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Prestige Assurance Plc, a non–life insurer reported an 82% slide in profit in the 6 months’ (H1) period that ended June 2025, largely due to lower investment income and higher costs compared to a year ago.
Profit for H1, 2025 came in at N519 million, compared to N2.78 billion in the prior period.
While Insurance revenue rose by 39% in the June 2025 period to N12.3 billion, insurance service expense rose by a higher 86%, while total investment income fell by 47% to N1.63 billion, according to data from the financials seen by MoneyCentral.
Total Investment income was affected by a 94% slide in net foreign exchange income compared to the year ago period.
Other management expenses also rose by 53% to N947 million in the H1, 2025 period, compared to a year ago.
Prestige Assurance Plc is a non–life insurance business with over seventy years’ experience in Nigeria. The Company’s core areas of business include motor, marine, bond, engineering, fire, aviation, oil and gas and general accident.
The Company is known for providing expertise especially in high-risk businesses such as aviation, marine, and oil and gas.
Prestige Assurance Plc was incorporated on 6 January 1970. The Company is a subsidiary of New India Assurance Limited which was established on 18 August 1918.
The Company is licensed to carry out non-life insurance business and provides cover in all classes of insurance, basically non-life treaty and facultative insurance, backed by reinsurer in the London and African reinsurance markets.
The products and services by the Company cut across general accident, energy, fire, marine, workers compensation, terrorism and bond.
New India Assurance Company owns a majority 78.3% stake in Prestige Assurance.
Prestige Assurance’s total assets stood at N42.7 billion at the end of June 2025 up 12% from a year ago, while shareholder funds or total equity stood at N19.89 billion.
A new insurance reform bill signed into law by President Bola Tinubu, proposes that the minimum capital required for life, non-life, and reinsurance businesses be raised to N10 billion, N15 billion, and N35 billion, respectively.
Prestige Assurance stock listed on the NGX is up 78.5% year-to-date, and has a market capitalisaton on N28.6 billion.
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