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
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%.
