International Energy Insurance Plc has reported a profit after tax of ₦577.3 million for the half year ended June 30, 2025, representing a decline from ₦843.3 million posted in the corresponding period of 2024.
Financial Performance
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Insurance Revenue fell to ₦2.33 billion in H1 2025, compared to ₦3.03 billion in H1 2024.
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Insurance Service Expense reduced to ₦886.1 million from ₦1.21 billion.
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Net Expenses from Reinsurance Contracts Held stood at ₦184.8 million, higher than ₦147.1 million in the same period last year.
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Insurance Service Result closed at ₦1.26 billion, against ₦1.67 billion in H1 2024.
On the investment side, the company recorded:
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Investment Income of ₦187.3 million (2024: ₦250.9 million).
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Net Gains on FVTPL Investments of ₦49.9 million (2024: ₦9.4 million).
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Net Investment Income at ₦237.3 million, lower than ₦260.3 million in 2024.
Profitability
The company posted profit before tax of ₦679.1 million, compared to ₦1.04 billion in the same period last year. Profit after tax stood at ₦577.3 million, reflecting a 31.6 percent year-on-year decline.
Basic earnings per share closed at 45 kobo, down from 66 kobo in H1 2024.
Operating Expenses
Operating expenses dropped slightly to ₦838.5 million in the review period, from ₦914.9 million in 2024. Other finance costs were contained at ₦2.1 million versus ₦3.9 million a year earlier.
Outlook
The results reflect a contraction in revenue and profitability despite cost containment measures. Stronger contributions from investment gains partially offset the decline in insurance income.
The company will need to drive topline growth and maintain efficient expense management to improve earnings in the second half of the year.
