Standard Alliance Insurance Plc has recorded a strong financial rebound, posting a profit after tax of ₦4.99 billion for the quarter ended December 31, 2024, marking a sharp turnaround from the loss recorded in the corresponding period of 2023.
The insurer’s latest financial statements, approved by its Board of Directors and filed with Nigerian Exchange Limited, show a reversal from a ₦1.82 billion loss in the fourth quarter of 2023 to a solid profit in Q4 2024. Earnings per share rose to ₦38.65, compared with a loss per share of ₦14.25 in the prior year.
Despite a slight dip in gross insurance revenue to ₦413.64 billion from ₦418.06 billion in Q4 2023, the company maintained a positive insurance service result of ₦66.05 billion, although lower than the ₦94.53 billion recorded a year earlier.
Investment performance played a significant role in driving profitability. Insurance finance income stood at ₦148.64 billion in Q4 2024, compared with ₦179.53 billion in the previous year, while fair value gains on investment properties added ₦2.64 billion. After insurance finance expenses of ₦143.37 billion, the company recorded a net financial gain of ₦5.10 billion, reversing the ₦1.79 billion net financial loss reported in 2023.
Standard Alliance’s balance sheet also strengthened during the period. Total assets rose by 83 per cent to ₦13.76 billion as of December 31, 2024, from ₦7.51 billion in 2023. The increase was driven largely by growth in financial assets, with investments measured at fair value through profit or loss rising to ₦125.54 billion from ₦102.41 billion.
In addition, investment properties increased to ₦11.67 billion from nil in the previous year, reflecting the company’s asset diversification strategy.
Although shareholders’ equity remained negative at ₦1.07 billion, this represented an improvement from the ₦4.91 billion deficit recorded in 2023. Accumulated losses also narrowed to ₦17.03 billion from ₦22.00 billion, pointing to gradual progress toward restoring positive equity.
Total comprehensive income for the year stood at ₦5.04 billion, compared with a comprehensive loss of ₦483.24 million in 2023. Other comprehensive income of ₦46.27 million was driven by fair value gains on financial assets.
The improved results signal a positive recovery trajectory for Standard Alliance Insurance Plc as it seeks to strengthen its financial position and compete more effectively within Nigeria’s insurance market.
