IEI’s annual profit doubles after Norrenberger acquisition

International Energy Insurance Plc (IEI) reported a profit after tax of N1.78 billion for the 2024 financial year, up from N850.60 million in the previous year.

The insurer saw its insurance revenue surge to N5.55 billion from N2.73 billion, according to its unaudited financial statements.

IEI had in a circular dated June 4, 2024 announced that Norrenberger Advisory Partners Limited (NAPL) had completed the acquisition of 649,873,013 ordinary shares of the company, representing 50.61% equity, making it the largest and majority shareholder.

MarketsReporters reported in June that NAPL was on course to buy out minority shareholders of IEI.

The board of directors of IEI announced the proposed mandatory takeover by NAPL of 634,212,476 ordinary shares from the other shareholders at a price of N1.60 per share.