WorldStage– Prestige Assurance Plc, one of Nigeria’s leading general insurance companies has announced its 2025 result with profit after tax dropping the most in three years following the insurer’s inability to match its operating income with the increase in its assets.
Its audited financial statement for the year ending December 31 revealed a 15.3 percent rise in its asset, from N34 billion in 2024 to N39.2 billion last year. Its owner equity rose 1.6 percent from N19.4 billion to N20.3 billion in the same period—just as its liabilities climbed 1.6 percent from 18.6 billion to N18.9 billion over the same period.
The financial position, however, could not generate revenues especially from operating activities to justify the assets. The company’s profit after tax tumbled 110 percent from N4.2 billion in 2024 to N28.6 million last year, the biggest in since 2023.
The drop in profit reflected Prestige’s operating performance whose net cash flow recorded a N5.9 billion loss in the reporting year, three times N1.4 billion it generated the year before. That the insurer paid out about 70 percent of the N25 billion premium it received also indicated the level of its income-generating operating activities
Net cash from investing and financing activities respectively stood at N3.6 billion from a N2.2 billion loss in 2004—and N3.6 million from N265 million generated in 2024.
Net cash and cash equivalent also recorded a loss which decreased 71 percent from N1.3 billion in 2024 to N375 million last year.
