FY 2022: Prestige Assurance announces 80.5% decline in PBT to N143m 

By Philemon Adedeji

Prestige Assurance Plc has released its audited consolidated and separate financial statements for the financial year ended December 31, 2022, announcing a Pre-Tax Profit of N143.11 million in 2022 from a profit of N732.23 million reported during the same period in 2021.

The report showed that the insurance firm’s pre-tax profit dropped by 80.5 per cent to N143.11 million during the period under review, down from N732.23 million in 2021.

The Company’s profit was impacted by the rising underwritten expenses following inflationary pressure and depreciation of the naira.

Net premium income rose to N5.39 billion from N4.59 billion recorded during the comparable period of 2021 full year, representing a 17.43 per cent growth.

The insurance firm increased net underwritten expenses by 30.86 per cent to stand at N6.59 billion against N4.78 billion in the same period of 2021.

The report also showed that the company reported a net premium income of N5.39 billion, a 17.43 per cent increase from N4.59 billion in 2021.

During the period, the company’s Profit After Tax  decreased by 91.42 per cent stand at N59.04 million against N688.28 million in the same period of 2021 as underwritten expenses deepens.

The net underwritten expenses accounted for 56.86 per cent of the gross premium income of N11.59 billion achieved by the company during the period under review.