Fortis Global Insurance Plc has returned to profitability for the financial year ended December 31, 2024, posting a profit before tax of N4.99 billion, marking a sharp turnaround from the N1.82 billion loss recorded in 2023.
Naija247news reports that the return to profit came despite a slight decline in insurance revenue, which moderated to N413.6 million in 2024 from N418.1 million in the previous year. The financial performance was disclosed in the company’s audited financial statements filed with the Nigerian Exchange on January 5, 2026. Fortis Global Insurance was formerly known as Standard Alliance Insurance.
According to Naija247news, the company’s improved performance was largely driven by a significant fair value gain on investment properties, which stood at N7.64 billion in 2024, compared to a fair value loss of N2.06 billion recorded in 2023. This swing pushed the insurance finance result into positive territory at N5.19 billion, from a loss of N1.88 billion a year earlier.
Following a N157.4 million write-down on investments, Fortis Global Insurance posted a net insurance and finance gain of N5.10 billion, effectively reversing its prior year losses. Income tax expense remained minimal at N3.1 million, compared with N7.51 million in 2023, further supporting the bottom line.
A breakdown of the company’s performance shows that insurance service expenses increased by 7.5 per cent year-on-year to N347.6 million, while insurance service revenue declined marginally. As a result, the insurance service result fell by 31 per cent to N66.1 million in 2024, from N94.5 million in the previous year.
Naija247news understands that the combination of flat underwriting volumes and rising costs weighed on the firm’s core insurance operations, suggesting continued pressure on premium collections and operational efficiency. Operating expenses also surged significantly to N108.1 million in 2024, compared with N23.1 million in 2023.
Despite these pressures, earnings per share improved to 38.65 kobo, from a loss of 14.25 kobo in 2023. Total assets rose sharply by 83.1 per cent year-on-year to N13.76 billion, driven mainly by the revaluation of investment properties, which expanded by 189 per cent to N11.67 billion.
Total liabilities increased to N14.83 billion, up 19.3 per cent year-on-year, while borrowings climbed to N6.17 billion, representing a 60.8 per cent increase. Shareholders’ funds remained negative at N1.07 billion, although accumulated losses were reduced by N3.84 billion during the year.
The company’s listed equity investments measured at fair value through profit or loss rose to N125.5 million, up 22.6 per cent from the prior year, reflecting moderate growth in its investment portfolio.
Naija247news reports that Fortis Global Insurance last traded on the NGX on June 28, 2019, at N0.20 per share, well below its 50 kobo par value. The company had been under regulatory suspension for failure to meet NGX post-listing requirements, particularly in relation to timely disclosures.
The resumption of financial filings followed the lifting of its suspension after the company rebranded to Fortis Global Insurance in May 2025. Prior to that, the National Insurance Commission had withdrawn its operating licence in June 2022 over regulatory breaches.
Market analysts note that while the company’s return to profitability is encouraging, it remains heavily dependent on investment revaluations rather than underwriting performance. Naija247news understands that sustained recovery will likely depend on rebuilding core insurance operations, improving cost efficiency and restoring regulatory and investor confidence.
The development comes amid renewed interest in previously suspended stocks on the NGX, following the strong rally recorded by Aso Savings and Loans Plc after its return to the market in 2025.
Agnes Ekebuike Editor, Naija247news ✔
Agnes Ekebuike is the Editor of Naija247news.com. A seasoned journalist with expertise in Business, Energy, Politics, and Entertainment, she is known for her in-depth reporting and insightful storytelling. Agnes is passionate about delivering news that informs, empowers, and sparks meaningful dialogue across Nigeria and beyond.
View Archive →
