Prestige Assurance H1 Profit Soars Past N1 Billion Mark

Despite a 16% decline in gross premium written to N12.83 billion, Prestige Assurance Plc delivered a strong financial performance for the half-year ended June 30, 2026.

The insurer reported a profit after tax of N1.05 billion, representing a remarkable 102% increase from the N519.6 million recorded in the corresponding period of 2025.

According to its second-quarter financial statement filed with the Nigerian Exchange (NGX), profit before tax climbed 97% to N1.14 billion from N577.3 million, while earnings per share doubled to 7.93 kobo from 3.92 kobo. Total insurance revenue edged up 2% year-on-year to N12.56 billion, while net assets rose 5% to reach N21.32 billion.

The primary driver behind this profitability boost was a dramatic turnaround in underwriting efficiency. Insurance service expenses dropped 26% to N8.11 billion from N10.91 billion. This sharp reduction propelled the insurance service result to N1.09 billion, a huge surge from the modest N18.28 million recorded in H1 2025.

This operational strength successfully offset headwinds elsewhere in the business. Net expenses from reinsurance contracts held surged 143% to N3.35 billion, up from N1.37 billion, while total investment income fell 24% year-on-year to N1.25 billion.

Ultimately, disciplined cost management and stronger underwriting margins outweighed lower investment yield and reduced premium generation, leading to impressive profit growth.