Fortis Global Insurance Plc reported a loss before tax of N1.68 billion for the year ended 31 December 2025.
This compares with a profit before tax of N4.99 billion recorded in the same period of 2024, marking a sharp reversal in performance.
The result represents a significant decrease in the company’s year-to-date earnings, as it moved from profitability into a loss position.
Bottom-line profitability was hampered by insurance costs, management expenses, and finance charges, despite softer growth in gross written premiums.
Key Highlights
- Gross premium written: N461.02 million (Up from N413.64 million)
- Net premium income: N394.6 million (Down from N413.6 million)
- Total underwriting expenses: N258.2 million (vs N66.04 million gain in 2024)
- Finance charges: N1.3 billion vs N251.5 million
- Pre-tax profit: N1.68 billion loss (Down from N4.99 billion profit)
- Total assets: N25.05 billion (Up from N13.75 billion)
- Cash balance: N11.38 billion (Up from N540.66 million)
Driving the numbers
Gross written premiums increased year on year from N413.6 million in 2024 to N461 million in 2025, driven mainly by growth in general business (N260.6 million) and individual life premiums (N195.9 million).
After accounting for unearned premiums and movements in annuities, gross premium income settled at N411.2 million.
However, underwriting performance weakened.
- Net underwriting income narrowed to N394.6 million from N413.6 million, while claims expenses surged 58.95% to N552.5 million, resulting in an underwriting loss of N258.2 million despite higher premium volumes.
- On a positive note, investment income rose sharply to N527.5 million, up 265.4% year on year, driven by interest on deposits, rental income, and other sources.
- Cost pressures, however, weighed heavily on overall performance.
- Management expenses rose substantially to N668.8 million, reflecting higher staff costs, supervisory levies, professional fees, and other administrative expenses.
- In addition, finance charges rose sharply to N1.3 billion, alongside a foreign exchange loss of N382.6 million, turning the company’s pretax profit of N4.9 billion in 2024 into a pretax loss of N1.6 billion in 2025.
On the balance sheet, total assets expanded significantly from N13.7 billion to N25.05 billion, supported by higher cash balances, investment properties, and financial assets.
Borrowings declined modestly to N5.9 billion from N6.1 billion in the prior year, while shareholders’ equity returned to positive territory, reflecting balance sheet restructuring despite the reported loss for the year.
Management commentary
According to management, the company expects notable adjustments going forward as it adapts to shifts in government revenue, Naira exchange rates, and private sector initiatives.
Regulators are expected to focus on GDP-boosting and foreign exchange–earning activities.
Market reaction
Shares of the company appeared largely unfazed by the weaker financial results, rallying 30% in February 2026—its best month on record. As of mid-trading on 6 February 2026, the shares were priced at N0.26.
