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
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.
