Prestige Assurance Plc has reported a 100 percent rise in its after-tax profit for the third-quarter (Q3’25) period ended September 30, 2025.
Data from the Nigerian Exchange Group (NGX) show that the company’s earnings rose to N241 million in Q3, up from N120 million reported in the same period of last year.
This was driven by interest income calculated using the effective interest method, which rose to N392 million, and other operating income, which increased by 1,857 percent during the period.
Highlights of the company’s nine-month performance
The company’s statement showed a profit after tax of N761.57 million for the nine months ended September 30, 2025, representing a 68.3 percent decline from the N2.40 billion posted in the same period of 2024.
According to its unaudited financial results, gross premium written rose 24.1 percent to N19.64 billion, compared with N15.83 billion in the corresponding period last year. Insurance revenue also grew 39.6 percent year-on-year to N19.29 billion, supported by improved marketing efforts and stronger broker relationships.
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However, the insurance service also faced a sharp swing in its reinsurance position, recording a net expense of N2.39 billion, compared with a net gain of N1.08 billion in the same period of 2024, which is an adjustment that weighed on earnings.
Additionally, the company’s investment income fell by 44.1 percent to N2.01 billion, down from ₦3.59 billion last year, mirroring market conditions and reduced returns on financial assets.
These pressures contributed to a 66 percent drop in profit before tax, which closed at N894.02 million, down from N2.63 billion in the prior-year period.
Prestige maintained a stable financial position with total assets at N37.93 billion and shareholders’ funds rising by 4 percent to N20.14 billion, reflecting continued balance-sheet strength.
The insurer says it remains focused on strengthening its underwriting capabilities, maintaining effective reinsurance arrangements, and improving service delivery across its core business segments, including motor, marine, engineering, and oil and gas.
