International Energy Insurance Plc has reported a pre-tax profit of N688.8 million in its full-year financial statement for 2025.
While this marks a decline from the N3.1 billion recorded in 2024, this is a positive showing all the same, even as revenue eased compared to the previous year.
Full-year insurance revenue, which largely drives the company’s earnings, stood at N4.08 billion, down 27.37% from N5.6 billion in 2024.
The company’s total insurance revenue for 2025 was N4.08 billion, all from insurance contracts recognized using the Premium Allocation Approach (PAA).
Less favourably, insurance expenses rose to N2.1 billion, up 12.53%, while net reinsurance costs increased 46.99% to N488.9 million.
On the investment side, income rose 94% to N833.3 million, largely driven by interest from bank deposits (N739.6 million).
However, net gains on investment properties fell sharply to N185.3 million from N1.9 billion, and a small foreign exchange loss of N536,000 further limited returns.
After accounting for operating expenses of N1.7 billion and other items, including N255.5 million in other income, pre-tax profit settled at N688.8 million.
On the balance sheet, total assets were valued at N15.8 billion in 2025, slightly lower than N16.8 billion reported in 2024.
Favorably, liabilities fell sharply to N6.8 billion from N24.4 billion, mainly due to a reduction in borrowings to N2.8 billion from N16.4 billion.
Total equity improved to N8.9 billion, with retained earnings rebounding from a loss of N22.3 billion to a positive N145.2 million.