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.
AXA Mansard Insurance Plc claimed the eighth position in 2025, posting a 67.07% gain as its shares climbed from N8.20 to N13.70, with over 665 million shares traded.
January delivered an early boost, with the shares rising 12.44% to N9.20. Price action remained largely flat between February and April before modest gains in May and June pushed the stock to N9.25 by mid-year.
The third quarter proved decisive, as the stock jumped 55.68%, driven largely by a 33.33% surge in August.
A correction in the final months saw the price ease to N12.90 by November, but a late 6.20% recovery lifted the stock back to N13.70 at year-end.
AXA Mansard recorded nine-month insurance revenue of N120.5 billion, up from N98.2 billion in 2024. Cash premiums increased 28.44% to N136.4 billion, while claims rose to N59.2 billion.
The company’s market capitalization stands at N131.6 billion.
