Prestige Assurance Plc recorded improved results for the third quarter of 2025, with both profit before tax (PBT) and profit after tax (PAT) rising significantly, according to the company’s unaudited financial statements.
Profit before tax rose to N316.6 million compared to a loss of N8.03 million in Q3 2024, while profit after tax surged to N241.9 million, up from N120.97 million a year earlier.
Although pretax profit for the nine-month period declined by 66% to N761.5 million, Q3 results reflected solid revenue growth and gains in insurance contracts issued.
Key Highlights (Q3 2025 vs Q3 2024)
- Insurance Revenue: N6.98 billion (+40.9% YoY)
- Insurance Service Expenses: N6.2 billion (-30.6% YoY)
- Insurance Service Result: N(239.5) million (vs N(81.2) million in Q3 2024)
- Total Investment Income: N373.7 million (–23.4% YoY)
- Profit Before Tax: N316.7 million (vs N(8.0) million in Q3 2024)
- Profit After Tax: N241.97 million (+100% YoY)
- Earnings per Share: 2 kobo (+100% YoY)
- Total Assets: N37.93 billion (–0.2% YoY)
- Total Equity: N20.14 billion (+4.0% YoY)
Top-line pressured by higher reinsurance costs
Insurance revenue for Q3 2025 rose 40.9% year-on-year to N6.98 billion, supported by growth in gross premium written, particularly across the motor, marine, and fire segments.
- Insurance service expenses declined to N6.2 billion from N8.9 billion a year earlier, reflecting better cost management.
However, this improvement was offset by a net expense from reinsurance contracts held, which amounted to N1.01 billion, compared to a gain of N3.9 billion in Q3 2024.
- As a result, the insurance service result showed a wider loss of N239.5 million, compared to a loss of N81.2 million in the same period last year.
Weaker investment returns, but net income improves
Investment income declined 23.40% year-on-year to N373.7 million, reflecting lower foreign exchange gains and reduced fair value adjustments on financial assets.
- Interest Income: N392.2 million (-8.1% YoY)
- Other Investment Income: N48.2 million (-63.5% YoY)
- Net Foreign Exchange loss: N(193.8) million vs (N90.7 million) in Q3 2024.
However, supported by net gains from insurance contracts issued amounting to N630.6 million, total net insurance and investment income rose to N764.7 million, up 88% year-on-year, helping to strengthen overall performance in Q3.
- Along with operating income of N27.4 million, profit before tax rose to N316.6 million, despite management expenses amounting to N475.5 million.
Balance sheet position
- Total assets stood at N37.93 billion, a marginal 0.2% year-on-year decline, mainly due to lower financial assets and cash balances.
- Total equity rose 4% to N20.14 billion, indicating a stable capital base.
- Total liabilities increased 4.7% year-on-year to N17.79 billion, mainly due to higher insurance liabilities, including claims reserves and reinsurance obligations.
