Prestige Assurance Plc, Nigerian based non-life insurer, has reported its results for the second quarter of 2024, which includes a net income of N2.78 billion, representing a substantial increase from the previous year’s N559.28 million.
At the same time, revenues for Q2 2024 under Nigeria’s generally accepted accounting principles (GAAP) sat at N8.86 billion, climbing N2.58 billion, or 41.08 percent compared to the prior year quarter.
The insurer has been investing in new products that are now pivotal to earnings growth even amid a challenging environment.
There are indications the company will pay bumper dividend to its shareholders since it is recording double digit growth in profit.
It important to note that profit got a boost from a N2.02 billion foreign exchange gains as some financial institutions that have dollar denominated assets in their books benefitted from currency devaluation.
Investment income was up 47.61 percent to N1.08 billion in the period under review from N731.58 million the previous year.
About the company
Prestige Assurance Plc is a Nigeria-based non-life insurance business. The Company provides cover in all classes of insurance, basically non-life treaty and facultative insurance, backed by reinsurer in the London and African reinsurance markets.
Its products include personal insurance, commercial insurance, industrial insurance, and liability insurance. Its personal insurance products include Motor Insurance, Mediclaim (Health Insurance), Overseas Mediclaim (Travel Insurance), Salary Protection Shield (PSPS) and others.
Its commercial insurance products include Motor Insurance, Marine Cargo Policy, Agricultural Insurance, Aviation, Group Mediclaim Policy (Health Insurance), Overseas Mediclaim (Travel Insurance) and others.
Its industrial insurance includes Machinery Breakdown, Fire and Allied Perils, Burglary (BP), Electronic Equipment Policy, and others. Its liability insurance products include Public Liability Policy, Products Liability Policy, and others.
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