Prestige Assurance Plc, a leading Nigerian non-life insurer, reported significant financial growth in 2024, driven by strategic initiatives and operational efficiency.
Financial Performance Highlights:
Gross Premium Written: Increased by 51% to ₦22.51 billion in 2024, up from ₦14.88 billion in 2023.
Insurance Revenue: Rose by 44% to ₦19.56 billion, compared to ₦13.55 billion in the previous year.
Profit After Tax: Surged by 120% to ₦2.88 billion, from ₦1.31 billion in 2023.
Investment Income: More than doubled, reaching ₦4.19 billion, a 113% increase from the prior year.
Operational Developments:
The company attributed its growth to improved marketing techniques, prompt claim settlements, and support from its parent company, New India Assurance Limited. This support enhanced Prestige’s capacity to underwrite high-risk businesses.
Strategic Initiatives:ener
Prestige Assurance is focusing on expanding its retail business, developing new products tailored to the retail market. The company is also exploring various avenues to meet potential capitalization requirements, including private placements, rights issues, and public offers.
Dividend Declaration:
In 2024, Prestige Assurance declared a dividend of 2 kobo per share, reflecting its improved financial performance and commitment to delivering value to shareholders.
Outlook:
With a solid financial foundation and strategic focus on retail expansion, Prestige Assurance Plc is well-positioned for continued growth and value creation in Nigeria’s insurance sector.
