Prestige Assurance Plc recorded improved results for the third quarter of 2025, with both profit before tax (PBT) and profit after tax (PAT) rising significantly, according to the company’s unaudited financial statements.
Profit before tax rose to N316.6 million compared to a loss of N8.03 million in Q3 2024, while profit after tax surged to N241.9 million, up from N120.97 million a year earlier.
Although pretax profit for the nine-month period declined by 66% to N761.5 million, Q3 results reflected solid revenue growth and gains in insurance contracts issued.
Insurance revenue for Q3 2025 rose 40.9% year-on-year to N6.98 billion, supported by growth in gross premium written, particularly across the motor, marine, and fire segments.
However, this improvement was offset by a net expense from reinsurance contracts held, which amounted to N1.01 billion, compared to a gain of N3.9 billion in Q3 2024.
Investment income declined 23.40% year-on-year to N373.7 million, reflecting lower foreign exchange gains and reduced fair value adjustments on financial assets.
However, supported by net gains from insurance contracts issued amounting to N630.6 million, total net insurance and investment income rose to N764.7 million, up 88% year-on-year, helping to strengthen overall performance in Q3.