IEI forecasts N868.5m profit for Q1 2026 on stronger premiums

International Energy Insurance Plc (IEI) is projecting a profit after tax of N868.48 million for the first quarter (Q1) of 2026, supported by healthier premium growth, improved service results, and a stable regulatory environment.

“Gross Premium Written for the period is expected to hit N3.76 billion, while its Insurance Service Result is projected at N2.71 billion. Operating profit is forecast at N809.38 million, with interest and similar income contributing another N486.35 million, bringing profit before tax to an anticipated N1.29 billion,” the company said in a disclosure on the Nigerian Exchange on Monday.

The insurer posted a profit after tax of N648.7 million in Q1 2025, compared with N949.5 million in the same period of 2024, reflecting a year-on-year decline despite stronger insurance revenue and an improved service result. The 2026 projection, which is higher than the Q1 2025 actual, therefore signals management’s expectation of a rebound in profitability next year.

Operating expenses also climbed to N612 million, compared with N487 million in Q1 2024, a development that weighed on overall profitability despite an improvement in top-line earnings.

Read also: International Energy Insurance Plc Announces Leadership Transition

International Energy Insurance has gained 32.4 percent year-to-date as its shares closed at N2.25 on Monday. It has, however, lost 23 percent of its value in the past four weeks.

IEI noted that the projections assume a relatively stable operating environment, particularly with no significant shifts in government policies that could disrupt insurance business in 2025.

The company expects that the current management structure will be maintained throughout the period, ensuring continuity in operational performance. “The Company shall suffer no major uninsured risks or catastrophic claims during the forecast period.”

Management expressed optimism that the industry will benefit from the mandatory enforcement of “Building Under Construction” and “Public Building” insurance policies, a move expected to expand premium income for insurers across the sector.

The projections also factor in strict adherence to NAICOM’s “No Premium, No Cover” guideline, which continues to shape premium collection across the sector.

Moyosore Adesina is a financial journalist with interests spanning across financial reporting, insurance, manufacturing sectors, fintech, and capital markets. She simplifies financial data and transform them into compelling stories that help investors and businesses make informed decisions. With a background in accounting and hands-on experience in financial analysis, she specialises in breaking down corporate earnings, industry trends, and economic indicators for readers.

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