving below the N334.61 million reported in the corresponding period in H1 2025, representing a 97.18 percent decline.
Other operating expenses gulped N1.49 billion, according to analysis of Fortis Global’s financial statement, rising by 423.95 percent when compared to the N285.25 million sustained in the first six months of the previous year.
Other finance costs accounted for N41.18 billion between January and June 2026, plummeting below the N647.58 million incurred in the same period in 2025, reflecting a 93.64 percent.
With a surge in expenses eroding the fourfold increase in the company’s topline, Fortis Global suffered a N2.59 billion pretax loss in the first half of 2026, up by 158.36 percent compared to the N1 billion loss recorded in H1 2025.
The company filed a N599,000 as income tax for the period under review, against the N298,000 reported in the first half of this year, indicating a 101.01 percent increase.
As a result, Fortis Global ended H1 2026 with more than N2.59 billion post-tax loss, up by 158.34 percent when compared to the over N1 billion loss sustained in the same period in 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.
