International Energy Insurance Plc has reported a pre-tax profit of N688.8 million in its full-year financial statement for 2025.
While this marks a decline from the N3.1 billion recorded in 2024, this is a positive showing all the same, even as revenue eased compared to the previous year.
Full-year insurance revenue, which largely drives the company’s earnings, stood at N4.08 billion, down 27.37% from N5.6 billion in 2024.
Key highlights (FY2025 vs FY2024)
- Insurance revenue: N4.08 billion, down 27.37% YoY
- Insurance service result: N1.4 billion vs N3.4 billion
- Investment income: N833.3 million, up 94.03% YoY
- Net gains on investment property: N185.3 million vs N1.9 billion
- Net investment income: N1.1 billion vs N2.4 billion
- Net insurance & investment result: N2.5 billion vs N5.8 billion
- Operating expenses: N1.7 billion vs N2.6 billion
- Pre-tax profit: N688.8 million vs N3.1 billion
- Premiums received: N3.3 billion vs N4.3 billion
What the company’s books are saying
The company’s total insurance revenue for 2025 was N4.08 billion, all from insurance contracts recognized using the Premium Allocation Approach (PAA).
Less favourably, insurance expenses rose to N2.1 billion, up 12.53%, while net reinsurance costs increased 46.99% to N488.9 million.
- As a result, the insurance service result declined to N1.4 billion from N3.4 billion in 2024, reflecting higher costs, though it still contributed to overall earnings.
On the investment side, income rose 94% to N833.3 million, largely driven by interest from bank deposits (N739.6 million).
However, net gains on investment properties fell sharply to N185.3 million from N1.9 billion, and a small foreign exchange loss of N536,000 further limited returns.
- As a result, net investment income declined to N1.1 billion from N2.4 billion in 2024.
After accounting for operating expenses of N1.7 billion and other items, including N255.5 million in other income, pre-tax profit settled at N688.8 million.
Balance sheet performance
On the balance sheet, total assets were valued at N15.8 billion in 2025, slightly lower than N16.8 billion reported in 2024.
- Investment properties (N4.6 billion), financial assets at amortized cost (N4.07 billion), and cash and cash equivalents (N3.6 billion) were the major contributors.
Favorably, liabilities fell sharply to N6.8 billion from N24.4 billion, mainly due to a reduction in borrowings to N2.8 billion from N16.4 billion.
Total equity improved to N8.9 billion, with retained earnings rebounding from a loss of N22.3 billion to a positive N145.2 million.
What to know
- Premiums received fell to N3.3 billion from N4.3 billion.
- Claims and benefits paid rose to N735.9 million from N628.4 million, reflecting higher insurance activity.
- Despite weaker top-line performance, the company maintained profitability through investment gains and cost management.
- Year-to-date, the company’s shares are up 24% on the Nigerian Exchange in 2026.
