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Fortis Global Insurance
On this page
Company details
- Legal name
- Fortis Global Insurance Plc
- Listing
- FTGINSURE on the Nigerian Exchange, active · ISIN NGSTDINSURE7 (observed 2026-10-08)
- Sector
- Not classified (our classification from the stated principal activity)
- Financial year ends
- 31 December
Overview
Year ended 31 December 2025 · audited financial statements, signed / final · source
Read with these figures
- Going-concern warning. The auditor's report for the year ended 31 December 2025 states a material uncertainty about whether the company can continue as a going concern.
- Auditor's emphasis of matter. Key audit matters: actuarial valuation of insurance contract liabilities (₦5.056 billion), solvency margin compliance, insurance revenue recognition (PDF pp35-36).
Full wording and sources
Auditor's report, year to 2025-12-31: material uncertainty related to going concern
Emphasis of Matter - Material Uncertainty Related to Going Concern: We draw attention to Note 46 of the financial statements, which indicates that the Company recorded a shortfall in the regulatory minimum paid up capital of ₦6.075 billion and a solvency margin deficit of ₦ 5.305 billion during the year. These conditions, along with other matters as set out, indicate that a material uncertainty exists that may cast significant doubt on the Company's ability to continue as a going concern.
Source: Fortis Global Insurance Plc RC: 40590 Audited Financial Statements for the year ended 31st December 2025, p34 (dated 2026-03-31)
Auditor's emphasis of matter
Key audit matters: actuarial valuation of insurance contract liabilities (₦5.056 billion), solvency margin compliance, insurance revenue recognition (PDF pp35-36). Other legal requirements: the company paid a penalty of ₦6,865,161 to NAICOM for late regulatory filing for 2020-2022 (p38). The scanned report refers to 'interim financial statements' in several standard paragraphs (pp34, 36-37) although it covers the year.
Source: Fortis Global Insurance Plc RC: 40590 Audited Financial Statements for the year ended 31st December 2025 (dated 2026-03-31)
-
Insurance revenue (IFRS 17)
NGN 536 million
535,952 NGN thousands · p74
+29.6% vs 2024
IFRS 17 insurance revenue, as printed: not gross written premiums.
-
Insurance service result
−NGN 579 million
(578,647) NGN thousands · p74
−976.1% vs 2024
-
Profit / (loss) for the year
−NGN 1.89 billion
(1,892,433) NGN thousands · p74
Moved from profit to loss (FY2024: 4,990,391 NGN thousands)
-
Total assets
NGN 25.2 billion
25,153,588 NGN thousands · p73
+82.8% vs 2024
-
Insurance contract liabilities
NGN 5.06 billion
5,056,035 NGN thousands · p73
+4.1% vs 2024
-
Total equity
NGN 9.04 billion
9,037,855 NGN thousands · p73
Change not shown.
Large amounts are rounded for reading (NGN million / billion / trillion); exact figures as printed are under each amount and in the tables. No currency conversion.
Not shown: the prior-year figure is zero or negative.
Financial statements
Exact figures as printed. Each column comes from one filing; labels are as printed in the newest filing. Amounts in NGN thousands unless the row says otherwise; brackets are negative.
† from a supplementary filing for the same year · ‡ signed audited statements preferred over a disputed figure · “–” is a printed dash, explained below the table
Column sources
- FY2025 — audited financial statements, signed / final; reported for the year · source
- FY2024 — audited financial statements, signed / final; comparative in the FY2025 filing · source
Income statement
| Line (as printed) | FY2025Audited financial statementsreported for the year | FY2024Audited financial statementscomparative in FY2025 filing |
|---|---|---|
| Insurance Revenue | 535,952 | 413,635 |
| Insurance service expenses | (1,105,346) | (347,586) |
| Net Expenses on reinsurance Contracts | (9,253) | –1 |
| Insurance Service Result | (578,647) | 66,050 |
| Fair value gain on investment properties2 | –3 | 7,639,933 |
| Net finance expenses from insurance contracts4 | (405,319) | (263,102) |
| Investment income | 299,683 | 144,383 |
| Write down of investment5 | –3 | (157,390) |
| Net insurance and investment results | (684,283) | 7,429,873 |
| Other income | 735,569 | –6 |
| Finance Cost | (1,625,659) | (112,624) |
| Foreign exchange gain/(expense) | 384,693 | (2,174,566) |
| Impairment on Bank Balance | –6 | (1,316) |
| Other operating expenses | (700,073) | (103,859) |
| Other income and expenses (unlabelled subtotal)7 | (1,205,470) | (2,392,365) |
| (Loss) before income tax | (1,889,753) | (4,993,511) |
| Income tax expense | (2,680) | (3,120) |
| (Loss)/Profit after income tax | (1,892,433) | 4,990,391 |
| value through other comprehensive income8 | 5,141 | 46,266 |
| Other comprehensive income for the year, net of tax | –9 | –9 |
| Total comprehensive income for the year, net of tax | (1,887,292) | 5,036,657 |
- Printed “-”, read as nil: subtotal_arithmetic: is.insurance_service_result.
