International energy insurance sees Q2 earnings drop to N577m

By Sofiyyah Layole

International Energy Insurance Plc has reported a Profit After Tax (PAT) of ₦577.25 million for the second quarter ended June 30, 2025, representing a 32 per cent decline from the ₦843.28 million recorded in the same period of 2024.

According to the company’s financial statements released to the Nigerian Exchange Group (NGX), the drop in earnings was mainly driven by a 23 per cent decline in insurance revenue, which fell to ₦2.33 billion from ₦3.03 billion in Q2 2024. Insurance service results also fell 25 per cent to ₦1.26 billion, leading to a reduction in earnings per share, which dropped from 66 kobo to 45 kobo.

Despite the decline in profit, the company recorded a 1 per cent growth in total assets, rising to ₦17.04 billion as of June 30, 2025, from ₦16.85 billion in December 2024. Total liabilities decreased, and negative total equity improved to ₦7.02 billion from ₦7.60 billion at the end of 2024.

The cash flow statement showed a net outflow of ₦210.99 million from operating activities and ₦139.35 million from investing activities, leaving cash and cash equivalents at ₦4.96 billion.

On shareholding, International Energy Insurance confirmed compliance with NGX’s free float requirement, with 41.66 per cent as of June 2025, while Norrenberger Advisory Partners remains the largest shareholder, holding a 51.17 per cent stake in the company.