Even the sale of an investment property in choice areas across the country could not salvage International Energy Insurance (IEI) Plc from an inevitable slump in earnings, as the underwriting firm continues to grapple with deteriorating sales.
The insurer posted profit after tax (PAT) of N275.78 million as at March 2026, which is 57.48 percent lower than 2025’s N648.74 million.
It is important to note that the company generated N590 million from the sale of investment properties, which helped reduce the deteriorating profit margin.
Analysts have raised concerns that the insurer is not generating sizable premium income needed to drive an expansion in profit.
As it is, operating costs exceed revenue, which validates deteriorating combined ratio.
 The combined ratio is a measure of profitability used by an insurance company to gauge how well it is performing in its daily operations.
A ratio below 100 percent indicates that the company is generating an underwriting profit, while a ratio above 100 percent means that it is paying out more money in claims than it is receiving in premiums.
Key Financial Highlights
Lower coverage undermine premium income:Â There are indications that lower coverage has undermined premium income. For instance, gross premium written fell by 22.61 percent to N880.14 million in the first six months of 2026 from N1.13 billion as at March 2025.
A breakdown of revenue figure shows premium income from Motor segment dipped by 51.09 percent to N324.24 million as at March 2026.
Revenue from 27.33 fell by 27.33 percent to N178.38 million from N140.09 million the previous year.
Income from Marine business was down by 11 percent to N131.73 million in the period under review from N148 million the previous year.
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