Three Nigerian insurance firms have projected a profit before tax of N4.98bn in the first quarter of 2025.

In corporate notices filed with the Nigeria Exchange Limited on Tuesday, Cornerstone Insurance, AIICO Insurance, and International Energy Insurance have unveiled their earnings projections for Q1’2025, signalling positive performance.

Cornerstone Insurance expects a PBT of N2.07bn for Q1 2025, fuelled by insurance revenue and investment income. The company has forecasted total insurance revenue of N10.66bn, while insurance service expenses are expected to total N5.87bn. Its financial results reflect an increase in cash and cash equivalents, rising to N22.39bn by the end of the quarter, up from N22.27bn at the start.

In 2023, the firm and its subsidiaries’ gross written premium rose by six per cent to N22.25bn in the 2022 financial period. Also, Cornerstone Insurance Plc paid over N4bn in claims to its customers in the first six months of the 2023 financial period.

Meanwhile, AIICO Insurance forecasts a PBT of N2.42bn for the same period.

The company anticipates gross written premiums of N50.54bn and insurance revenue of N27.88bn. AIICO’s projected N11.97bn in net investment income.

The PUNCH reports that AIICO Insurance Plc has surpassed N200bn in claims and benefits settlements over the past five years.

A review of AIICO’s claims and benefits settlements from 2019 to 2023 indicated that within the five years, the firm paid about N200.9bn, with the highest payout made in 2021 (N47.3bn), followed by 2023, when it paid out N46.5bn.

In 2019, the insurance firm paid N30.6bn. Its claims payment increased to N31.6bn in 2020, and it paid N44.9bn as claims in 2022.

Additionally, International Energy Insurance also anticipates a modest PBT of N207.86m for Q1 2025, with its GWP set to reach N3.88bn. The company is focused on improving its service result, which is projected at N1.06bn.