Insurance companies that generated the largest insurance revenue in Q3 2025 

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Nigeria’s insurance sector closed Q3 2025 with a broadly positive performance, driven by strong revenue growth among leading underwriters despite ongoing macroeconomic challenges.

Q3 financials show rising gross insurance revenue, higher investment income, and mixed profitability, mainly influenced by increasing claims and service expenses.

Below is a ranking of insurers by Q3 2025 insurance revenue, along with key financial highlights.

Insurers that generated the largest insurance revenue in Q3 2025 

Coronation Insurance Plc – N6.95 billion

Coronation Insurance posted N6.95 billion in insurance revenue for Q3 2025, up 24.02% from N5.60 billion. Profit after tax rose to N232 million, up 119.37%, while profit before tax fell by 32.26% to N5.93 billion.

The company faced significant underwriting pressure, evidenced by claims paid amounting to N11.94 billion and an insurance service expense of N10.37 billion, resulting in a high loss ratio of 149.25%. This indicated that claims far exceeded premium revenue during the period.

Coronation’s net investment income contributed N2.95 billion, while total assets and equity stood at N103.10 billion and N44.82 billion, respectively. Overall performance metrics show an investment yield of 5.35%. Return on asset (ROA) was 0.23% and return on equities (ROE) was 0.52%, highlighting a challenging underwriting environment despite slight improvements in bottom-line profit.

Prestige Assurance Plc – N6.99 billion

Prestige Assurance grew revenue 40.88% to N6.99 billion from N4.96 billion. The company’s PAT improved to N242 million, marking a 100.01% improvement from the previous year, but PBT declined by 77.98% to N310 million due to rising operational costs.

Claims paid during the period stood at N12.41 billion, while service expenses amounted to N6.21 billion, contributing to an elevated loss ratio of 88.80%. Prestige generated N374 million in net investment income.

As of Q3 2025, the insurer held total assets of N37.93 billion and total equity of N20.14 billion, translating to an investment yield of 5.35%, ROA of 0.64%, and ROE of 1.20%.

Consolidated Hallmark Insurance Plc – N8.22 billion

Consolidated Hallmark recorded N8.22 billion in revenue, up 2.87%, from N7.99 billion. Despite this growth, the company posted a negative PBT of N257 million, largely driven by elevated service expenses of N8.10 billion and significant claims payouts totaling N5.36 billion.

Despite a strong investment income of N3.38 billion, the insurer posted a 59.8% decrease in PAT, closing the quarter at N4.95 billion. The insurer’s performance metrics further reflect operational pressure, with a high loss ratio of 98.59% indicating substantial claims exposure.

Still, CONHALLPLC maintained a solid financial footing, supported by total assets of N72.18 billion, shareholders’ equity of N39.73 billion, and healthy return ratios—Investment yield at 41.12%, ROA at 6.85% and ROE at 12.45%.

Cornerstone Insurance Plc –N12.65 billion

Cornerstone grew revenue 29.88% to N12.65 billion from N9.74 billion.

The company delivered a dynamic recovery in profitability, with PBT rising by 970.17% to N1.40 billion while PAT recovered from a loss of N2.23 billion to a gain of N2.11 billion. This performance was supported by a Loss Ratio of 39.25%, indicating efficient claims management, alongside N9.96 billion in claims paid and N4.96 billion in service expenses.

Net investment income contributed N529 million, with total assets of N135.76 billion and equity of N67.88 billion.

Overall, the insurer achieved an Investment Yield of 4.18%, ROA of 1.56%, and ROE of 3.11%, highlighting improved underwriting discipline and operational recovery.

LASACO Assurance Plc – N18.24 billion

LASACO delivered one of the strongest underwriting performances in the mid-tier segment for Q3 2025, posting N18.24 billion in revenue, up 42.99% from N12.76 billion. Profitability improved significantly, with PAT rising to N3.94 billion (34.40%) and PBT reaching N1.18 billion, a substantial 142% surge, from a loss of N2.81 billion in Q3 2024.

