L-R: Umesh Rathod, managing director/CEO; Funmi Oyetunji, board chairman; and Chidinma Ibe-Lious, company secretary, all of Prestige Assurance Plc during its Annual General Meeting held in Lagos
Underwriting firm, Prestige Assurance Plc, paid N15.53 billion in claims to policyholders in the 2025 financial year, representing a 40.67 percent increase from the N11.04 billion paid in the previous year.
Funmi Oyetunji, chairman of the company, disclosed this at the 56th Annual General Meeting (AGM) of Prestige Assurance Plc held in Lagos.
Despite the increase in claims paid, Oyetunji said the company recorded an improvement in its claims ratio, which declined to 75 per cent in 2025 from 87 per cent in 2024.
She said the development reflected the company’s ability to manage its claims obligations while sustaining growth in its insurance business.
