Top 10 insurance companies on NGX by total assets as of June 2025 

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In the first half of 2025, 18 out of 20 insurance companies that published their financial statements reported a combined total of N2.04 trillion in assets for the period ended June 2025, up from N1.8 trillion recorded six months earlier.

This represents a 13.7% increase, reflecting the growing strength of insurance company balance sheets and the resilience of capital across the sector.

The growth in total assets is largely driven by higher investments and increased premium inflows as insurers expand their underwriting capacity and diversify their portfolios.

These developments not only support financial stability but also indicate a healthier and more sustainable insurance industry.

For investors and analysts, a strong asset base is an important measure of a company’s ability to manage risk and generate future growth.

• It can influence investment decisions and shape market sentiment, making it a key factor beyond just earnings performance.

That being said, this work focuses on the top 10 insurance companies with the largest total assets as of the first half of 2025, prioritising the actual amounts reported.

Here they are:

Lasaco Assurance (N44.08 billion)

Lasaco Assurance Plc ranks 10th with total assets of N44.08 billion as of 30 June 2025, up from N31.7 billion in 2024.

• Cash and cash equivalents made up the largest portion of assets at N19.2 billion, compared with N10.3 billion in 2024.
• Investment properties contributed N8.1 billion; reinsurance contract assets stood at N5.4 billion, and financial assets at amortized cost totaled N4.3 billion, up from N1.75 billion, with the remainder comprising other assets.

Although the company’s total liabilities rose to N21.9 billion from N19.7 billion, shareholder funds nearly doubled to N22.1 billion from N12 billion

On the income side, insurance revenue climbed to N16.8 billion from N11.4 billion.

In the cash flow statement, the company received premiums of N18.5 billion, up from N14.7 billion, while claims paid increased to N9 billion from N2.1 billion.

Consolidated Hallmark (N66.7 billion)

Consolidated Hallmark Holdings Plc takes the 9th position with total assets of N66.7 billion as of 30 June 2025, up from N56.9 billion at the end of December 2024.

• Financial assets formed the largest portion at N35.4 billion, followed by reinsurance contract assets at N9.5 billion.

• Cash and cash equivalents contributed N8.2 billion, up from N3.7 billion, with the remainder made up of other assets.

While total liabilities rose to N30.8 billion from N21.9 billion, total equity strengthened to N35.8 billion.

On the income side, insurance revenue climbed to N22.9 billion, up 79.3%.

The company received premiums of N24.7 billion from policyholders, slightly lower than N29.7 billion in the previous period, while claims paid fell to N5.3 billion from N9.06 billion.

Linkage Assurance (N69.9 billion)

Linkage Assurance Plc occupies the 8th position with total assets of N69.9 billion as of 30 June 2025, slightly up from N65.6 billion at the end of December 2024.

• Investment securities made up the bulk of the portfolio at N51.4 billion, complemented by reinsurance contract assets of N6.4 billion and cash and cash equivalents of N4.4 billion, with the remainder spread across other assets.

During the period, liabilities rose to N25.2 billion from N22.8 billion. At the same time, total equity increased to N44.6 billion, up 4.30%.

On the income side, the company reported insurance revenue of N12.5 billion, up from N10.7 billion.

It received premiums totaling N15.9 billion from policyholders, slightly lower than the N24.04 billion recorded in December 2024, while claims dropped to N2.8 billion from N4.5 billion.

Coronation Insurance (N100.07 billion)

Standing at the 7th position, Coronation recorded total assets of N100.07 billion as of 30 June 2025, up from N76.7 billion reported at the end of December 2024.

• Financial assets accounted for the largest portion at N38.1 billion, while cash and cash equivalents stood at N17.4 billion.

• Investments in associates contributed N14.9 billion, and reinsurance contract assets added N12.6 billion, with the remainder made up of other assets.

During the period, total liabilities rose to N60.5 billion from N37 billion, while total equity remained largely stable at N39.5 billion, slightly down from N39.7 billion.

On the income statement, insurance revenue climbed to N32.9 billion from N21.3 billion.

The company received premiums of N26 billion from policyholders, up from N18.8 billion, while gross claims paid increased to N5.4 billion from N2.2 billion.

