Nigerian Insurers Project N4.98bn Profit for Q1 2025
- Posted on December 12, 2024
- Editors Pick
- By Samiat
Nigerian Insurers Project N4.98bn Profit for Q1 2025
Three major Nigerian insurance firms—Cornerstone Insurance, AIICO Insurance, and International Energy Insurance—have announced their combined profit projections of N4.98 billion for the first quarter of 2025. This optimistic outlook underscores the resilience of Nigeria’s insurance sector and its strategic response to evolving market conditions.
Breaking Down the Projections
1️⃣ Cornerstone Insurance
• Profit Before Tax (PBT): N2.07bn
• Insurance Revenue: N10.66bn
• Key Developments: Rising cash and cash equivalents, projected to hit N22.39bn by Q1’s end.
• Past Performance: Gross Written Premium (GWP) grew 6% to N22.25bn in 2022, and over N4bn in claims were paid in H1 2023.
2️⃣ AIICO Insurance
• PBT: N2.42bn
• Gross Written Premiums (GWP): N50.54bn
• Investment Income: Estimated at N11.97bn.
• Track Record: Over N200bn in claims and benefits paid over the past five years, with significant payouts in 2021 (N47.3bn) and 2023 (N46.5bn).
3️⃣ International Energy Insurance
• PBT: N207.86m
• GWP: N3.88bn
• Focus: Improved service results, with projections of N1.06bn.
Significance
This collective effort by Nigerian insurers reflects a commitment to strengthening financial stability and building trust within the industry. By achieving these targets, the sector aims to enhance customer confidence, create value for shareholders, and contribute to Nigeria’s economic growth.
Stay tuned for updates as these firms work to meet their ambitious Q1 2025 goals!
Three major Nigerian insurance firms—Cornerstone Insurance, AIICO Insurance, and International Energy Insurance—have announced their combined profit projections of N4.98 billion for the first quarter of 2025. This optimistic outlook underscores the resilience of Nigeria’s insurance sector and its strategic response to evolving market conditions.
Breaking Down the Projections
1️⃣ Cornerstone Insurance
• Profit Before Tax (PBT): N2.07bn
• Insurance Revenue: N10.66bn
• Key Developments: Rising cash and cash equivalents, projected to hit N22.39bn by Q1’s end.
• Past Performance: Gross Written Premium (GWP) grew 6% to N22.25bn in 2022, and over N4bn in claims were paid in H1 2023.
2️⃣ AIICO Insurance
• PBT: N2.42bn
• Gross Written Premiums (GWP): N50.54bn
• Investment Income: Estimated at N11.97bn.
• Track Record: Over N200bn in claims and benefits paid over the past five years, with significant payouts in 2021 (N47.3bn) and 2023 (N46.5bn).
3️⃣ International Energy Insurance
• PBT: N207.86m
• GWP: N3.88bn
• Focus: Improved service results, with projections of N1.06bn.
Significance
This collective effort by Nigerian insurers reflects a commitment to strengthening financial stability and building trust within the industry. By achieving these targets, the sector aims to enhance customer confidence, create value for shareholders, and contribute to Nigeria’s economic growth.
Stay tuned for updates as these firms work to meet their ambitious Q1 2025 goals!
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