Prestige Assurance Plc has appointed Abhinandan Singh as an Executive Director, reinforcing its leadership team at a time when the insurer is navigating significant profit pressures.
The appointment, which took effect on February 18, 2026, was disclosed in a regulatory filing submitted to the Nigerian Exchange Limited (NGX) on Monday, February 23. The notice was signed by the Company Secretary, Mrs. Chidinma Ibe-Louis.
The company confirmed that the appointment has received approval from the National Insurance Commission (NAICOM).
“This is to notify Nigerian Exchange Limited (NGX) and the investing public of the appointment and approval of NAICOM of Mr. Abhinandan Singh as an Executive Director on the Board of Prestige Assurance PLC effective 18 February 2026,” the statement read.
The Board expressed confidence that Singh’s industry experience would support the company’s strategic growth and expansion plans.
Industry Experience
Singh is an insurance professional with more than 15 years of experience across technical underwriting, claims administration, operations, accounts and the energy segment of the business.
He previously held roles at The New India Assurance Company Limited, where he built marketing and operational expertise. He is also a Fellow of the Insurance Institute of India.
The company said his cross-functional experience in insurance administration and management would strengthen its operational and strategic capabilities.
Profitability Under Pressure
The leadership change comes as Prestige Assurance grapples with a sharp decline in profitability, despite posting growth in premium income.
According to its unaudited full-year 2025 results, profit before tax fell 76% year-on-year to N741.3 million, down from N3.09 billion in 2024. Profit after tax declined 81% to N609.3 million, while earnings per share dropped to 4.60 kobo from 24.42 kobo.
The downturn was attributed to rising reinsurance costs, weaker investment income, increased operating expenses and foreign exchange losses.
However, top-line performance remained resilient. Gross premium written rose 14% to N25.7 billion, while insurance revenue climbed 28% to N25.16 billion, reflecting stronger underwriting activity and pricing adjustments.
Insurance service expenses increased to N21.24 billion, and the net expense from reinsurance contracts widened significantly, swinging to a N4.69 billion loss from a N586 million income in 2024 — a shift that materially eroded underwriting gains.
The company’s third-quarter 2025 results had earlier shown a pre-tax profit of N316 million, underscoring the volatility in earnings over the financial year.
With new leadership joining the board, investors will be watching closely to see how the insurer stabilises margins and restores profitability in the face of rising industry costs.
