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Review pending. Every figure has been located on its cited source page in an AI-assisted source verification (matched to the document's text) (9 October 2026). Independent review has not yet been carried out, and these pages are not indexed.AI-assisted source check done; independent review pending; not indexed. About the review

Prestige Assurance

PRESTIGE · Nigerian Exchange · Company statements

On this page
Company details
Legal name
Prestige Assurance Plc
Listing
PRESTIGE on the Nigerian Exchange, active · ISIN NGPRESTIGE00 (observed 2026-10-08)
Sector
Not classified (our classification from the stated principal activity)
Financial year ends
31 December

Overview

Year ended 31 December 2024 · annual report, signed / final · source

Read with these figures

  • Auditor's emphasis of matter. Other Matters (PDF p39): 'The audited financial statements for the year ended 31 December 2023 were audited by another auditor who expressed an unmodified opinion on those financial statements which was signed on 29 May 2024.'
Full wording and sources

  • Auditor's emphasis of matter

    Other Matters (PDF p39): 'The audited financial statements for the year ended 31 December 2023 were audited by another auditor who expressed an unmodified opinion on those financial statements which was signed on 29 May 2024.'

    Source: PRESTIGE ASSURANCE PLC ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 (dated 2025-08-18)

  • Insurance revenue (IFRS 17)

    NGN 19.6 billion

    19,585,520 NGN thousands · p79

    +44.6% vs 2023

    IFRS 17 insurance revenue, as printed: not gross written premiums.

  • Insurance service result

    NGN 128 million

    127,732 NGN thousands · p79

    −79.4% vs 2023

  • Profit / (loss) for the year

    NGN 3.24 billion

    3,236,369 NGN thousands · p79

    +147.0% vs 2023

  • Total assets

    NGN 38.0 billion

    38,004,414 NGN thousands · p80

    +36.5% vs 2023

  • Insurance contract liabilities

    NGN 16.5 billion

    16,514,276 NGN thousands · p80

    +60.4% vs 2023

  • Total equity

    NGN 19.4 billion

    19,374,569 NGN thousands · p80

    +21.5% vs 2023

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.

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

  • FY2024 — annual report, signed / final; reported for the year · source
  • FY2023 — annual report, signed / final; comparative in the FY2024 filing · source

Income statement

Income statement, NGN thousands. Columns: FY2024 — annual report (signed / final), as reported for the year; FY2023 — annual report (signed / final), comparative reported in the annual report for 2024.
Line (as printed) FY2024Annual reportreported for the yearFY2023Annual reportcomparative in FY2024 filing
Insurance revenue 19,585,520 13,547,046
Insurance service expenses (20,043,927) (12,330,181)
Insurance service result before reinsurance contracts held1 (458,406) 1,216,865
Net (expense)/income from reinsurance contracts held 586,138 (598,266)
Insurance service result 127,732 618,599
Interest income calculated using the effective interest method 1,710,478 952,880
Other investment income2 527,191 343,130
Net fair value gain/(loss) on financial assets at FVTPL 65,195 114,400
Net fair value gain on investment property3 422,821 28,310
Credit loss (expense)/reversal on financial assets (36,356) (295,288)
Net foreign exchange gains 1,894,358 821,114
Net Investment Income4 4,583,688 1,964,546
Insurance finance expenses for insurance contracts issued (414,554) –5
Reinsurance finance income for reinsurance contracts held6 365,094 –5
Net insurance financial expense (49,460) –7
Net insurance and investment result 4,661,960 2,583,145
Other operating income 6,811 13,536
Other operating expenses (1,576,761) (1,191,233)
Finance costs (2,099) (1,604)
Profit before income tax expense 3,089,911 1,403,844
Income tax credit/ (expense) 146,459 (93,393)
Profit for the year 3,236,369 1,310,451
comprehensive income8 249,013 1,566,805
Re-measurement (loss)/gain on defined benefit plan (net of tax)9 24,188 (51,513)
Gain on revaluation of buildings (net of tax)10 180,310 –11
Total other comprehensive income for the year, net of tax 453,511 1,515,292
Total comprehensive income for the year, net of tax 3,689,880 2,825,743
  1. Printed “-”, read as nil: subtotal_arithmetic: is.insurance_finance_result.
  2. Printed “-”, read as nil: subtotal_arithmetic: is.net_insurance_and_investment_result.
  3. Printed “-”, read as nil: subtotal_arithmetic: is.other_comprehensive_income.
Notes and alternative reported figures (8)
  1. “Insurance service result before reinsurance contracts held” is an issuer-specific line, not mapped to a shared definition: Insurance revenue less insurance service expenses.
  2. “Other investment income” is an issuer-specific line, not mapped to a shared definition: Note 9: dividends, rental and other investment income.
  3. “Net fair value gain on investment property” is an issuer-specific line, not mapped to a shared definition: Note 24.
  4. “Net Investment Income” is an issuer-specific line, not mapped to a shared definition: Printed subtotal of interest, other investment income, fair value gains, credit losses and exchange gains.
  5. “Reinsurance finance income for reinsurance contracts held” is an issuer-specific line, not mapped to a shared definition: Note 7.
  6. “comprehensive income” is an issuer-specific line, not mapped to a shared definition: OCI, not reclassified (note 16).
  7. “Re-measurement (loss)/gain on defined benefit plan (net of tax)” is an issuer-specific line, not mapped to a shared definition: OCI, not reclassified (note 16).
  8. “Gain on revaluation of buildings (net of tax)” is an issuer-specific line, not mapped to a shared definition: OCI, not reclassified.

