Prime Business Africa
International Energy Insurance Plc had a disastrous first quarter (Q1) in 2026, after a double-digit decline in its revenue and profit, as well as a surge in the company’s expenses.
According to analysis of International Energy’s financial statement for the period ended March 31, 2026, the company suffered a 60.58 percent drop in its turnover, which decreased to N615.78 million, from the N1.56 billion generated in Q1 2025.
Join our WhatsApp ChannelWhile revenue declined, the company saw a double-digit growth in its insurance service expenses, which surged to N585.32 million during the period under review, compared to the N459.59 million incurred in Q1 last year.
Prime Business Africa’s analysis showed that International Energy lost 95.05 percent of revenue to service expenses in Q 1 2026, up from the 24.14 percent gulped in the same period the previous year.
Also, International Energy’s net expenses on reinsurance contracts increased by 22 percent, rising from N52.08 million in the first quarter of 2025 to N63.71 million in the same period this year.
Following the poor topline performance and skyrocketing expenses, the insurance company suffered a N33.25 million service results loss after deducting expenses from the revenue in Q1 2026, compared to the service result gain of N1,05 billion in Q1 2025.
However, investment return increased to N832.10 million between January and March of this year, rising above the N143.12 million reported in the corresponding period in 2025, representing a surge of 481 percent.
Prime Business Africa gathered that International Energy’s earnings was further impacted by a 10 percent year-on-year increase in operating expenses and other expenses, which grew from N430.73 million to N474.38 million.
With service expenses gulping over 95 percent of International Energy’s revenue, and the insurer depending on just investment returns to support earnings, the company suffered a 57.48 percent decline in pretax profit.
It was gathered that profit before tax (PBT) decreased to N324.45 million between January and March 2026, falling below the N763.22 million reported during the corresponding period last year.
Consequently, International Energy’s income tax expense nosedived by 57 percent from the N114.48 million posted in the first quarter of 2025 to N48.66 million in Q1 of this year.
The double-digit decrease in income tax slowed down the decline in profit after tax (PAT), which fell by 57.48 percent to N275.78 million in Q1 2026, failing to replicate the N648.74 million 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.
