Fortis Global Insurance posts N1.89bn loss

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. Consequently, basic earnings per share fell into negative territory at (0.29 kobo), down from the positive 0.34 kobo reported in 2024. Despite the severe profitability constraints, the company recorded a highly positive shift in its balance sheet architecture. Total assets jumped 83 per cent to N25.15bn from N13.76bn, driven primarily by an unprecedented 2,005 per cent surge in cash and cash equivalents, which grew from N540.67m to N11.50bn. Liabilities remained controlled, rising modestly by five per cent to N16.12bn, which successfully allowed total equity to rebound from a negative N1.07bn back into positive territory at N9.04bn. Related News Ecobank shareholders approve $40m dividend Shareholders commend Greenwich performance at maiden AGM NGX sheds N581bn as market slump enters fourth day In its joint statement accompanying the corporate filing, the board of directors expressed absolute confidence in the company’s underlying accounting controls and long-term economic durability despite the short-term earnings volatility. The Chairman of the Board, Akinlolu Iroko, along with the Managing Director and Chief Executive Officer, Nomwen Emeghalu, accepted full responsibility for the financial presentati