Fortis Global Insurance slips into N1.89bn loss 

Fortis Global Insurance Plc recorded a loss of N1.89 billion in the 2025 financial year, reversing from the N4.99 billion profit posted in 2024, according to its audited financial statements submitted to the Nigerian Exchange Limited (NGX).

The insurer’s latest results showed that rising operating costs and a sharp decline in investment income significantly weakened profitability, even as the company strengthened its balance sheet and improved key solvency indicators.

The audited accounts for the year ended December 31, 2025, revealed that insurance revenue rose by 29 per cent to N535.95 million from N413.64 million recorded in the previous year. However, the increase in revenue was overshadowed by a substantial rise in insurance service expenses, which surged by 218 per cent to N1.11 billion from N347.59 million.

The company also suffered a major setback in investment performance. Net insurance and investment results declined dramatically from a positive N7.43 billion in 2024 to a negative N684.28 million in 2025, contributing significantly to the deterioration in earnings.

As a result, Fortis Global reported a loss before tax of N1.89 billion, compared to a profit before tax of N4.99 billion in the preceding year.

Shareholders also felt the impact of the downturn, with basic earnings per share dropping to a loss of 0.29 kobo from a positive 0.34 kobo recorded a year earlier.

Despite the earnings pressure, the insurer recorded remarkable growth in its asset base. Total assets expanded by 83 per cent to N25.15 billion, up from N13.76 billion in 2024.

The growth was largely driven by a significant increase in liquidity, with cash and cash equivalents soaring by more than 2,000 per cent to N11.50 billion from N540.67 million.

Liabilities rose moderately by five per cent to N16.12 billion, while shareholders’ funds improved substantially, moving from a negative position of N1.07 billion in 2024 to a positive N9.04 billion at the end of 2025.

In a statement accompanying the financial report, the company’s board reaffirmed confidence in the firm’s financial reporting framework and long-term prospects.

Chairman of the Board, Akinlolu Iroko, and Managing Director/Chief Executive Officer, Nomwen Emeghalu, said the financial statements were prepared in accordance with International Financial Reporting Standards and relevant provisions of the Companies and Allied Matters Act.

The directors stated that the accounts present a true and fair view of the company’s financial position and performance, while maintaining that adequate internal controls and accounting systems remain in place.

The board further assured shareholders and policyholders that the reported loss does not threaten the company’s ability to continue operations.

According to the directors, there is no indication that the insurer will be unable to meet its obligations or continue as a going concern over the next 12 months.

The company also reported an improvement in its solvency position, with its solvency margin ratio increasing by 322 per cent, reflecting stronger regulatory capital adequacy despite the year’s loss.

The audited report was approved by the board on March 30, 2026, and subsequently filed with the NGX as part of the company’s statutory disclosure obligations.