Prestige Assurance Plc has strengthened its position in the insurance market with a 51 per cent growth in gross written premium, hitting N22.4 billion in 2024. The insurer’s profit after tax also climbed, underscoring the sector’s resilience amid ongoing reforms and strict regulatory demands.,

This was disclosed by the chairman of the firm, Mrs. Funmi Oyetunji, at the 55th yearly general meeting in Lagos, saying profit after tax nearly tripled to N3.24 billion from N1.31 billion in 2023, driven by improved underwriting discipline and investment strategies.

According to her, stakeholders’ funds rose 21 per cent to N19.37 billion, while total assets expanded by 36 per cent to N38 billion.Oyetunji credited the growth to management’s commitment to risk management and innovation, noting that the company had revised policy terms on Goods-in-Transit covered and strengthened marine cargo.

Despite the robust topline and bottom-line results, the firm said its underwriting profit dipped to N128 million from N819 million in 2023, reflecting pressures from Nigeria’s challenging operating environment.

Oyetunji told shareholders that the board would not declare a dividend for the 2024 financial year, citing the need to conserve capital ahead of the industry-wide recapitalisation exercise.

“The board remains committed to resuming dividend payments post-recapitalization, as we continue to build long-term value for investors,” she assured.

Looking forward, Prestige Assurance planned to consolidate gains by enhancing product innovation, strengthening underwriting operations, and ensuring sustainable growth while maintaining a strong claims-paying capacity.