International Energy Insurance projects ₦868.5m profit after tax for Q1 2026

plBy Seun Ibiyemi

International Energy Insurance Plc (IEI) has announced its financial projections for the first quarter of 2026, forecasting a profit after tax of ₦868.48 million, driven by strong premium growth and improved operational performance.

In a statement signed by Uyi Osagie, Chief Financial Officer, and Joyce Odiachi (PhD), Acting Managing Director, IEI expressed confidence that the company is well-positioned to achieve the projections, provided current market conditions and operational assumptions hold steady throughout the period.

According to the management’s forecast, the company expects to generate ₦3.76 billion in Gross Premium Written and an Insurance Service Result of ₦2.71 billion within the period. 

Operating profit is projected at ₦809.38 million, while interest and similar income is estimated to contribute ₦486.35 million, bringing profit before tax to ₦1.29 billion.

IEI anticipates a tax charge of ₦427.26 million, resulting in a post-tax profit projection of ₦868.48 million for the quarter.

The forecast is premised on several key assumptions, including policy stability from the Federal Government, sustained quality of management, avoidance of catastrophic claims, and continued customer loyalty.

The company also expects regulatory developments to support revenue expansion, particularly the mandatory enforcement of insurance for buildings under construction and public buildings. Additionally, the projection reflects compliance with NAICOM’s “No Premium, No Cover” directive, which ensures premium adequacy and reduces credit risk.