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
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.
