Key Highlights
- Prestige Assurance Plc reported a pre-tax profit of N143.11 million in 2022 from a profit of N732.23 million reported during the same period in 2021.
- Net premium income rose to N5.39 billion from N4.59 billion recorded during the comparable period of 2021 full year, representing a 17.43% growth.
- The insurance firm increased net underwritten expenses by 30.86% to stand at N6.59 billion against N4.78 billion in the same period of 2021.
Prestige Assurance Plc has released its audited consolidated and separate financial statements for the financial year ended 2022.
The report showed that the insurance firm’s pre-tax profit dropped by 80.45% to N143.11 million during the period under review, down from N732.23 million in 2021.
The report also showed that the company reported a net premium income of N5.39 billion, a 17.43% increase from N4.59 billion in 2021.
During the period, the company’s profit after tax decreased by 91.42% stand at N59.04 million against N688.28 million in the same period of 2021 as underwritten expenses deepens.
Net premium income
- 2022 FY: N5.39 billion
- 2021 FY: N4.59 billion
- Change: +17%
Net underwritten expenses
- 2022 FY: N6.59 billion
- 2021 FY: N4.78 billion
- Change: +30.86%
Pre-tax profit
- 2022 FY: N143.11 million
- 2021 FY: N732.23 million
- Change:-80.45%
Net Profit after tax
- 2022 FY: N59.04 million
- 2021 FY: N688.28 million
- Change: -91.42%
Bottom line: The Company’s profit was impacted by the rising underwritten expenses following inflationary pressure and depreciation of the naira.
The net underwritten expenses accounted for 56.86% of the gross premium income of N11.59 billion achieved by the company during the period under review.
