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
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.
