Fortis Global Insurance Plc returned to profit, reporting ₦4.99 billion before tax in 2024.
This result reversed a ₦1.82 billion loss in 2023, signalling a strong financial turnaround.
Fortis Returns To Profit
However, insurance revenue fell slightly to ₦413.6 million, while operating costs rose 7.5% to ₦347.6 million.
As a result, the insurance service result dropped 31% to ₦66.1 million, showing continued pressure on core operations.
Property Gains Drive Turnaround
Meanwhile, the company’s turnaround stemmed from its investment properties, which gained ₦7.64 billion in fair value.
This gain reversed prior losses and turned the insurance finance result positive at ₦5.19 billion.
Even after recognizing a ₦157.4 million write-down on other investments, Fortis still recorded a net insurance and finance gain of ₦5.10 billion.
Moreover, total assets jumped 83% to ₦13.76 billion, while listed equity investments grew 23% to ₦125.5 million.
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Although shareholders’ equity remained negative at ₦1.07 billion, the company reduced losses by ₦3.84 billion.
At the same time, operating expenses surged 368% to ₦108.1 million, highlighting persistent cost pressures.
Regulatory Challenges And Recovery
Fortis, formerly Standard Alliance Insurance, overcame a regulatory suspension after failing NGX disclosure requirements.
In addition, the National Insurance Commission withdrew its operational licence in 2022, before Fortis rebranded in May 2025.
By resuming filings, the company demonstrated active efforts to address its past regulatory lapses.
Despite the profit, flat underwriting volumes and rising claims keep core insurance operations under pressure.
Nevertheless, strong gains in property and equity investments offer hope for stability.
Fortis’s recovery mirrors Aso Savings and Loans Plc, which achieved a 542% stock gain after suspension.
Ultimately, strategic investments allowed Fortis to offset weak insurance performance and regain investor confidence.
Market watchers will now follow whether the company can sustain momentum and rebuild trust among shareholders.
The company’s journey highlights resilience and cautious optimism amid past operational and regulatory challenges.
