Prestige Assurance Plc has announced the appointment of Mr. Abhinandan Singh as an Executive Director on its Board.
The development was disclosed in a filing with the Nigerian Exchange Limited (NGX) on Monday, February 23, 2025.
The notice was signed by the Company Secretary, Mrs. Chidinma Ibe-Louis.
According to the filing, the appointment took effect on February 18, 2026.
What they are saying
The company stated that the appointment has received regulatory approval from the National Insurance Commission (NAICOM).
- “This is to notify Nigerian Exchange Limited (NGX) and the investing public of the appointment and approval of National Insurance Commission (NAICOM) of Mr. Abhinandan Singh as an Executive Director on the Board of Prestige Assurance PLC (“the Company”) effective 18 February 2026,” the company said.
The Board expressed optimism about Singh’s capacity to contribute to the company’s strategic objectives.
- “The Board is confident that he will bring his wealth of experience to bear in driving the growth and expansion of the business, and that the Company will be further strengthened by his valuable contributions.”
Get up to speed
Mr. Singh is an experienced insurance professional with expertise spanning Technical Underwriting, Claims Administration, Operations, Accounts, and the Energy business segment.
He previously built strong marketing and operational experience at The New India Assurance Company Limited.
A Fellow of the Insurance Institute of India, Singh brings over 15 years of industry experience and a track record across multiple functional areas in insurance administration and management.
What you should know
Prestige Assurance’s unaudited full-year 2025 financial results show a significant decline in profitability despite growth in top-line performance.
- Profit before tax dropped by 76% to N741.3 million in 2025, compared to N3.09 billion in 2024. Profit after tax fell 81% year-on-year to N609.3 million, while earnings per share declined sharply to 4.60 kobo from 24.42 kobo.
- The fall in profitability was largely attributed to higher reinsurance costs, weaker investment income, rising operating expenses, and foreign exchange losses.
Meanwhile, revenue indicators remained positive. Gross premium written rose 14% to N25.7 billion, and insurance revenue increased 28% to N25.16 billion, reflecting stronger underwriting activity and pricing adjustments.
However, insurance service expenses climbed to N21.24 billion, while net expense from reinsurance contracts swung to a N4.69 billion cost from a N586 million income in 2024, significantly eroding underwriting gains.
