IEI Projects N1.13bn Post-tax Profit for Q2

International Energy Insurance Plc (IEI) has projected a profit after tax of N1.13 billion for the second quarter of 2026, according to its earnings forecast submitted to the Nigeria Exchange Group (NGX).
In a projection dated March 2, 2026, the insurer said it expects to record gross premium written of N5.99 billion during the period under review, reflecting anticipated business growth.
The company also projected an insurance service result of N3.35 billion, indicating improved underwriting performance and operational efficiency.
Further details of the forecast show that operating profit is expected to reach N838.43 million, while interest and similar income is projected at N773.99 million.
Based on these projections, the company expects to post a profit before tax of N1.61 billion. After accounting for a forecast tax expense of N483.73 million, IEI anticipates achieving profit after tax of N1.13 billion for the quarter.
Management explained that the forecast is based on several assumptions regarding the operating environment and business conditions in 2026.
Among these assumptions is the expectation that there will be no significant changes in government policies that could adversely affect the insurance industry during the forecast period.
The company also assumes that the quality and stability of its management team will be sustained, ensuring continuity in operational and strategic activities.
In addition, the outlook assumes that the insurer will not experience major uninsured risks or catastrophic claims that could materially impact its financial performance.
IEI further noted that it expects to maintain the confidence and loyalty of its customers and the general public, which it considers a key driver for premium growth.
The company also cited the mandatory enforcement of “Building Under Construction” and “Public Building” insurance policies as a factor expected to support revenue generation across the industry.
The projection also reflects the continued implementation of the National Insurance Commission’s (NAICOM) “No Premium, No Cover” policy, which requires premiums to be fully paid before insurance coverage is granted.