Prestige Assurance Dips Slightly to N13.78 Billion
Prestige Assurance Plc.’s 13.252 billion shares outstanding were priced at N13.78 billion on the Nigerian Exchange as selloff triggered a slide reduction in its market value.
Its net asset was valued at N18.563 billion at the end of financial year 2024, according to its unaudited report, up b6 16% year on year from N15.949 billion in 2023.
Ticker: PRESTIGE dipped by 96 basis points or 0.96% to ₦1.03, from N1.07 in the previous day as about 755,000 units valued at N786,506 exchange hands.
The positive price movement comes after a series of fluctuations in the past week, where the stock reached a high of ₦1.14 on March 10, 2025, and then dipped.
Between March 5 and March 10, Prestige Assurance’s stock rose from ₦1.06 to ₦1.14, likely attracting short-term traders who took advantage of the price increase.
However, since then, the stock has been falling, which could be attributed to investors locking in profits and exiting their positions.
Market analysts expect the price stabilizes around this level, uptick potential is expected to be driven by earnings release.
In 2024, the assurance company grew profit by 120% year on year to N2.878 billion from N1.310 billion in the financial year 2023.
The bottom line performance was supported by a significant year on year growth in total investment income and net income from re-insurance contract.
Prestige Assurance posted N1.464 billion as net income from re-insurance contract in 2024, versus N598 million re-insurance expenses in 2023.
Details from the assurance company revealed that total investment income grew by 113% year on year to N4.191 billion from N1.964 billion in the comparable period. #Prestige Assurance Dips Slightly to N13.78 Billion#
