By David Akinmola
An underwriting firm, Prestige Assurance Plc has reported a strong 2024 financial outcome, with gross written premium rising by 51 per cent to N22.47 billion, while profit after tax reflecting disciplined underwriting and prudent investment management.
This was disclosed by the chairman of the insurer, Mrs. Funmi Oyetunji, at the 55th yearly general meeting in Lagos, said profit after tax nearly trpled to N3.24 billion from N1.31 billion in 2023, driven by improved underwriting discipline and investment strategies.
Stakeholders’ funds rose 21 per cent to N19.37 billion, while total assets expanded by 36 per cent to N38 billion. Oyetunji credited the growth to management’s commitment to risk management and innovation, noting that company had revised policy terms on Goods- in-Transit cover and strengthened marine cargo
Supervision to reduce claims volatility.
Despite the robust topline and bottom-line results, underwriting profit dipped to N128 million from N819 million in 2023, reflecting pressures from Nigeria’s challenging operating environment.
Oyetunji told shareholders that the board would not declare a dividend for the 2024 financial year, citing the need to conserve capital ahead of the industry-wide recapitalization exercise. “The board remains committed to resuming dividend payments post-recapitalization, as we continue to build long-term value for investors,” she assured.
Looking forward, Prestige Assurance plans to consolidate gains by enhancing product innovation, strengthening underwriting operations, and ensuring sustainable growth while maintaining a strong claims-paying capacity
