Nigerian Insurance Giants Record Massive N493bn Revenue in 2024
The Nigerian insurance sector had a blockbuster year in 2024, with ten listed insurance firms on the Nigerian Exchange Limited (NGX) generating a staggering N493.41 billion in revenue! This represents a 65.53% jump from their 2023 earnings, proving the industry’s resilience despite tough economic conditions.
Key Takeaways:
Total Revenue: N493.41 billion (+65.53%)
Total Profit: N105.12 billion (+73.69%)
Top Performers: Cornerstone Insurance, AXA Mansard, AIICO, NEM Insurance, Sovereign Trust
Biggest Profit Growth: Coronation Insurance (+444.43%)
The Big Winners: Insurance Firms That Led the Charge
Cornerstone Insurance:
• Revenue: N38.45bn (Up 48.4%)
• Profit: N22.66bn (Up 61.28%)
AXA Mansard:
• Revenue: N131.34bn (+58.71%)
• Profit: N26.19bn (+117.4%)
AIICO Insurance:
• Revenue: N108.27bn (+48.8%)
• Profit: N13.62bn (+12.19%)
Sovereign Trust Insurance:
• Revenue: N38.37bn (+98.58%)
• Profit: N3.09bn (+142.34%)
NEM Insurance:
• Revenue: N51.99bn (+86.77%)
• Profit: N23.31bn (+75.90%)
Coronation Insurance:
• Revenue: N48.86bn (+98.89%)
• Profit: N9.90bn (+444.43%)
International Energy Insurance:
• Revenue: N5.55bn (+103.5%)
• Profit: N1.78bn (+109.2%)
SUNU Assurances:
• Revenue: N15.35bn (+55.58%)
• Profit: N3.67bn (+36.84%)
Regency Alliance & Guinea Insurance:
• Despite revenue growth (+19.47% & +36.59%), they saw a dip in profits (-60.69% & -69.11%).
What’s Driving This Growth?
Premium Price Adjustments: Insurance firms repriced premiums upwards, leading to higher revenues.
Naira Devaluation: Foreign currency-based insurance premiums ballooned in value when converted to naira.
Increased Investments: Investment portfolios yielded record-high returns, boosting profits.
Regulatory Enforcement: The nationwide enforcement of third-party motor insurance (since Feb 1, 2025) is expected to increase market penetration.
What’s Next for Nigeria’s Insurance Sector?
Analysts project sustained growth as firms capitalize on premium price hikes, naira fluctuations, and new enforcement policies.
With strong investment portfolios, companies may continue their profit expansion streak in 2025.
The industry will likely benefit from financial technology integration, making insurance products more accessible.
Bottom Line: Nigeria’s insurance industry is booming like never before! Investors and policyholders should keep an eye on these high-performing firms as they drive the market forward.
The Nigerian insurance sector had a blockbuster year in 2024, with ten listed insurance firms on the Nigerian Exchange Limited (NGX) generating a staggering N493.41 billion in revenue! This represents a 65.53% jump from their 2023 earnings, proving the industry’s resilience despite tough economic conditions.
Key Takeaways:
Total Revenue: N493.41 billion (+65.53%) Total Profit: N105.12 billion (+73.69%) Top Performers: Cornerstone Insurance, AXA Mansard, AIICO, NEM Insurance, Sovereign Trust Biggest Profit Growth: Coronation Insurance (+444.43%)The Big Winners: Insurance Firms That Led the Charge
Cornerstone Insurance:
• Revenue: N38.45bn (Up 48.4%)
• Profit: N22.66bn (Up 61.28%)
AXA Mansard:
• Revenue: N131.34bn (+58.71%)
• Profit: N26.19bn (+117.4%)
AIICO Insurance:
• Revenue: N108.27bn (+48.8%)
• Profit: N13.62bn (+12.19%)
Sovereign Trust Insurance:
• Revenue: N38.37bn (+98.58%)
• Profit: N3.09bn (+142.34%)
NEM Insurance:
• Revenue: N51.99bn (+86.77%)
• Profit: N23.31bn (+75.90%)
Coronation Insurance:
• Revenue: N48.86bn (+98.89%)
• Profit: N9.90bn (+444.43%)
International Energy Insurance:
• Revenue: N5.55bn (+103.5%)
• Profit: N1.78bn (+109.2%)
SUNU Assurances:
• Revenue: N15.35bn (+55.58%)
• Profit: N3.67bn (+36.84%)
Regency Alliance & Guinea Insurance:
• Despite revenue growth (+19.47% & +36.59%), they saw a dip in profits (-60.69% & -69.11%).
What’s Driving This Growth?
Premium Price Adjustments: Insurance firms repriced premiums upwards, leading to higher revenues.
Naira Devaluation: Foreign currency-based insurance premiums ballooned in value when converted to naira.
Increased Investments: Investment portfolios yielded record-high returns, boosting profits.
Regulatory Enforcement: The nationwide enforcement of third-party motor insurance (since Feb 1, 2025) is expected to increase market penetration.
What’s Next for Nigeria’s Insurance Sector?
Analysts project sustained growth as firms capitalize on premium price hikes, naira fluctuations, and new enforcement policies.
With strong investment portfolios, companies may continue their profit expansion streak in 2025.
The industry will likely benefit from financial technology integration, making insurance products more accessible.
Bottom Line: Nigeria’s insurance industry is booming like never before! Investors and policyholders should keep an eye on these high-performing firms as they drive the market forward.