Prestige Assurance grows gross written premium by 51% to N22.47bn in 2024
L-R: MD/CEO,Prestige Assurance Plc,Mr Umesh Rathod;Acting Chairman/Non-Executive Director,Dr.Nosike Agokei and Company Secretary,Mrs Chidinma Ibe-Louis during the 55th Annual General Meeting of the company held at Muson Centre, Onikan, Lagos on tuesday
Prestige Assurance grows gross written premium by 51% to N22.47bn in 2024
Nike Popoola
Prestige Assurance Plc recorded a 51 percent growth in its gross written premium for the 2024 financial year, reflecting resilience in a challenging operating environment.
The company’s Chairman, Mrs. Funmi Oyetunji, disclosed this on Tuesday while presenting the 2024 financial report at the 55th Annual General Meeting (AGM) of the firm in Lagos.
According to her, Prestige Assurance generated a gross written premium of N22.47 billion in 2024, compared to N14.87 billion in 2023. Profit after tax also rose significantly to N3.236 billion, up from N1.310 billion in the previous year.
Oyetunji attributed the strong performance to improved underwriting discipline, prudent investment management, and the dedication of management and staff. “Our results reflect the resilience of our people and our unwavering commitment to meeting the evolving needs of our policyholders,” she said.
On the company’s financial position, shareholders’ funds rose by 21 percent to N19.37 billion in 2024, up from N15.93 billion in 2023.
Total assets also grew by 36 percent, closing the year at N38 billion compared to N27.9 billion a year earlier.
Despite the improved topline numbers, she noted that underwriting performance was affected by the difficult operating environment, recording a figure of N128 million from N619 million in 2023. To address this, Oyetunji explained that the company had introduced several initiatives, including revising policy terms especially on Goods-in-Transit cover to keep risk exposure within manageable limits. Pre-loss survey exercises are also being prioritized for Fire and Engineering risks, where claims are more prevalent. Additionally, marine cargo superintending has been strengthened to ensure safe handling of shipments and minimize losses.
However, Oyetunji announced that the company would not be recommending dividend payments for the 2024 financial year. She explained that the decision was driven by the need to consolidate funds in preparation for the insurance industry recapitalization exercise.
“The Board nevertheless remains committed to a policy of regular dividend payments to our shareholders in appreciation of their continued faith in the company. We are optimistic that dividends will resume after the recapitalization,” she assured.
Looking ahead, the chairman said Prestige Assurance will focus on sustainable long-term growth by strengthening underwriting operations, enhancing product innovation, and maintaining robust claims-paying capacity.