- Printed “-”, read as nil: subtotal_arithmetic: is.net_insurance_and_investment_result.
- Printed “-”, read as nil: subtotal_arithmetic: is.native.co_6skmha894p7z.other_income_and_expenses_total.
- Printed “-”; reading unresolved, so no amount is shown. Printed '-' in both years, although the OCI line printed above it is 5,141 (2024: 46,266) and total comprehensive income includes it; issuer inconsistency, kept as printed.
Notes and alternative reported figures (5)
- “Fair value gain on investment properties” is an issuer-specific line, not mapped to a shared definition: Note 6.2.
- “Net finance expenses from insurance contracts”: mapping to a shared definition is uncertain. Printed 'Net finance expenses from insurance contracts'; no separate reinsurance finance line is printed.
- “Write down of investment” is an issuer-specific line, not mapped to a shared definition: Note 2.3.
- “Other income and expenses (unlabelled subtotal)” is an issuer-specific line, not mapped to a shared definition: Unlabelled subtotal of other income, finance cost, foreign exchange, impairment on bank balance and other operating expenses (p74).
- “value through other comprehensive income” is an issuer-specific line, not mapped to a shared definition: Note 33: the only OCI line printed (positive amounts, though labelled 'loss').
Balance sheet
| Line (as printed) | FY2025Audited financial statementsreported for the year | FY2024Audited financial statementscomparative in FY2025 filing |
|---|---|---|
| Cash and Cash Equivalents | 11,499,089 | 540,667 |
| At Fair Value through P or L | 195,303 | 125,539 |
| At Amortized Cost | 615,254 | 603,061 |
| At Fair Value through OCI | 228,756 | 223,615 |
| Reinsurance Contact Asset | 7,370 | –1 |
| Trade receivables2 | –1 | –1 |
| Other receivables and prepayments3 | 153,704 | 40,655 |
| Investment properties | 11,670,000 | 11,670,000 |
| Intangible assets | 10,510 | –1 |
| Property, plant and equipment | 238,602 | 21,148 |
| Statutory deposit4 | 535,000 | 535,000 |
| TOT AL ASSETS | 25,153,588 | 13,759,685 |
| Insurance contract liabilities | 5,056,035 | 4,855,759 |
| Investment contract liabilities | 2,614,386 | 2,898,330 |
| Trade payables5 | –6 | 7,948 |
| Other payables and accruals7 | 2,122,774 | 553,249 |
| Borrowings | 5,973,587 | 6,172,982 |
| Income tax liabilities | 280,772 | 278,091 |
| Deferred tax liabilities | 68,179 | 68,179 |
| TOT AL LIABILITIES | 16,115,733 | 14,834,538 |
| Share capital | 6,455,515 | 6,455,515 |
| Treasury shares8 | (1,145) | (1,145) |
| Share premium | 7,484,955 | 7,484,955 |
| Irredeemable convertible debt9 | 12,000,000 | –10 |
| Statutory Contingency reserves11 | 1,793,695 | 1,784,139 |
| Accumulated loss | (18,927,266) | (17,025,277) |
| Fair value reserves | 232,101 | 226,960 |
| Shareholders' equity (unlabelled subtotal) | 9,037,855 | (1,074,853) |
| Total liabilities and shareholders' equity (unlabelled total) | 25,153,588 | 13,759,685 |
- Printed “-”, read as nil: subtotal_arithmetic: bs.total_assets.
- Printed “-”, read as nil: subtotal_arithmetic: bs.total_liabilities.
- Printed “-”, read as nil: subtotal_arithmetic: bs.total_equity.
