Fortis Global Insurance Plc has submitted its audited financial statements for the year ended 31 December 2025 to the Nigerian Exchange Limited, revealing a sharp contraction in bottom-line performance despite a strong expansion in its asset base and cash reserves.
The financial statements, officially filed in line with regulatory transparency mandates on Wednesday, 3 June 2026, showed that the underwriter transitioned from a position of profitability into a deep deficit, heavily weighed down by a massive surge in insurance service expenses and a steep drop in its investment returns.
According to the regulatory filing, the company’s loss after tax hit N1.89bn, a sharp 139 per cent decline from the N4.99bn profit recorded in the corresponding period of 2024.
A deep dive into the income statement showed that while insurance revenue climbed 29 per cent to N535.95m up from N413.64m in 2024, the gains were completely erased by insurance service expenses, which surged 218 per cent from N347.59m to N1.11bn.
Furthermore, net insurance and investment returns suffered a devastating 110 per cent crash, plunging from a positive N7.43bn in 2024 to a negative N684.28m in the year under review. This operational downturn dragged the company’s loss before tax to N1.89bn, representing a 137 per cent drop compared to the N4.99bn profit before tax posted in the previous year.
Consequently, basic earnings per share fell into negative territory at (0.29 kobo), down from the positive 0.34 kobo reported in 2024.
Despite the severe profitability constraints, the company recorded a highly positive shift in its balance sheet architecture. Total assets jumped 83 per cent to N25.15bn from N13.76bn, driven primarily by an unprecedented 2,005 per cent surge in cash and cash equivalents, which grew from N540.67m to N11.50bn. Liabilities remained controlled, rising modestly by five per cent to N16.12bn, which successfully allowed total equity to rebound from a negative N1.07bn back into positive territory at N9.04bn.
In its joint statement accompanying the corporate filing, the board of directors expressed absolute confidence in the company’s underlying accounting controls and long-term economic durability despite the short-term earnings volatility.
The Chairman of the Board, Akinlolu Iroko, along with the Managing Director and Chief Executive Officer, Nomwen Emeghalu, accepted full responsibility for the financial presentation, affirming adherence to standard practices.
The statement reads, “The directors accept responsibility for the audited financial statements, which have been prepared using appropriate accounting policies supported by reasonable and prudent judgements and estimates, in conformity with International Financial Reporting Standards and amended requirements of the Companies and Allied Matters Act.
“The directors are of the opinion that the audited financial statements give a true and fair view of the state of financial affairs of the company and of its profit or loss. The directors further accept responsibility for the maintenance of accounting records that may be relied upon in preparing audited financial statements as well as adequate systems of internal financial control.”
Addressing concerns surrounding the sudden drop into a multibillion-naira loss, the board reassured the investing public, regulatory agencies, and policyholders that the financial distress does not threaten the fundamental operational existence of the insurance firm.
“Nothing has come to the attention of the directors to indicate that the company will not remain a going concern for at least 12 months from the date of this statement,” the statement further read.
The financial report, formally signed on behalf of the board on 30 March 2026, and submitted for public disclosure, also highlighted an improvement in the company’s regulatory health metric, with its solvency margin ratio advancing significantly by 322 per cent.