Cornerstone Insurance (N135.7 billion)

Cornerstone Insurance Plc occupies the 6th position with total assets of N135.7 billion, up from N121.5 billion recorded at the end of December 2024.

• Financial assets dominated the portfolio at N81 billion, followed by cash and cash equivalents of N24.1 billion, while reinsurance contract assets contributed N17.4 billion, with the remainder spread across other asset categories.

Liabilities rose to N67 billion from N61 billion during the period, and total equity increased to N67.8 billion from N60.4 billion.

On the income statement, insurance revenue grew to N24.4 billion from N16.9 billion.

The company received premiums of N30 billion from policyholders, up from N23.9 billion, while claims paid rose to N9.9 billion from N2.2 billion.

NEM Insurance (N159.9 billion)

Claiming the 5th spot, NEM Insurance Plc reported total assets of N159.9 billion, up from N121.9 billion at the close of December 2024.

• The bulk of these assets consisted of financial investments totaling N94.4 billion, while reinsurance contract assets contributed N35.2 billion.

• Cash and cash equivalents stood at N11.8 billion, with the remaining portion distributed across other asset classes.

During the period, total liabilities increased to N83.9 billion from N56.4 billion. Meanwhile, equity expanded to N75.9 billion from N65.4 billion.

On the revenue side, the insurance company recorded N75.4 billion in H1 2025, rising from N45.4 billion the previous year. Premiums collected from policyholders reached N96.8 billion, up from N66 billion, while claims climbed to N20.5 billion from N9.1 billion.

Mutual Benefits (N164.2 billion)

Mutual Benefits Plc occupies the 4th position, reporting total assets of N164.2 billion, up from N147.1 billion at the end of December 2024.

• The largest portion of these assets comprised financial instruments at amortized cost, which amounted to N77.3 billion, while cash and cash equivalents stood at N50.6 billion.

• Reinsurance contract assets contributed N11.9 billion, with the remainder spread across other categories.

Total liabilities rose to N97.6 billion from N92.3 billion, while total equity strengthened to N66.5 billion from N54.7 billion.

Insurance revenue grew to N21.8 billion from N15.9 billion. Premiums collected from policyholders reached N47.2 billion, up from N34.2 billion, while claims paid rose to N22 billion from N11.1 billion.

AXA Mansard (N234.02 billion)

AXA Mansard Plc ranks 3rd with total assets of N234.02 billion, rising from N193.6 billion.

• Investment securities, particularly those at fair value through OCI (Other Comprehensive Income), formed the largest portion at N110.8 billion.
• Reinsurance contract assets contributed N37.3 billion, while investment properties added N31.5 billion, with the remainder spread across other asset categories.

Although liabilities increased to N171.2 billion from N140.7 billion, total equity also grew to N62.7 billion from N52.8 billion

Insurance revenue expanded to N81.1 billion from N65.6 billion. Premiums received from policyholders reached N98.2 billion, up from N80.7 billion, while claims paid rose to N39.3 billion from N25.5 billion.

AIICO (N456.2 billion)

Claiming the second position, AIICO Insurance Plc recorded total assets of N456.2 billion as of 30 June 2025, a growth from N416.3 billion in December 2024.

• The company’s assets were dominated by debt instruments at amortized costs totaling N163.8 billion and fair value through profit or loss of assets of N205 billion, with reinsurance contract assets of N21.7 billion and cash holdings of N21 billion.

Liabilities climbed to N379.2 billion from N348.6 billion, while equity expanded to N77.03 billion from N67.7 billion.

Insurance revenue reached N65.4 billion, up from N48.8 billion.

The company collected N94 billion in premiums, while claims paid rose slightly to N43.3 billion from N42.5 billion.

Custodian (N456.3 billion)

Custodian Insurance leads the ranking with total assets of N456.3 billion as of 30 June 2025, increasing from N407.2 billion.

• Financial assets made up the bulk at N307 billion, alongside cash and cash equivalents of N51.8 billion and investment properties totaling N22.2 billion, with other assets completing the balance.

Liabilities rose to N301.1 billion from N272.7 billion, while total equity strengthened to N155.1 billion from N134.5 billion.

Insurance revenue grew to N89.3 billion from N60.9 billion, while pretax profit stood at N30.4 billion, up from N25.7 billion in the comparable period, reflecting improved profitability and operational efficiency.