Prime Business AfricaPrestige Assurance said it surpassed the N11.57 billion gross premium reported for the first half (H1) of 2024, after recording N15.32 billion in the same period this year, reflecting an increase of 32 percent.
According to the company’s unaudited financial statements for the first half of 2025, insurance revenue grew 39 percent year-on-year, from N8.86 billion to N12.30 billion.
Join our WhatsApp ChannelThe earnings report showed that Prestige Assurance’s service expenses outstripped turnover growth, as the former increased by 86 percent to N10.91 billion in H1 2025, compared to the N5.87 billion spent in H1 2024.
However, the insurer’s net expense from reinsurance contracts held was N1.37 billion between January and June of this year, against the N2.32 billion posted in the same period in 2024, representing a decrease of 41 percent.
Consequently, Prestige Assurance recorded a 97 percent decrease in insurance service result, which dropped to N18.28 billion in H1 2025, falling below the N664.50 million recorded in H1 last year.
Also, total investment income fell during the period under review to N1.63 billion, against the N3.09 billion recorded in the first half of 2024, indicating a decrease of 47 percent.
In the same vein, net insurance & investment income dropped by 59 percent to N1.52 billion in the first six months of this year, compared to the N3.76 billion posted in the corresponding period in 2024.
Prestige Assurance also suffered an 82 percent decrease in its profit before tax (PBT), which dropped to N577.33 million in H1 2025, falling below the N3.14 billion recorded in the same period the previous year.
As a result, the company’s income tax dropped by 84 percent to N57.73 million during the period under review, compared to the N358.76 million tax filed in H1 2024.
Following the tax deductions, Prestige Assurance closed the first half of 2025 with N519.60 million profit after tax (PAT), failing to replicate the N2.78 billion reported in the corresponding period last year, reflecting a decline of 81 percent.
In addition, Prestige Assurance reported total assets increased to N42.72 billion in H1 2025, from N38 billion in H1 2024, while total liabilities rose from N18.62 billion to N22.82 billion during the same period.
This indicates total liabilities outgrew total assets, as the former increased by 22.50 percent and the latter rose by 12.41 percent.
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