Prestige Assurance Reports ₦776.5 Million Profit, Up 25.2%

SEC Approves Extension Of Prestige Assurance Plc's Rights Issue Offer Period
Prestige Assurance

Prestige Assurance Plc, a non–life insurance business with over sixty years of experience in Nigeria reports growth in its profit after tax from N620.348 million recorded in the first six months of 2020 to N776.5 million in the first half of 2021.

From the results made available to Brand Spur, the Gross Premium Income of the Prestige Assurance increased by 38.86% compared with the previous period.

Prestige Assurance profit before tax surged by 14.22 percent to N970.624 million in H1 2021 from N849.792 million in H1 2020.

Net premium income for the non-life insurer soared by 34.82 percent from N1.916 billion in H1 2020 to N2.584 billion in H1 2021. The company’s underwriting expenses grew to N2.262 billion in the period under review, up by 51.43 percent in comparison to N1.494 billion in the same period of 2020.

SEC Approves Extension Of Prestige Assurance Plc's Rights Issue Offer Period

Total assets climbed by 4.96% to N19.423 billion from N18.505 billion for the period.

The Shareholder’s Fund of the Company increased by N3.78 Billion representing 41.72% Increase when compared with 30th June 2020 and as well 3.59% growth when compared with December 2020.

The company’s core areas of business include motor, marine, bond, engineering, fire, aviation, oil and gas and general accident. The Company is known for providing expert knowledge especially in high-risk businesses such as aviation, marine, oil and gas.