Prestige Assurance pays N15.53bn claims as insurance revenue rises 28.3%
CAPTION; L-R: Managing Director/CEO, Prestige Assurance Plc,Mr. Umesh Rathod; Chairman, Mrs. Funmi Oyetunji; and the Company Secretary, Mrs. Chidinma Ibe-Lious, at the Prestige Assurance Plc 56th Annual General Meeting eeting held in Lagos on Thursday.
Abdullateef Fowewe
Prestige Assurance Plc paid N15.53 billion in claims to policyholders in the 2025 financial year, representing a significant increase from the N11.04 billion paid in the previous year.
The Chairman of the company, Mrs Funmi Oyetunji, disclosed this at the 56th Annual General Meeting (AGM) of Prestige Assurance Plc held on Thursday, August 20, 2026, at the Shell Hall, MUSON Centre, Onikan, Lagos.
Despite the increase in claims paid, Oyetunji said the company recorded an improvement in its claims ratio, which declined to 75 per cent in 2025 from 87 per cent in 2024.
She said the development reflected the company’s ability to manage its claims obligations while sustaining growth in its insurance business.
According to Oyetunji, Prestige Assurance’s insurance revenue grew by 28.26 per cent during the year, rising from N19.59 billion in 2024 to N25.12 billion in 2025.
She said the company’s overall performance reflected prudent management, cost optimisation, improved operational efficiency and the value of its long-term strategic investments despite the challenging macroeconomic environment.
Oyetunji also disclosed that shareholders’ funds increased by 4.62 per cent to N20.27 billion, while financial assets, total assets and total equity rose by 3.74 per cent, 3.14 per cent and 4.62 per cent, respectively.
However, the company’s management expenses increased significantly during the period. They rose by 57.45 per cent, from N1.58 billion in 2024 to N2.48 billion in 2025.
The chairman attributed the increase to business expansion, higher prices of goods and services, as well as enhanced remuneration for employees during the financial year.
Despite the growth in insurance revenue and claims payments, Prestige Assurance’s profit before tax (PBT) declined to N360 million in 2025, compared with N3.09 billion recorded in 2024.
Oyetunji attributed the decline mainly to the reversal of the currency depreciation gains recorded in the previous year.
The company’s earnings per share also fell substantially from 24.42 kobo in 2024 to 0.22 kobo in 2025.
She said Prestige Assurance would continue to focus on operational efficiency, prudent management and strategic investments as it navigates the changing business environment.
Speaking on the company’s outlook, the Managing Director, Umesh Rathod, said the insurer was targeting stronger growth and profitability following the industry’s recapitalisation exercise.
Rathod said the company would restructure its operations around four strategic themes aimed at strengthening its position in the general insurance market.
“After the recapitalization exercise, the Company aims to be one of the leading general insurance businesses in terms of growth and profitability, offering superior financial services to the delight of all stakeholders,” he said.
According to him, the strategy would focus on deepening market penetration and customer acquisition, customer and service delivery excellence, transforming people and culture, and driving operational effectiveness through innovation and technology.
