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.
AIICO Insurance Plc ranked third after delivering a 165.03% return in 2025. Shares advanced from N1.43 to N3.79, with over 4 billion shares traded.
The stock gained 13.29% in January and posted a modest 11.89% rise in Q1, closing March at N1.60. Momentum slowed in Q2, but sentiment shifted decisively in July when the stock crossed the N2 mark for the first time.
August proved pivotal, as a sharp 91.47% rally pushed the price to N4.04, accounting for most of the year’s gains. Despite choppy trading thereafter, the stock held above N3 and closed December at N3.79.
AIICO reported nine-month revenue of N99.8 billion, up 30%. Received premiums increased to N144.6 billion, while claims paid rose to N66.2 billion. The company has a market capitalisation of N147.5 billion.
