Prestige Assurance Hits 52-Week High as Shares Gain Attention
Investors on the Nigerian Exchange (NGX) priced Prestige Assurance Plc higher by 46% as the Insurance Index drove the equities market performance. The Assurance services company share price rose from N1 to N1.46 in the equities market over renewed interest from investors trading highs and lows.
Due to strong demand for the stock, its market value increased strongly to settle at N19.348 billion, spread on its 13.252 billion shares outstanding amidst industry recapitalisation move.
The Assurance company profit after tax settled at N2.402 billion at the end of 9-month of financial year 2024. This was a significant increase of 491% year on year when compared with N406.552 million the company posted in the comparable period in 2023.
Prestige Assurance Plc healthy bottom line was supported by growth in top line performance in the period. Prestige posted 44% year on year increase in insurance revenue which settled at N13.821 billion at the end of 9-month of financial year 2024 from N9.614 billion in the comparable period in 2023.
But insurance expenses accelerated much fasted, up by 98% year on year to settle at N14.818 billion from N7.487 billion. Its negative insurance results was helped by net income from re-insurance worth N1.075 billion.
Still insurance service return was down by 83% year on year, from N446.554 million to N77.873 million. The company boosted its earnings performance with net foreign exchange income which grew by 472% year on year to N1.936 billion from about N339 million in the comparable period in 2023.
This lifted profit after tax by 491% year on year to N2.402 billion from N406.552 billion at the end of 9-month of financial year 2023. #Prestige Assurance Hits 52-Week High as Shares Gain Attention 2025 Budget: N13trn Deficit to be Financed Through Borrowing – Edun