Notes and alternative reported figures (8)
- “Trade receivables” is an issuer-specific line, not mapped to a shared definition: Note 4: insurance trade receivables (nil in both years).
- “Other receivables and prepayments” is an issuer-specific line, not mapped to a shared definition: Note 5.
- “Statutory deposit” is an issuer-specific line, not mapped to a shared definition: Note 9: deposit held with the Central Bank of Nigeria under the Insurance Act.
- “Trade payables” is an issuer-specific line, not mapped to a shared definition: Note 12.
- “Other payables and accruals” is an issuer-specific line, not mapped to a shared definition: Note 13.
- “Treasury shares” is an issuer-specific line, not mapped to a shared definition: Note 18 (deducted in equity).
- “Irredeemable convertible debt” is an issuer-specific line, not mapped to a shared definition: Note 20: presented within shareholders' equity.
- “Statutory Contingency reserves” is an issuer-specific line, not mapped to a shared definition: Note 21: contingency reserve required by the Insurance Act.
Cash flow
| Line (as printed) | FY2025Audited financial statementsreported for the year | FY2024Audited financial statementscomparative in FY2025 filing |
|---|---|---|
| Premium received1 | 452,227 | 195 |
| Reinsurance Paid2 | (16,622) | –3 |
| Claims Paid4 | (488,419) | –3 |
| Insurance Expenses5 | (668,809) | –3 |
| Insurance Acquisition6 | (69,436) | –3 |
| Withdrawals from Investment Contract7 | 283,944 | Not reported in this filing8 |
| Cash payments to employees, suppliers and others9 | (267,396) | (55,116) |
| Cash generated from operations | (774,511) | (54,921) |
| Income tax paid | –10 | –10 |
| Net cash from operating activities | (774,511) | (54,921) |
| Purchase of property, plant and equipment | (269,029) | (8,320) |
| Purchase of Intangible asset | (11,937) | –11 |
| Rental Income12 | 367,956.63 | –11 |
| Interest on current account with Bank | 501,688 | 98,423 |
| Interest on Statutory Deposit13 | 114,062 | –11 |
| Other Income14 | 30,702 | –11 |
| Dividends received15 | 3,994 | 17,832 |
| Net cash from investing activities | 742,020 | 107,935 |
| Finance charges paid16 | (1,440,359) | (156,620) |
| Irredeemable convertible debt17 | 12,000,000 | –18 |
| Net cash from financing activities | 10,559,641 | (156,620) |
| Net increase/(decrease) in cash and cash equivalent | 10,958,944 | (103,606) |
| Cash and cash equivalents at beginning of year | 540,667 | 644,272 |
| Cash and cash equivalents at the end of the year | 11,499,089 | 540,667 |
- Printed “-”, read as nil: subtotal_arithmetic: cf.cash_generated_from_operations.
- Printed “-”, read as nil: subtotal_arithmetic: cf.cash_from_operations.
- Printed “-”, read as nil: subtotal_arithmetic: cf.cash_from_investing.
- Printed “-”, read as nil: subtotal_arithmetic: cf.cash_from_financing.
Notes and alternative reported figures (14)
- “Premium received” is an issuer-specific line, not mapped to a shared definition: Operating activities (direct method).
- “Reinsurance Paid” is an issuer-specific line, not mapped to a shared definition: Operating activities (direct method).
- “Claims Paid” is an issuer-specific line, not mapped to a shared definition: Operating activities (direct method).
- “Insurance Expenses” is an issuer-specific line, not mapped to a shared definition: Operating activities (direct method).
- “Insurance Acquisition” is an issuer-specific line, not mapped to a shared definition: Operating activities (direct method).
- “Withdrawals from Investment Contract” is an issuer-specific line, not mapped to a shared definition: Operating activities: printed positive for 2025, blank for 2024.
- Not reported in this filing: Not printed for 2024: the line 'Withdrawals from Investment Contract' carries a 2025 amount (283,944) only; the 2024 column is left blank (p76, checked on the page image).
- “Cash payments to employees, suppliers and others” is an issuer-specific line, not mapped to a shared definition: Operating activities (direct method).
- “Rental Income” is an issuer-specific line, not mapped to a shared definition: Investing activities (note 29); printed with decimals '367,956.63' in a ₦'000 column.
- “Interest on Statutory Deposit” is an issuer-specific line, not mapped to a shared definition: Investing activities (note 29).
