EIGHT INSURANCE FIRMS ’ GROSS PREMIUMS RISE TO N367BN
The gross written premiums of eight insurance firms in Nigeria increased by 22.43% year-on-year to N367.66 billion in 2023, up from N300.31 billion the previous year. Their profits surged by 177.57% to N68.94 billion from N24.83 billion. The National Insurance Commission reported the industry's total premium reached N1.003 trillion in 2023, a 27% increase from 2022.
The eight firms include AIICO, Sovereign Trust Insurance, NEM Insurance, Veritas Kapital, Axa Mansard, Prestige Assurance, International Energy Insurance, and Custodian Investment. AIICO led with the highest gross premiums of N110.12 billion, a 25% rise, while its profit increased by 133% to N12.02 billion. Sovereign Trust Insurance’s revenue grew by 23% to N19.32 billion, but its post-tax profit declined by 8% to N1.27 billion.
NEM Insurance’s premium income rose to N62.71 billion, with profits jumping by 140% to N12.96 billion. Veritas Kapital's premiums increased by 61.94% to N7.56 billion, and profits surged by 286% to N2.75 billion. Axa Mansard’s revenue reached N82.75 billion, with a profit of N12.05 billion, and Prestige Assurance saw a 34% increase in gross premium to N14.88 billion, with post-tax profits rising to N1.31 billion.
International Energy Insurance saw the highest growth in premiums, up by 481.67% to N5.13 billion, driven by motor insurance. Custodian Investment recorded the highest profit of N21.01 billion, although its gross premium decreased to N65.19 billion.
Overall, the insurance sector maintained a double-digit growth trend, driven by regulatory support, premium rate adjustments, and increased valuation of insured assets.
The gross written premiums of eight insurance firms in Nigeria increased by 22.43% year-on-year to N367.66 billion in 2023, up from N300.31 billion the previous year. Their profits surged by 177.57% to N68.94 billion from N24.83 billion. The National Insurance Commission reported the industry's total premium reached N1.003 trillion in 2023, a 27% increase from 2022.
The eight firms include AIICO, Sovereign Trust Insurance, NEM Insurance, Veritas Kapital, Axa Mansard, Prestige Assurance, International Energy Insurance, and Custodian Investment. AIICO led with the highest gross premiums of N110.12 billion, a 25% rise, while its profit increased by 133% to N12.02 billion. Sovereign Trust Insurance’s revenue grew by 23% to N19.32 billion, but its post-tax profit declined by 8% to N1.27 billion.
NEM Insurance’s premium income rose to N62.71 billion, with profits jumping by 140% to N12.96 billion. Veritas Kapital's premiums increased by 61.94% to N7.56 billion, and profits surged by 286% to N2.75 billion. Axa Mansard’s revenue reached N82.75 billion, with a profit of N12.05 billion, and Prestige Assurance saw a 34% increase in gross premium to N14.88 billion, with post-tax profits rising to N1.31 billion.
International Energy Insurance saw the highest growth in premiums, up by 481.67% to N5.13 billion, driven by motor insurance. Custodian Investment recorded the highest profit of N21.01 billion, although its gross premium decreased to N65.19 billion.
Overall, the insurance sector maintained a double-digit growth trend, driven by regulatory support, premium rate adjustments, and increased valuation of insured assets.