IEI Projects ₦868.4m Profit After Tax for Q1 2026

International Energy Insurance Plc (IEI) has released its financial projections for the first quarter of 2026, forecasting a profit after taxation of ₦868.48 million, according to a statement addressed to the Director-General of the Nigeria Exchange Group Plc.

In a statement jointly signed by Uyi Osagie, the company’s Chief Financial Officer, and Joyce Odiatchi (PhD), Acting Managing Director, and made available on the Nigerian Exchange Limited (NGX) website on Monday, the projection highlights expected improvements across key performance indicators, with the company estimating a Gross Premium Written of ₦3.76 billion and an Insurance Service Result of ₦2.71 billion for the period.

IEI also anticipates an operating profit of ₦809.38 million, while interest and similar income are projected to reach ₦486.35 million, resulting in a pre-tax profit of ₦1.29 billion. After accounting for a forecast tax charge of ₦427.26 million, the insurer expects to close Q1 2026 with a net profit of ₦868.48 million.

According to the company, the forecast is anchored on several assumptions, including policy stability in the regulatory environment and sustained management quality throughout the period. IEI also expects no significant uninsured risks or catastrophic claims during the quarter.

The insurer expressed confidence in its customer base, noting that it anticipates continued loyalty from the public. It further highlighted that the mandatory enforcement of “Building Under Construction” and “Public Building” insurance policies will contribute to increased revenue for the industry.

IEI added that the projections also take into account the National Insurance Commission’s (NAICOM) directive on the “No Premium, No Cover” policy.

News.ng reports that the share price of the insurance company in its last trading session last Friday stood at ₦2.25 on the NGX, reflecting a 3.4% drop from its previous closing price of ₦2.33.