Fortis Global Insurance Narrows Loss to N1.38 Billion in Q3

Fortis Global Insurance Plc reported a loss before tax of N1.38 billion for the quarter ended 30 September 2026, a 36.5% improvement from a loss of N2.17 billion in the same quarter of 2025. This information is included in the company’s Q3 unaudited financial statements posted on the Nigerian Exchange (NGX).

The insurance revenue increased significantly to N2.06 billion from N122.26 million year-on-year, although this growth has not yet resulted in underwriting profitability. Other finance costs decreased to N71.81 million from N1.28 billion, and insurance finance expenses fell to N371.29 million from N644.62 million.

Despite these reductions, the company reported a post-tax loss of N1.40 billion. The recapitalisation process included N25 billion held with the Central Bank of Nigeria, expected to be released by October 2026.

Total assets rose to N48.83 billion from N25.39 billion, primarily due to an increase in cash and cash equivalents to N27.45 billion from N11.75 billion. Fortis Global Insurance's share price closed at N1.75 on 29 October 2026, reflecting a 775% year-to-date growth from N0.20 on 2 January 2026.