Nigeria, June 30 -- Mounting costs across key expenditure categories set Universal Insurance up for a sharp slide in profit for last year, its management report released on Tuesday has shown.

The non-life underwriter, whose shares are up 46.8 per cent this year, reported N867.9 million in post-tax period for the period, nearly a half weaker than the level reached in 2024, when N1.7 billion was logged.

Insurance service expenses were the major pressure points as they not only more than doubled to N8.3 billion, but also crowded out insurance revenue, which had risen by 47 per cent.

That was largely driven by the settlement of enormous claims in its fire insurance business.

Like other Nigerian insurers, Universal Insurance is on track to...