Standard Alliance Insurance Plc has announced impressive financial results for the quarter ended December 31, 2024, recording a remarkable turnaround from the previous year’s losses to post a profit of N4.99 billion, news.ng reports.
The Lagos-based insurance company reported a profit after tax of N4.99 billion for Q4 2024, a dramatic reversal from the N1.82 billion loss recorded in the same period of 2023, according to financial statements approved by the Board and made available on the Nigerian Exchange Limited website on Friday.
This performance translated to earnings per share of N38.65, compared to a loss per share of N14.25 in the prior year.
The company’s insurance service result showed solid performance, with gross insurance revenue of N413.64 billion, marginally lower than the N418.06 billion recorded in Q4 2023. Despite the decline, the insurance service result remained positive at N66.05 billion, although down from N94.53 billion in the comparable period.
A key driver of the company’s profitability was robust investment income. Standard Alliance reported insurance finance income of N148.64 billion in Q4 2024, lower than the N179.53 billion recorded in Q4 2023. Fair value gains on investment properties contributed N2.64 billion to the company’s bottom line.
After accounting for insurance finance expenses of N143.37 billion, the company recorded a net financial result of N5.10 billion, reversing the N1.79 billion net financial loss posted in the previous year.
The company’s total assets surged to N13.76 billion as of December 31, 2024, up from N7.51 billion in 2023, representing an 83 per cent increase. This growth was driven by significant increases in financial assets, with investments at fair value through profit or loss rising to N125.54 billion from N102.41 billion.
Investment properties on the balance sheet jumped sharply to N11.67 billion from zero in the previous year, reflecting the company’s strategic asset diversification efforts.
Despite the strong profit performance, shareholders’ equity remained in a deficit position of N1.07 billion, although this marked an improvement from the N4.91 billion deficit recorded in 2023. The accumulated loss position also improved to N17.03 billion from N22.00 billion, indicating gradual progress toward positive equity.
Total comprehensive income for the year stood at N5.04 billion, compared to a comprehensive loss of N483.24 million in 2023. Other comprehensive income of N46.27 million was attributed to fair value gains on financial assets.
Overall, the strong performance signals a positive trajectory for Standard Alliance Insurance Plc as it continues its recovery and positions itself for sustainable growth in Nigeria’s competitive insurance sector.