- “Other Income” is an issuer-specific line, not mapped to a shared definition: Investing activities (note 29).
- “Dividends received” is an issuer-specific line, not mapped to a shared definition: Investing activities (note 29).
- “Finance charges paid”: mapping to a shared definition is uncertain. Printed 'Finance charges paid' (note 30, finance cost); presented in financing activities.
- “Irredeemable convertible debt” is an issuer-specific line, not mapped to a shared definition: Financing activities (note 20).
Segments
Segment data not yet collected for this company in the pilot.
Dividends
Proposed or recommended, declared and paid are different events and are kept apart. A statement that no dividend was proposed does not mean none was paid.
No dividend statement or amount collected.
Sources
Each filing used on this page, newest period first. Dates are the document's own; the date we retrieved a file is shown separately and is never a publication date.
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Fortis Global Insurance Plc RC: 40590 Audited Financial Statements for the year ended 31st December 2025
Year ended 31 December 2025 · Audited financial statements · signed / final
Audit: TAC Professional Services (Chartered Accountants), unmodified opinion · signed · includes a material-uncertainty paragraph
Auditor's sign-off: Tunde Faniyi, FRC/2012/PRO/ICAN/004/00000000325, for TAC Professional Services
Final status: Auditor's report (scanned, PDF pp34-38) closed with a handwritten signature over 'TUNDE FANIYI FRC/2012/PRO/ICAN/004/00000000325 For: TAC Professional Services (Chartered Accountants)', the ICAN seal and 'Lagos, Nigeria 31th March 2026' (p38, page image). The statement of financial position states approval by the Board on 30th March 2026 and carries the signatures of the chairman (Akinlolu Iroko), the managing director (Nomwen Emeghalu) and the chief financial officer (Omolabake Olusesan) (p73, page image).
- Document date
- 31 Mar 2026
- Auditor's report
- 31 Mar 2026
- Board approval
- 30 Mar 2026
- Retrieved by us
- 8 Oct 2026 (not a publication date)
- Used for
- statement columns FY2025, FY2024
- Basis
- company statements · NGN thousands (printed “N'000”)
- Same legal entity under a new name: the company 'commenced full operations in 1982 under the name Jubilee Insurance Company Limited. The name was changed to Standard Alliance Insurance Limited in August 1996. The name was changed to Fortis Global Insurance Plc in April 2025.' RC 40590 printed on every page (PDF p39).
- Other comprehensive income (p74): 'Other comprehensive income for the year, net of tax' is printed '-' in both years although the OCI line above it is 5,141 (2024: 46,266) and total comprehensive income (1,887,292) (2024: 5,036,657) includes it. The dash is kept unresolved.
- Statement of cash flows 2025 (p76): the investing lines add to 737,436.63 against 'Net cash from investing activities' 742,020; operating, investing and financing totals add to 10,527,150 against 'Net increase in cash' 10,958,944; opening cash 540,667 plus 10,958,944 is 11,499,611 against closing cash 11,499,089 (which equals the balance sheet). 'Rental Income' is printed with decimals (367,956.63) in a ₦'000 column. Kept as printed; checked on the page image.
- Statement of profit or loss 2024 (p74): '(Loss) before income tax' is printed (4,993,511) in brackets, while income tax (3,120) and '(Loss)/Profit after income tax' 4,990,391 (a profit) are printed; the lines above add to 5,037,508 (net insurance and investment results 7,429,873 less the subtotal 2,392,365). Kept as printed; the pbt/pfy checks fail for 2024. Checked on the page image.
- No EPS is printed. Irredeemable convertible debt of 12,000,000 (₦'000) is presented within shareholders' equity (note 20) and as a financing inflow. The 'Withdrawals from Investment Contract' operating line is printed for 2025 only (283,944, positive); the 2024 cell is blank (p76).
Technical details
- File
- 164 pages, with a text layer
- SHA-256
8c424223429ae460fd7d7ac85981965d1aeb796044e97a55b75fc86ac6b68da0- Entity as printed
- FORTIS GLOBAL INSURANCE PLC RC: 40590 (the Company)
- Exchange copy
- retrieved 2026-10-08T18:01:42Z
Data notes
No figure-level notes beyond those in the tables.
Review status: every figure has been located on its cited source page in an AI-assisted source verification (matched to the document's text) (16 October 2026). Independent review is pending for every figure; automated checks and the AI-assisted verification are not independent review.
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