Prestige Assurance PLC, a subsidiary of The New India Assurance Co. Ltd., has released its forecast profit or loss statement for the first quarter ending March 31, 2026, projecting a robust financial performance with a forecast profit of ₦1.65 billion for the period.
According to the financial projection authorised by the company’s management, Prestige Assurance anticipates insurance revenue of ₦11.97 billion for Q1 2026, demonstrating the company’s continued growth trajectory in Nigeria’s insurance sector.
The forecast made available on the Nigerian Exchange Limited (NGX) shows insurance service expenses of ₦9.13 billion, resulting in an insurance service result before reinsurance contracts held of ₦2.84 billion.
After accounting for net income and expenses from reinsurance contracts held of ₦1.12 billion, the company projects an insurance service result of ₦1.73 billion.
Additional revenue streams include investment income of ₦726.5 million, while net insurance finance expenses are projected at ₦76.4 million. Operating expenses are estimated at ₦645.4 million for the quarter.
The company forecasts a profit before taxation of ₦1.83 billion, with income tax expenses of ₦274.3 million, resulting in a forecast profit for the period of ₦1.55 billion.
The cash flow statement indicates healthy liquidity, with net cash generated from operating activities projected at ₦5.96 billion. However, the company anticipates cash outflows of ₦3.13 billion from investing activities and ₦6.2 million from financing activities.
Overall, Prestige Assurance expects a net increase in cash and cash equivalents of ₦2.83 billion for the quarter. With cash and bank balances of ₦1.15 billion at the beginning of the period, the company projects closing balances of ₦3.98 billion by March 31, 2026.
The forecast was signed off by Oluwadare Emmanuel, Chief Finance Officer, and Imesh Rathod, MD/CEO, and has been authorised and regulated by the National Insurance Commission (NAIRC-033).
