Fortis Global Insurance Plc, a Nigerian insurance company operating in general and life segments, reported a pretax loss of N1.68 billion for the financial year ended December 31, 2025, reversing from a N4.99 billion profit in 2024.
Okay News reports that the downturn was driven by surging insurance costs, management expenses, and finance charges, even as gross written premiums rose modestly.
Gross premium written increased to N461.02 million from N413.64 million, fueled by growth in general business (N260.6 million) and individual life premiums (N195.9 million). Gross premium income stood at N411.2 million after adjustments for unearned premiums and annuities.
Net premium income dipped to N394.6 million from N413.6 million. Claims expenses jumped 58.95% to N552.5 million, leading to total underwriting expenses of N258.2 million and an underwriting loss.
Investment income surged 265.4% to N527.5 million, boosted by interest on deposits, rental income, and other sources.
However, management expenses climbed to N668.8 million, covering higher staff costs, supervisory levies, professional fees, and administrative outlays. Finance charges escalated to N1.3 billion from N251.5 million, compounded by a N382.6 million foreign exchange loss.
Total assets expanded to N25.05 billion from N13.75 billion, supported by cash balances rising to N11.38 billion from N540.66 million, along with increases in investment properties and financial assets.
Borrowings eased slightly to N5.9 billion from N6.1 billion, while shareholders’ equity turned positive, indicating balance sheet improvements amid the loss.
Management stated the company anticipates adjustments in response to government revenue shifts, naira exchange rates, and private sector developments in Nigeria, Africa’s most populous nation with over 200 million people and largest economy. Regulators are expected to prioritise activities enhancing Gross Domestic Product (GDP) and foreign exchange earnings.
Despite the results, Fortis shares rallied 30% in February 2026, closing at N0.26 per share mid-trading on February 6, 2026.
