10 highest insurance revenue generators in 9 months 2025

Nigeria’s insurance industry is entering a defining phase as the ongoing recapitalisation drive begins to reshape balance sheets and competitive positions.

Data from the Nigerian Exchange Group (NGX) reveals that AIICO Insurance, NEM Insurance, and AXA Mansard emerged as the sector’s top performers by revenue in the nine months, according to BusinessDay analysis.

The trio collectively set the pace for the sector, reflecting strong underwriting activity across both retail and corporate segments.

AIICO Insurance led the industry, posting N98.3 billion in revenue in 2025, up from N76.1 billion in the previous year. The insurer also strengthened its balance sheet, with total assets rising to N440.2 billion from N356.3 billion.

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NEM Insurance reported a gross premium income of N96.4 billion, compared with N69.5 billion last year. Total assets increased to N165.4 billion from N121.9 billion, while profit after tax surged 71.82% to N20.5 billion, up from N13.6 billion in 2024.

AXA Mansard Insurance recorded revenue of N71.8 billion, reflecting growth from N64.9 billion last year. Its total assets remained stable at N144.1 billion, but profit after tax declined sharply to N3.8 million, from N20.9 billion in the previous year.

Other insurers that made the top-ten list include Coronation Insurance, Cornerstone Insurance, LASACO Assurance, Linkage Assurance, Consolidated Hallmark Insurance, Prestige Assurance, and Mutual Benefits Assurance.

Cornerstone Insurance posted revenue of N29.9 billion, up from N20.6 billion, although profit after tax fell to N7.1 billion, from N15.7 billion previously.

LASACO Assurance generated N23 billion in revenue, compared with N17 billion in 2024, while total assets grew to N41.8 billion, from N30.9 billion.

Consolidated Hallmark Insurance recorded revenue of N8.2 billion, up from N7.9 billion last year. Total assets increased to N7.6 billion from N6.3 billion, but profit after tax dropped significantly to N6 billion, compared with N18 billion previously.

Linkage Assurance reported gross premium income of N19.3 billion, up from N16.4 billion. Total assets expanded to N71.1 billion, from N65.8 billion, while profit after tax moderated to N3.1 billion, from N4.1 billion recorded a year earlier.

Mutual Benefits Assurance saw revenue rise to N36.2 billion, compared with N25.8 billion in 2024. Total assets increased to N65 billion, from N54.8 billion, while profit after tax rebounded to N2.6 billion.

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Coronation Insurance followed with insurance revenue of N33.9 billion, an improvement from N25.1 billion last year. Total assets inched up to N52.8 billion, from N46.5 billion, although profit after tax declined to N2 billion, from N2.5 billion previously. The insurer delivered its strongest growth performance in nearly a decade, doubling annual revenue despite persistent currency volatility and inflation.

Prestige Assurance recorded revenue of N19.2 billion, up from N13.8 billion in 2024. Total assets dipped slightly by 0.19 percent to N37 billion, from N38 billion, while profit after tax fell 68 percent to N761 million, down from N2.4 billion last year.

Moyosore Adesina is a financial journalist with interests spanning across financial reporting, insurance, manufacturing sectors, fintech, and capital markets. She simplifies financial data and transform them into compelling stories that help investors and businesses make informed decisions. With a background in accounting and hands-on experience in financial analysis, she specialises in breaking down corporate earnings, industry trends, and economic indicators for readers.

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