Fortis Global Insurance Swings to N5 Billion Profit in 2024 Driven by Investment Property Revaluation
Fortis Global Insurance Plc has reported a dramatic return to profitability for the financial year ended December 31, 2024. The company posted a profit before tax of N4.99 billion, a stark reversal from the N1.82 billion loss recorded in the prior year. This financial turnaround occurred despite a slight moderation in its core insurance revenue, which dipped to N413.6 million from N418.1 million in 2023. The results, filed with the Nigerian Exchange (NGX) on January 5, 2026, highlight a performance heavily influenced by non-operational gains.
The pivotal driver of the profit was a N7.64 billion fair value gain on investment properties, contrasting sharply with a N2.06 billion fair value loss in 2023. This singular item propelled the insurance finance result to a positive N5.19 billion, from a N1.88 billion loss a year earlier. Consequently, even after a N157.4 million write-down on investments, the company achieved a net insurance and finance gain of N5.10 billion. This financial rebound stands in contrast to other economic discussions, such as when Sanwo-Olu disburses ₦2.7bn to support various initiatives, highlighting different fiscal recovery models.
However, the underlying insurance operations revealed significant pressure. Insurance service expenses rose by 7.5% year-on-year to N347.6 million, driven by higher claims and operating costs. This increase caused the insurance service result to fall 31% to N66.1 million. The combination of stagnant revenue and rising costs points to challenges in premium collections or structural cost pressures within its core business, a concern separate from analyses of broad private sector credit trends.
On the asset side, Fortis Global’s investments in listed equities grew to N125.5 billion, a N23.1 billion increase from the previous year. The company, formerly known as Standard Alliance Insurance, resumed filing returns following a regulatory suspension that was lifted after its rebranding in May 2025. Its shares were last traded on the NGX on June 28, 2019, at N0.20 kobo. The return to compliance and profitability marks a critical juncture for the firm, much as PDP elders accuse certain factions of influencing party dynamics, highlighting the importance of governance and transparency in institutions. In a similar vein, the call for integrity in leadership is universal, as seen when 2027: Onaiyekan urges ethical conduct from all aspiring candidates, a principle applicable to corporate governance as well. The company’s future performance, like a star athlete’s consistency such as when Champions League: Osimhen leads his team’s attack, will depend on its ability to translate property gains into sustainable operational strength.
