Fortis Global Insurance Plc has submitted its audited financial statements for the year ended 31 December 2025 to the Nigerian Exchange Limited, revealing a sharp contraction in bottom-line performance despite a strong expansion in its asset base and cash reserves.
The financial statements, officially filed in line with regulatory transparency mandates on Wednesday, 3 June 2026, showed that the underwriter transitioned from a position of profitability into a deep deficit, heavily weighed down by a massive surge in insurance service expenses and a steep drop in its investment returns.
According to the regulatory filing, the company’s loss after tax hit N1.89bn, a sharp 139 per cent decline from the N4.99bn profit recorded in the corresponding period of 2024.
A deep dive into the income statement showed that while insurance revenue climbed 29 per cent to N535.95m up from N413.64m in 2024, the gains were completely erased by insurance service expenses, which surged 218 per cent from N347.59m to N1.11bn.
Furthermore, net insurance and investment returns suffered a devastating 110 per cent crash, plunging from a positive N7.43bn in 2024 to a negative N684.28m in the year under review. This operational downturn dragged the company’s loss before tax to N1.89bn, representing a 137 per cent drop compared to the N4.99bn profit before tax posted in the previous year.
