Prime Business Africa
The International Energy Insurance has announced a 28 percent decrease in its revenue, which dropped to N3.12 billion between January and September 2025, falling below the N4.36 billion recorded in the same period in 2024.
According to the company’s financial statement for the period ended September 30, 2025, insurance service expenses also declined by 17 percent year-on-year, from N1.53 billion to N1.27 billion.
Join our WhatsApp ChannelHowever, International Energy Insurance’s net expenses on reinsurance contracts increased by 86 percent to N364.96 million during the period under review, compared to the N196.29 million posted in the first nine months of last year.
Also, the insurance service result dropped to N1.49 billion between the first quarter (Q1) and third quarter (Q3) of 2025, below the N2.63 billion reported in the corresponding period in 2024, representing a 43 percent decrease.
The company offset the decrease by pulling a 6 percent increase in investment return, which rose from N401.66 million between Q1 and Q3 of last year, to N425.18 million this year.
However, the insurer suffered a 97.19 percent year-on-year decline in net foreign exchange income as it dwindled from N11.32 million to N317,000.
In the same vein, operating expenses and other expenses decreased from N1.34 billion recorded between January and September 2024 to N913.33 million during the same period this year, indicating a 32 percent drop.
The financial statement also revealed that the company closed the period under review with N1 billion profit before taxation (PBT), falling short of the N1,68 billion earned in the year before, representing a 40.66 percent.
This led to the firm’s income-tax expense decreasing by 72 percent year-on-year, from N540.45 million to N150.31 million.
Nevertheless, the International Energy Insurance said profit after tax (PAT) declined by 25.83 percent to N851.80 million in the first nine months of this year, from N1.14 billion recorded in the previous year.
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