Fortis Global Insurance Plc has returned to profitability in the financial year ended December 31, 2024, posting a Profit before tax of N4.99 billion, a sharp turnaround from the N1.82 billion loss recorded in 2023.
This is in spite of a decline in Insurance revenue, which moderated at N413.6 million, slightly lower than N418.1 million recorded in 2023.
This is according to the financial statement filed with the Nigerian Exchange (NGX) by the former Standard Alliance Insurance on January 5, 2026.
The financial performance was largely driven by investment properties, which returned N7.64 billion fair value gain on investment properties, compared to a N2.06 billion fair value loss in 2023. This turned the financial insurance result positive at N5.19 billion, from a N1.88 billion loss a year earlier.
Consequently, after a N157.4 million write-down on investments, the company posted a net insurance and finance gain of N5.10 billion, reversing the prior year’s losses.
Despite the headline profit rebound, core insurance activity remained under pressure. Insurance revenue moderated slightly to N413.6 million, down from N418.1 million in the prior year, indicating largely flat underwriting volumes.
At the same time, insurance service expenses rose 7.5% year-on-year to N347.6 million, driven by higher claims and operating costs. This cost pressure caused the insurance service result to fall 31% to N66.1 million, from N94.5 million in 2023.
The collapse in insurance revenue receipts, combined with a sharp rise in operating costs, suggests either a slowdown in premium collections or structural cost pressure within the operations.
Fortis Global recorded a N7.64 billion fair value gain on investment properties, compared with a N2.06 billion fair value loss in 2023. This single line item turned the insurance finance result positive at N5.19 billion, from a N1.88 billion loss a year earlier.
Even after recognising a N157.4 million write-down on investments, the company still posted a net insurance and finance gain of N5.10 billion, effectively reversing the prior year’s losses. Income tax expense remained minimal at N3.1 million, boosting the bottom line.
Also, investments in listed equities rose to N125.5 billion, compared with N102.4 billion in the prior year, a N23.1 billion increase, or roughly 23% growth in the size of the listed equity portfolio. These gains outweighed rising operating costs and other expenses.
Fortis Global Insurance, formerly known as Standard Alliance Insurance, was last traded on the NGX on Friday, June 28, 2019, at a share price of N0.20kobo, far below its 50 kobo par value.
The insurance firm had been under regulatory suspension for failure to comply with NGX post-listing requirements, particularly regulatory disclosures.
The resumption of filing returns followed the lifting of suspension after it changed its name to Fortis Global Insurance in May 2025.
Before then, the National Insurance Commission (NAICOM) had withdrawn its operational licence on June 21, 2022, due to regulatory breaches. Therefore, resumption of filing returns suggests the company is struggling to remedy its obligatory lapses.
It will be recalled that Aso Savings and Loans Plc (currently under liquidation) returned from a similar regulatory suspension last year and recorded over 542% gain in less than two months. The stock price rose from 50kobo to close at N3.21 per share, emerging as the second-best performing stock on NGX in terms of year-to-date percentage gain in 2025.
It will be recalled that Aso Savings and Loans Plc (currently under liquidation) returned from a similar regulatory suspension last year and recorded over 542% gain in less than two months. The stock price rose from 50kobo to close at N3.21 per share, emerging as the second-best performing stock on NGX in terms of year-to-date percentage gain in 2025.