Status Assurance Plc has launched its full-year 2025 unaudited monetary outcomes, indicating a pointy decline in profitability as revenue earlier than tax (PBT) fell by 76% to N741.3 million, down from N3.09 billion in 2024, regardless of posting double-digit progress in premiums and insurance coverage income.
The steep drop in pretax revenue was largely pushed by a surge in reinsurance-related prices, weaker funding earnings, greater working bills, and overseas alternate losses, which greater than offset good points from underwriting volumes and improved curiosity earnings.
Revenue for the yr declined by 81% year-on-year to N609.3 million, whereas earnings per share fell sharply to 4.60 kobo from 24.42 kobo, underscoring the stress on shareholder returns.
What the info is saying
Headline income indicators remained optimistic. Gross premium written rose by 14% to N25.7 billion, whereas insurance coverage income jumped 28% to N25.16 billion, reflecting improved coverage volumes, pricing changes, and stronger underwriting exercise.
Nevertheless, these good points did not translate into revenue progress. Insurance coverage service bills elevated to N21.24 billion, whereas the web expense from reinsurance contracts swung sharply to a N4.69 billion price, in contrast with a N586 million earnings in 2024. This reversal alone worn out most underwriting good points.
In consequence, the insurance coverage service end result deteriorated to a lack of N762.3 million, from a revenue of N127.7 million a yr earlier, highlighting the rising drag from reinsurance preparations and claims-related changes.
Key monetary highlights:
- Gross Premium Written: N25.70 billion (+14% YoY)
- Insurance coverage Income: N25.16 billion (+28% YoY)
- Insurance coverage Service Bills: N21.24 billion (+6% YoY)
- Web Reinsurance Expense: N4.69 billion (from N586 million earnings in 2024)
- Insurance coverage Service End result: N762.3 million loss (from N127.7 million revenue)
- Complete Funding Revenue: N3.09 billion (-33% YoY)
- Revenue Earlier than Tax: N741.3 million (-76% YoY)
- Revenue After Tax: N609.3 million (-81% YoY)
- Web Belongings / Fairness: N20.25 billion (+4% YoY)
- Complete Belongings: N37.35 billion (-2% YoY)
- Complete liabilities declined by about 8% to N17.1 billion
Extra insights
The insurer delivered a 956% enchancment in insurance coverage service end result earlier than reinsurance, rising to N3.92 billion, signalling that the core underwriting enterprise improved earlier than danger switch prices have been utilized.
- Funding earnings, nevertheless, declined by 33% to N3.09 billion, primarily resulting from:
- A collapse in overseas alternate earnings, which swung to a N283.8 million loss from a N1.89 billion achieve in 2024.
- Decrease general portfolio yields, regardless of a 13% rise in curiosity earnings to N1.94 billion.
Decreased dividend and different funding earnings
- Reinsurance prices surged as ceded premiums almost doubled to N15.01 billion, alongside greater charges, commissions, and adjustments in reinsurance liabilities.
- Working effectivity additionally weakened, with different administration bills rising 34% to N2.12 billion, additional compressing margins.
Steadiness sheet efficiency
Regardless of weaker profitability, Status Assurance Plc’s stability sheet remained comparatively secure in 2025, with complete belongings easing barely to N37.35 billion from N38.00 billion.
- Web belongings elevated by 4% to N20.25 billion, supported by retained earnings and honest worth good points on funding property and monetary belongings.
- On the liabilities facet, complete liabilities declined by about 8% to N17.1 billion, reflecting decrease insurance coverage contract liabilities and decreased commerce payables.
- Fairness strengthened reasonably, with web belongings rising to N20.25 billion. Secure share capital, improved income reserves, and resilient revaluation balances supported capital adequacy.
What it is advisable know
Status Assurance Plc has recorded regular income in its monetary efficiency from 2022 via 2024. In 2022, the insurer reported a pre‑tax revenue of N143.11 million, reflecting modest profitability amidst rising bills.
In 2023, the corporate expanded its danger e book, with gross written premium rising to N14.88 billion and revenue earlier than tax reaching N1.404 billion, pushed by stronger underwriting outcomes.
By 2024, it posted a 51% improve in gross premiums to N22.47 billion, and revenue after tax climbed to N3.236 billion.
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