Prestige Assurance Plc has announced a remarkable doubling of its profit after tax for the first half of 2026, reaching N1.05 billion compared to N524.4 million in the same period last year. The achievement comes despite a 16% decline in gross premium income, which dropped from N7.2 billion to N6.0 billion, reflecting tough operating conditions in the insurance sector.
Underwriting and Investment Performance
Underwriting profit improved to N1.34 billion from N1.08 billion, indicating stronger risk management and cost control. Net investment income rose by 16% to N1.65 billion, cushioning the impact of reduced premium collection. Total assets grew to N33.7 billion, up from N31.2 billion at the end of 2025.
Strategic Focus and Outlook
The company attributed the profit growth to enhanced operational efficiency, better claims management, and strategic asset allocation. Management expressed confidence in sustaining profitability through product innovation and digital transformation. The insurer plans to expand its retail footprint and leverage technology to reach underserved markets.
Financial Health and Ratios
Earnings per share rose to 42 kobo from 21 kobo. The combined ratio improved, reflecting lower loss ratios and disciplined expense management. Despite the premium contraction, the company maintained a strong solvency margin above regulatory requirements.