Balance sheet

Balance sheet, NGN thousands. Columns: FY2024 — annual report (signed / final), as reported for the year; FY2023 — annual report (signed / final), comparative reported in the annual report for 2024.
Line (as printed) FY2024Annual reportreported for the yearFY2023Annual reportcomparative in FY2024 filing
Cash and cash equivalents 1,762,855 2,859,462
- Fair value through profit or loss 295,768 255,996
other comprehensive income 4,816,853 4,540,172
- Debt instruments at amortised cost 13,704,034 7,418,865
Trade receivables1 633,776 240,047
Prepayments and other receivables2 254,703 177,298
Reinsurance contract assets 11,171,684 7,408,454
Finance lease receivables3 174,676 383,424
Investment property 3,134,033 2,711,212
Intangible assets 50,050 60,033
Property, plant, equipment and right-of-use assets4 1,705,982 1,496,376
Statutory deposit5 300,000 300,000
Total assets 38,004,414 27,851,339
Insurance contract liabilities 16,514,276 10,293,551
Trade payable6 –7 62,205
Other technical liabilities8 149,412 55,198
Other liabilities 1,088,867 479,246
Retirement benefits obligation 323,908 296,260
Current income tax payable 165,766 90,282
Deferred tax liabilities 387,616 624,772
Total liabilities 18,629,845 11,901,514
Share capital 6,626,281 6,626,281
Share premium 36,623 36,623
Retained earnings 3,431,812 1,121,661
Statutory contingency reserve9 4,179,488 3,503,652
Gratuity valuation reserve10 2,293 (21,895)
Fair value reserve 4,194,950 3,945,937
Property revaluation reserve 903,122 737,566
Total equity 19,374,569 15,949,825
Total liabilities and equity 38,004,414 27,851,339
  1. Printed “-”, read as nil: subtotal_arithmetic: bs.total_liabilities.
Notes and alternative reported figures (9)
  1. “Trade receivables”: mapping to a shared definition is uncertain. Trade receivables (premium receivables) only; prepayments and other receivables are a separate line.
  2. “Prepayments and other receivables” is an issuer-specific line, not mapped to a shared definition: Note 22.
  3. “Finance lease receivables” is an issuer-specific line, not mapped to a shared definition: Note 23.
  4. “Property, plant, equipment and right-of-use assets”: mapping to a shared definition is uncertain. Property, plant and equipment including right-of-use assets, one line.
  5. “Statutory deposit” is an issuer-specific line, not mapped to a shared definition: Note 27: deposit with the Central Bank of Nigeria under the Insurance Act.
  6. “Trade payable” is an issuer-specific line, not mapped to a shared definition: Note 30.
  7. “Other technical liabilities” is an issuer-specific line, not mapped to a shared definition: Note 31.
  8. “Statutory contingency reserve” is an issuer-specific line, not mapped to a shared definition: Note 36: reserve required by the Insurance Act.
  9. “Gratuity valuation reserve” is an issuer-specific line, not mapped to a shared definition: Note 38.1: defined benefit remeasurements.

