By Chinwe Michael
Copyright businessday
Prestige Assurance Plc has announced its unaudited financial results for the second quarter ended June 30, 2025, showing strong growth in its operations and a commitment to customer service satisfaction through significant claims settlement.
The results published on the Nigerian Exchange Group (NGX) show that the company recorded a 32 percent increase in Gross Premium Written, rising from N11.575 billion in H1 2024 to N15.32 billion in H1 2025. This reflects continued confidence from policyholders and the company’s strategic focus on market expansion and product innovation.
Insurance revenue also increased by 39 percent, from N8.863 billion in the same period last year to N12.30 billion in H1 2025, highlighting strong underwriting performance and sustained growth momentum across business lines.
In fulfilling its promise of protection to policyholders, Prestige Assurance paid out a total of N6.08 billion in claims during the first half of 2025, up from N3.85 billion in H1 2024, a 58 percent increase year-on-year. This underlines the company’s financial strength and unwavering commitment to prompt claims settlement.
However, profit for the period stood at N519.6 million, from N2.79 billion recorded in the same period last year, largely impacted by foreign exchange (forex) volatility in Nigeria during the financial period, as the naira depreciated sharply against major currencies due to persistent demand pressures, among other challenges. This impacted the company’s investment income and operating costs.
Despite this, the company’s total assets rose to N42.72 billion from N38.00 billion in H1 2024, reflecting a healthy balance sheet and the ongoing investment in strengthening its capital base and operational capabilities.
Amid the ongoing industry recapitalisation mandated by the Nigerian Insurance Industry Reform Act (NIIRA), Prestige Assurance, backed by strong financial support from its parent company, has expressed confidence that meeting the recapitalisation requirement will not pose a challenge.
The company continues to focus on delivering customer-centric solutions, enhancing digital capabilities, and deepening its footprint in the Nigerian insurance industry.
