Prestige Assurance Premium Growth & Dividend Withhold
- Prestige Assurance Plc announced a considerable 51% increase in its gross written premium for the 2024 financial year, demonstrating strong performance despite a challenging economic climate in Nigeria....
- The company's financial performance in 2024 showed significant improvements across several key metrics.
- Shareholders' funds grew by 21%, increasing from N15.93 billion in 2023 to N19.37 billion in 2024.
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Table of Contents
Updated October 3, 2025, at 06:01:43 GMT
Overview
Prestige Assurance Plc announced a considerable 51% increase in its gross written premium for the 2024 financial year, demonstrating strong performance despite a challenging economic climate in Nigeria. The results were presented at the company’s 55th Annual General Meeting in Lagos by Chairman Mrs. Funmi Oyetunji.
Key Financial Highlights
The company’s financial performance in 2024 showed significant improvements across several key metrics. Gross written premium increased from N14.87 billion in 2023 to N22.47 billion in 2024. Profit after tax also saw a considerable rise, reaching N3.24 billion in 2024 compared to N1.31 billion in the previous year.
| Financial Metric | 2023 (N billions) | 2024 (N billions) | Percentage Change |
|---|---|---|---|
| Gross Written Premium | 14.87 | 22.47 | 51% |
| Profit After Tax | 1.31 | 3.24 | 147.3% |
| Shareholders’ Funds | 15.93 | 19.37 | 21% |
| Total Assets | 27.9 | 38.0 | 36% |
| Underwriting Profit | 0.619 | 0.128 | -79.3% |
Shareholders’ funds grew by 21%, increasing from N15.93 billion in 2023 to N19.37 billion in 2024. Total assets also experienced a surge of 36%, closing the year at N38 billion compared to N27.9 billion in the previous year.These figures indicate a strengthening financial position for Prestige Assurance.
Challenges and Mitigation Strategies
Despite the positive topline growth, Prestige Assurance acknowledged that its underwriting performance was negatively impacted by the challenging operating environment in Nigeria. The underwriting profit decreased from N619 million in 2023 to N128 million in 2024. This decline highlights the difficulties faced by insurers in navigating economic instability and its effects on risk assessment and claims.
To address these challenges, the company implemented new measures focused on enhanced risk management and underwriting discipline. These strategies aim to improve profitability and maintain financial stability in the face of ongoing economic pressures.