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By Henry Uche
Thirteen leading insurance firms posted a combined N923 billion in revenue and paid out N306 billion in claims, a clear evidence of rising consumer confidence, stronger risk underwriting and a deepening culture of financial protection across the economy.
Although the insurance industry is currently undergoing recapitalisation exercise whose deadline expires on July 31, 2026, it did not stop the insurance companies from performing their obligatory responsibilities of paying genuine claims as and when due, Daily Sun learnt.
In comparison, the cumulative Insurance revenue of these underwriting firms hit N923.3billion in the 2025 financial year.
The insurers include; Sovereign Trust Insurance (STI), Fortis Global Insurance, Guinea Insurance, Consolidated Hallmark Holdings (CHH), AIICO Insurance, Universal Insurance Plc, Mutual Benefits Assurance, Coronation Insurance, Prestige Assurance Plc, Custodian Investment Plc, Cornerstone Insurance, Sunu Assurances Nigeria and NEM Insurance Plc. The concerned firms had earlier submitted their 2025 unaudited financial statements to the Nigerian Exchange Limited (NGX) and the investing public between January and February, 2026.
On Revenue, while STI revenue rose from N40.4billion in 2024 to N44.62billion in 2025, Fortis Global Insurance had its Gross Premium Written (GPW) climbed from N413. 6million to N461million in 2025.
While Guinea Insurance Revenue rose to N2.92billion in 2025 from N2.8billion in 2024; Consolidated Hallmark Holdings (CHH) revenue rose to N43.44 billion from N29.42 billion, even as Gross Written Premium of AIICO Insurance was N191.7 billion in 2025 from N159.42 billion in 2024, translating to N32,3billion or. 20% growth. Gross Written Premium of Universal Insurance Plc rose to N20.95billion in 2025 as against N13,76 billion recorded in 2024.
Moreover, Mutual Benefits Assurance revenue rose to N80,41billion in 2025 from N66.91billion in 2024, translating to 20% growth, with Coronation Insurance revenue reaching N71.12billion in 2025 as against N49.47billion in 2024. Gross revenue of Custodian Investment Plc climbed to N221,73billion from N151.91billion within the period under review. For Cornerstone Insurance Revenue, it was N52.94billion in 2025 and N38,66bn in 2024 while Prestige Assurance Plc Gross Premium Written was N25.69billion in 2025 and N22.47billion in 2024.
Sunu Assurances Nigeria revenue was N21.62billion in 2025 from N15.26billion, while NEM Insurance revenue rose to N146.17billion from N96.6billion in 2024.
Adding all the insurance revenue of the 13 insurers together, it amounted to cumulative N923 billion.
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Examining Insurance Services expenses and claims paid, STI Plc accrued N21.91billion Insurance service expenses and Claims in 2025 as against N19.5bnillion in 2024, while Fortis Global Insurance’s Claims expenses rose to N552.5million in 2025, an improvement from N347.5million claims paid in 2024.
For Guinea Insurance, it spent N1.21billion on insurance service expenses and claims in 2025 from N1.76billion in 2024, while Consolidated Hallmark Holdings (CHH) paid N14billion claims arising from N9billion within the period under review.
On its part, AIICO Insurance incurred N57billion on claims and other insurance service expenses in 2025, rising from N51.2billion paid in 2024. This is even as Universal Insurance Plc paid N3.62billion claims as against N2. 97billion within the period under review.
While Mutual Benefits Assurance incurred N53,83billion claims in 2025 as against N53,18billion in 2024, Coronation Insurance service expenses rose to N44,99billion in 2025 from N27.19billion in 2024.
For Custodian Investment Plc, its Insurance service expenses and claims paid was N77billion in 2025, from N68,39billion recorded in 2024.
Cornerstone Insurance paid N11.58billion claims in 2025 as against N13.58billion paid in the previous year. While claims paid by Prestige Assurance Plc was N15,52billion in 2025 and N11.03billion in 2024.
Sunu Assurances Nigeria, on the other hand, incurred N7.85billion claims in 2025 as against N4.87billion in 2024, even as NEM Insurance paid N42.8billion as claims in 2025 as against N30.5billion in 2024.
Hence, insurance services expenses and claims paid by these underwriters amounted to N306.6billion in the last financial year, while the year 2025 was a landmark of N923billion in total revenue for these 13 firms.
Significantly, they funneled this N306.6 billion back into the economy through claims and service delivery. This 33% “Return-to-Market” ratio, according to analysts, highlights an industry that is maturing from a collection of premium-takers into a robust engine of national economic stability.
The performance not only signals stronger underwriting discipline and capital resilience within the market, but also reinforces the sector’s expanding role in safeguarding households, businesses, and national economic assets and stability, strategically positioning insurance as a more dependable pillar of Nigeria’s financial services ecosystem.