Cash flow

Cash flow, NGN thousands. Columns: FY2024 — annual report (signed / final), as reported for the year; FY2023 — annual report (signed / final), comparative reported in the annual report for 2024.
Line (as printed) FY2024Annual reportreported for the yearFY2023Annual reportcomparative in FY2024 filing
Premiums received from policy holders1 22,079,795 14,762,216
Commissions received2 2,803,611 1,389,119
Acquisition cost paid3 (3,929,671) (2,505,707)
Reinsurance premium paid4 (12,515,640) (7,659,002)
Claims paid5 (11,036,362) (7,224,548)
Claims recovered from re-insurers6 6,900,030 4,984,638
Other operating cash payments7 (2,839,147) (2,759,296)
Other operating cash receipts8 5,332 3,203
Cash flows from/ (used in) operations 1,467,946 990,623
Income tax paid (71,661) (121,919)
Benefits paid9 (3,485) (20,375)
Net cash flows from/(used in) operating activities 1,392,800 848,329
Purchase of property, plant and equipment (113,095) (87,827)
Prepaid right of use10 (57,627) (16,895)
Proceeds from disposal of property, plant and equipment 9,255 11,248
Purchase of intangible assets –11 (30,100)
Repayment of finance lease assets12 312,511 303,978
Proceeds on redemption of debt instruments at amortised cost13 144,835 200,483
Purchase of debt instruments at amortised cost14 (4,507,562) (2,922,643)
Proceeds from sale of financial assets at FVPL15 97,798 98,196
Purchase of financial assets at FVPL16 13,202 –11
Interest received 1,469,709 654,560
Other investment income17 74,825 86,311
Rental income on investment property18 101,122 –11
Dividends received19 292,071 230,622
Net cash flows (used in)/from investing activities (2,162,956) (1,472,067)
Dividend paid (265,136) –20
Net cash flows used in financing activities (265,136) –21
Net (decrease)/increase in cash and cash equivalents (1,035,291) (623,738)
Cash and cash equivalents at beginning of year 2,859,462 3,427,637
Effects of exchange rate changes on cash and cash equivalents (61,315) 55,563
Cash and cash equivalents at end of year 1,762,855 2,859,462
  1. Printed “-”, read as nil: subtotal_arithmetic: cf.cash_from_investing.
  2. Printed “-”, read as nil: subtotal_arithmetic: cf.cash_from_financing.
  3. Printed “-”, read as nil: subtotal_arithmetic: cf.net_change_in_cash.
Notes and alternative reported figures (18)
  1. “Premiums received from policy holders” is an issuer-specific line, not mapped to a shared definition: Direct method (note 40a).
  2. “Commissions received” is an issuer-specific line, not mapped to a shared definition: Direct method (note 40b).
  3. “Acquisition cost paid” is an issuer-specific line, not mapped to a shared definition: Direct method (note 40c).
  4. “Reinsurance premium paid” is an issuer-specific line, not mapped to a shared definition: Direct method (note 40b).
  5. “Claims paid” is an issuer-specific line, not mapped to a shared definition: Direct method (note 40d).
  6. “Claims recovered from re-insurers” is an issuer-specific line, not mapped to a shared definition: Direct method (note 40e).
  7. “Other operating cash payments” is an issuer-specific line, not mapped to a shared definition: Direct method (note 39.1).
  8. “Other operating cash receipts” is an issuer-specific line, not mapped to a shared definition: Direct method (note 11).
  9. “Benefits paid” is an issuer-specific line, not mapped to a shared definition: Retirement benefits paid (note 33).
  10. “Prepaid right of use” is an issuer-specific line, not mapped to a shared definition: Investing activities (note 26).
  11. “Repayment of finance lease assets” is an issuer-specific line, not mapped to a shared definition: Investing activities: finance lease receivables collected (note 23).
  12. “Proceeds on redemption of debt instruments at amortised cost” is an issuer-specific line, not mapped to a shared definition: Investing activities (note 20.4).
  13. “Purchase of debt instruments at amortised cost” is an issuer-specific line, not mapped to a shared definition: Investing activities (note 20.4).
  14. “Proceeds from sale of financial assets at FVPL” is an issuer-specific line, not mapped to a shared definition: Investing activities (note 20.1).
  15. “Purchase of financial assets at FVPL” is an issuer-specific line, not mapped to a shared definition: Investing activities (note 20.1); 2024 printed as a positive amount.
  16. “Other investment income” is an issuer-specific line, not mapped to a shared definition: Investing activities (note 9).
  17. “Rental income on investment property” is an issuer-specific line, not mapped to a shared definition: Investing activities (note 9).
  18. “Dividends received” is an issuer-specific line, not mapped to a shared definition: Investing activities (note 9).