Claims totaled N6.38 billion, with a low loss ratio of 34.98%, reflecting strong claims management. Investment income was N1.00 billion.  LASACO’s total assets and equity stood at N42.34 billion and N22.22 billion, respectively, supported by a net investment income of N1.00 billion. With an investment yield of 5.48%, robust ROA of 9.30% and ROE of 17.71%, LASACO emerged as one of the standout performers in Q3 2025.

Mutual Benefits Assurance Plc – N19.66 billion

Revenue grew 24.05% to N19.66 billion from N15.85 billion. PBT rose 223.83% to N1.59 billion, while PAT increased 23.03% to N2.69 billion. Claims were high at N27.41 billion, with service expenses of N19.48 billion, producing a loss ratio of 99.05%.

Investment income contributed N4.09 billion, supported by a healthy investment yield of 20.78%; total assets and equity of N168.47 billion and N66.80 billion, respectively. Despite the impact of high claims, the company maintained modest profitability levels with a ROA of 1.59% and ROE of 4.02%.

NEM Insurance Plc – N32.03 billion

NEM Insurance revenue rose 33.16% to N32.03 billion, from N24.05 billion. The company delivered a strong N5.03 billion PAT, up 71.82%, despite posting a negative PBT of N1.63 billion, due to claims of N30.54 billion and service expenses of N24.26 billion.

Notably, the net investment income of N5.85 billion, supported by an 18.26% investment yield.

NEM closed Q3 2025 with total assets of N165.46 billion and total equity of N80.97 billion, maintaining healthy balance sheet strength. Profitability metrics remained resilient, with ROA at 3.04% and ROE at 6.21%, reflecting efficient capital deployment.

Custodian Investment– N32.34 billion

Custodian recorded revenue of N32.34 billion in Q3 2025, up 3.91% from N31.12 billion. Despite a 15.33% decline in PAT, which closed at N19.26 billion, the company remained strongly profitable, while PBT surged 561.39% to N2.77 billion.

The insurer maintained a notably low loss ratio of 27.87%, one of the most efficient in the industry and delivered the highest net investment income among its peers at N39.46 billion, translating to an impressive investment yield of 122.03%, with claims paid low at N8.74 billion.

With total assets of N501.76 billion and equity of N175.54 billion, Custodian remains one of the strongest and most capitalized insurers in the market. The company posted solid returns with an ROA of 3.84% and ROE of 10.97%, underscoring its ability to generate value despite a challenging claims environment.

AIICO Insurance Plc – N34.42 billion

AIICO reported a strong performance in Q3 2025, with revenue rising 22.2% from N28.17 billion to N34.42 billion, driven by robust contributions from both retail and corporate life segments.

PAT recovered strongly to N2.48 billion from a loss of N545.46 million, while PBT rose 4.44% to N2.99 billion. The insurer posted claims of N66.30 billion and service expenses of N34.42 billion. AIICO also recorded one of the highest net investment incomes in the sector at N28.34 billion, supported by its substantial asset base of N514.43 billion, the largest in the industry.

Despite these positives, the company’s loss ratio remained elevated at 100%, indicating a high claims intensity. ROA was 0.48%, while ROE stood at 3.09%, reflecting moderate efficiency in asset and equity utilization.

AXA Mansard Insurance Plc –N39.37 billion 

AXA Mansard led the list as the highest insurance revenue generator in Q3 2025, posting a total revenue of N39.37 billion, representing a 20.69% year-on-year increase from N32.62 billion.

However, the company recorded a negative PAT of N794.46 million, down from N5.04 billion in Q3 2024, largely due to a significant surge in claims, which rose 45.6% year-on-year to N59.30 billion.

Despite the negative PAT, AXA Mansard reported a Profit Before Tax (PBT) of N5.83 billion, supported by improved service margins and cost management. The company’s insurance service expenses stood at N29.48 billion, while net investment income was N1.98 billion.

At the end of the quarter, total assets were valued at N220.58 billion with total equity of N62.46 billion. The company’s loss ratio was 74.88%, investment yield 5.04%, return on assets (ROA) -0.36%, and ROE of -1.27%, reflecting the impact of rising claims on overall profitability.