WorldStage– Underwriting firm African Alliance Insurance Plc has released its long-awaited audited financial statements for the year ended December 31, 2024, posting a full-year profit after tax of ₦3.17 billion, rebounding from a loss of ₦4.55 billion recorded in the corresponding period of 2023.
According to the official filing submitted to the Nigerian Exchange Limited (NGX), the financial recovery highlights significant improvements in insurance revenue recognition and operational cost containment under the guidance of its Interim Management Board.
Key Financial Highlights from the Report:
Insurance Revenue: Rose by 45% to ₦10.25 billion for FY 2024, compared to ₦7.09 billion achieved in 2023.
Insurance Service Result: Surged to a positive ₦9.16 billion (compared to a loss of ₦9.03 billion in 2023), driven by a 94% reduction in insurance service expenses to ₦993.96 million.
Pre-Tax Profit: Rebounded to ₦3.18 billion from a loss before tax of ₦4.55 billion in FY 2023.
Total Assets: Expanded marginally by 1.5% to ₦49.50 billion from ₦48.79 billion as at December 31, 2023.
Total Liabilities & Contract Obligations: Insurance and investment contract liabilities dropped 6.89% to ₦40.26 billion, while total liabilities settled at ₦45.51 billion.
Shareholders’ Equity: Rebounded strongly to ₦3.99 billion, marking a 388% increase from ₦2.07 billion at year-end 2023.
Governance & Regulatory Context:
The financial statement reflects a key transitional period for the life specialist. On October 30, 2024, the National Insurance Commission (NAICOM) dissolved the former board and constituted an Interim Management Board—led by Chairman Haruna Mustafa and Managing Director/CEO Jacob Erabor—to stabilize operations and address statutory compliance requirements.
In their joint statement, the executive leadership confirmed that internal controls over financial reporting remain effective, while TAC Professional Services (Chartered Accountants) issued an unqualified audit opinion on the 2024 accounts. The board did not recommend a dividend payout for the 2024 financial year as capital preservation remains a priority.
