Prestige Assurance Plc has announced a 51 per cent growth in its gross written premium for the 2024 financial year, underscoring the company’s resilience in the face of Nigeria’s challenging business climate.
Funmi Oyetunji, the chairman of the board, disclosed the performance figures during the insurer’s 55th Annual General Meeting (AGM) held in Lagos.
According to her, Prestige Assurance recorded a gross written premium of N22.47 billion in 2024, up from N14.87 billion in 2023. Profit after tax also increased to N3.24 billion, compared to N1.31 billion posted a year earlier.
Oyetunji attributed the robust performance to improved underwriting discipline, prudent investment management, and the commitment of the company’s workforce. “Our results reflect the resilience of our people and our unwavering commitment to meeting the evolving needs of our policyholders,” she stated.
The company’s financial position also strengthened during the year. Shareholders’ funds rose by 21 percent to N19.37 billion in 2024, up from N15.93 billion in the preceding year. Total assets climbed by 36 percent, closing at N38 billion compared to N27.9 billion in 2023.
Despite these improvements, underwriting profit came under pressure, declining to N128 million from N619 million recorded in the prior year. Oyetunji noted that the subdued underwriting performance reflected the difficult operating environment but assured shareholders that corrective measures were already in place.
To strengthen underwriting outcomes, Prestige Assurance has revised policy terms, particularly for its Goods-in-Transit portfolio, to keep exposures within manageable limits. Pre-loss survey exercises are also being prioritised in Fire and Engineering lines, while marine cargo superintending has been enhanced to ensure safe handling of shipments and minimise losses.
Oyetunji further announced that the board would not recommend a dividend payout for the 2024 financial year. She explained that the decision was taken in order to consolidate capital in preparation for the impending insurance industry recapitalisation exercise.
“The Board nevertheless remains committed to a policy of regular dividend payments to our shareholders in appreciation of their continued faith in the company. We are optimistic that dividends will resume after the recapitalisation,” she assured.
Looking to the future, Oyetunji said Prestige Assurance will continue to pursue sustainable growth by strengthening underwriting operations, driving product innovation, and maintaining robust claims-paying capacity.
