AXA Mansard, NEM Insurance and AIICO Insurance generated ₦449.9 billion in insurance revenue in 2025, ₦30.3 billion more than the other 14 insurers reviewed combined.
Their reports show what drove the increase:
• AXA Mansard: Health insurance revenue increased by ₦19.1 billion, from ₦47.2 billion to ₦66.3 billion. It accounted for about two-thirds of the company’s overall revenue increase. Fire insurance and group protection added another ₦4.5 billion and ₦3.7 billion respectively.
• NEM Insurance: The company attributed its growth to new business and aggressive marketing. Oil and gas revenue increased by ₦19.5 billion, while motor added ₦11.0 billion. Fire and general accident also increased by about ₦5.6 billion each.
• AIICO Insurance: Life insurance contributed ₦17.7 billion of the company’s ₦28.7 billion revenue increase. Ordinary life recorded the largest increase, followed by group life and annuity. General insurance added another ₦10.3 billion, with fire, casualty and special oil among the main contributors.
Across all 17 insurers, combined insurance revenue increased by 30.4%, from ₦666.6 billion in 2024 to ₦869.6 billion in 2025. Revenue grew at 15 companies, but profit did not follow the same pattern. Combined profit after tax declined by 38.3%, and only four insurers reported higher profits.
Insurance revenue is reported under IFRS 17 and represents revenue recognised from insurance services provided during the year. It is different from gross premiums collected or total company income.
The analysis covers 17 NGX-listed companies whose primary business is insurance and for which full-year 2025 financial statements were available. Consolidated figures were used where available. It excludes diversified holding companies and insurers without usable full-year results.