Per share and shares

Per share and shares. Columns: FY2024 — annual report (signed / final), as reported for the year; FY2023 — annual report (signed / final), comparative reported in the annual report for 2024.
Line (as printed) FY2024Annual reportreported for the yearFY2023Annual reportcomparative in FY2024 filing
Earnings / (loss) per share (per share)3 0.24421 0.09892
  1. Printed as 24.42 kobo; value converted to NGN at 100 kobo = 1 NGN.
  2. Printed as 9.89 kobo; value converted to NGN at 100 kobo = 1 NGN.
Notes and alternative reported figures (1)
  1. Earnings / (loss) per share: printed as “Basic earnings per ordinary share (kobo)”.

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.

Dividend events, the issuer's wording, and amounts as printed
Year endedEventWording as printedAmountUnitSource
31 Dec 2024 Dividends paid (cash flow statement) Dividend paid (265,136) NGN thousands Annual report, p82
31 Dec 2023 Dividends paid (cash flow statement) Dividend paid 0printed “–”, read as nil NGN thousands Annual report, p82

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.

  • PRESTIGE ASSURANCE PLC ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

    Year ended 31 December 2024 · Annual report · signed / final

    Audit: Deloitte & Touche (Lagos), unmodified opinion · signed

    Auditor's sign-off: Deloitte & Touche, Engagement Partner: Ojo Joshua, FCA (FRC/2013/ICAN/00000000849)

    Final status: Independent auditor's report on the financial statements (pages 41 to 196), unmodified (PDF p38), closed with a handwritten signature above 'For: Deloitte & Touche, Chartered Accountants, Lagos, Nigeria', the date '18 August 2025' and 'Engagement Partner: Ojo Joshua, FCA, FRC/2013/ICAN/00000000849', with the ICAN seal (PDF p41, page image). The text layer of the same block reads '15 August 2025' (hidden/overprinted). Statements approved by the board and authorised for issue on 23 May 2025, signed (handwritten) by Mrs Funmi Oyetunji (Chairman), Mr. Rajesh Kamble (MD/CEO) and Mr. Oluwadare Emmanuel (CFO) (PDF p80, page image).

    Document date
    18 Aug 2025
    Published
    19 Aug 2025
    Auditor's report
    18 Aug 2025
    Board approval
    23 May 2025
    Retrieved by us
    8 Oct 2026 (not a publication date)
    Used for
    statement columns FY2024, FY2023
    Basis
    company statements · NGN thousands (printed “N'000”)
    • Small printed rounding differences, kept as printed: Net Investment Income 2024 4 583 688 against components summing to 4 583 687 (p79); cash flows from operations 2024 1 467 946 against components summing to 1 467 948; closing cash 2024 1 762 855 against opening 2 859 462 less 1 035 291 less 61 315 = 1 762 856 (p82); also 2024 insurance service result before reinsurance, profit for the year and net change in cash differ from their printed components by 1 (rounding).
    • 'Purchase of financial assets at FVPL' 2024 is printed as a positive 13 202 (p82).
    • AUDIT DATE: the auditor's signature block on PDF p41 shows '18 August 2025' on the page render, while the PDF text layer holds '15 August 2025' at that position (not visible). The same report's ICFR paragraph (p41) and the separate ICFR assurance report (p37) are dated 15 August 2025. The visible date is recorded.
    Technical details
    File
    206 pages, with a text layer
    SHA-256
    7748be713520823906014179e8e9eec3f98b9769a8eb3b7a99f299249acf008f
    Entity as printed
    Prestige Assurance Plc ('the Company'), a subsidiary of New India Assurance Limited
    Exchange copy
    retrieved 2026-10-08T18:08:32Z

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) (9 October 2026). Independent review is pending for every figure; automated checks and the AI-assisted verification are not independent review.

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Figures shown on this page (CSV) — the same selected figures at their exact printed values, each with its source document, SHA-256, page, selection rule and reading. Independent review of these figures is pending.

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