The NGX Insurance sector powered through 2025 with an impressive return of 65.64%, outperforming the broader All-Share Index, which gained 51.19%.
Tracked by its index, the sector gained 471.3 points, rising from 719.9 to close at 1,189.3 points and decisively breaking the 1,000-point barrier.
Only the NGX Consumer Goods sector posted a stronger performance, returning 129.57%.
Even so, 2025 was a solid year for insurance stocks, although it fell short of the sector’s exceptional 123% return in 2024, while Consumer Goods delivered 54% last year.
On a month-to-date basis, August emerged as the strongest month in 2025, advancing 44.30%.
The surge was largely driven by a positive market reaction to President Tinubu’s signing of the Nigerian Insurance Industry Reform Act (NIIRA) 2025, which promises stronger consumer protection, improved capital adequacy, and overall sector stability.
August’s rally pushed H2 2025 to become the year’s strongest half, up 57.42%, with the third quarter emerging as the standout period, rising over 57%.
This sector-wide performance was driven by strong gains in individual insurance stocks. Below are the top 10 performers behind the rally.
Mutual Benefits Assurance led the pack in 2025, delivering an eye-popping 408.2% return as its share price soared from N0.61 at the start of the year to N3.10 by December, with over 2 billion shares changing hands.
The year began slowly, with January and February seeing little movement. Momentum picked up in March, and by June, the stock had crossed the N1 mark, closing at N1.10 and posting first-half gains of over 80%.
The second half was where the real fireworks happened. July brought a 65% jump, followed by a massive 114% surge in August that pushed the stock to a high of N3.90. Some volatility followed in the final months, and the stock settled at N3.10 by year-end.
Financially, the company shone as well. Nine-month insurance revenue climbed to N60.8 billion, up 37% from N44.3 billion the previous year. Premiums collected rose to N65.7 billion from N55.8 billion, while claims paid totalled N27.4 billion.
Mutual Benefits Assurance now has a market capitalization of N79.8 billion, cementing its position as a top performer in the insurance sector.
