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Nigeria’s insurance sector recorded mixed performance in the first quarter of 2026, with results diverging sharply across operators.
While some underwriters posted stronger revenue and improved profitability, others recorded revenue declines and margin pressure driven by elevated claims, reflecting an uneven operating environment across the industry.
This is according to data compiled by Nairametrics Research from unaudited quarterly financial statements filed by listed insurance companies with the Nigerian Exchange (NGX) for the first quarter ended March 31, 2026.
Of the top 10 insurers reviewed, five recorded revenue growth while five reported declines, with profitability outcomes equally varied and claims management emerging as a key differentiator of underwriting performance during the period.
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Below is a ranking of insurers by Q1 2026 insurance revenue, along with key financial highlights.
10. Linkage Assurance Plc (N6.40 billion)
Linkage Assurance recorded insurance revenue of N6.40 billion in Q1 2026, up 5.74% from N6.05 billion in the corresponding period of 2025.
Profitability improved significantly during the quarter. Profit before tax surged 689.09% to N6.57 billion from N833 million, while profit after tax rose 748.21% to N6.25 billion from N736 million in Q1 2025.
Claims paid amounted to N1.45 billion, with insurance service expense of N6.67 billion, producing the lowest loss ratio in the ranking at 22.70%. Net investment income was N8.73 billion.
Total assets stood at N87.27 billion and shareholders’ equity at N52.80 billion. Return on average assets was 7.61% and return on average equity 12.56%, with an investment yield of 10.64%.
9. Prestige Assurance Plc (N6.98 billion)
Prestige Assurance recorded insurance revenue of N6.98 billion in Q1 2026, a marginal decline of 0.83% from N7.04 billion in Q1 2025.
Profit before tax fell 4.13% to N623 million from N649 million, while profit after tax declined 6.84% to N536 million from N575 million in the prior-year period.
Claims paid amounted to N4.50 billion, with insurance service expense of N4.69 billion, producing a loss ratio of 64.49%. Net investment income was N439 million.
Total assets stood at N37.70 billion and shareholders’ equity at N21.03 billion. Return on average assets was 1.39% and return on average equity 2.58%, with an investment yield of 1.14%.
8. Lasaco Assurance Plc (N9.33 billion)
Lasaco Assurance posted insurance revenue of N9.33 billion in Q1 2026, a decline of 10.64% from N10.44 billion in Q1 2025.
Despite the revenue decline, profitability improved sharply. Profit before tax rose 106.66% to N3.36 billion from N1.62 billion, while profit after tax increased 81.47% to N2.36 billion from N1.30 billion.
Claims paid stood at N4.22 billion, with insurance service expense of N5.40 billion, yielding a loss ratio of 45.22%. Net investment income was N913 million.
Total assets stood at N46.20 billion and shareholders’ equity at N22.86 billion. Return on average assets was 5.50% and return on average equity 10.89%, with an investment yield of 2.13%.
7. Consolidated Hallmark Insurance Plc (N11.69 billion)
Consolidated Hallmark Insurance recorded insurance revenue of N11.69 billion in Q1 2026, a steep decline of 72.98% from N43.27 billion in Q1 2025.
Despite the revenue decline, profitability surged sharply. Profit before tax rose 159.41% to N21.13 billion from N8.15 billion, while profit after tax increased 204.64% to N20.23 billion from N6.64 billion.
Claims paid amounted to N5.11 billion, with insurance service expense of N6.98 billion, producing a loss ratio of 43.72%. Net investment income was N18.95 billion, the second highest among the top 10.
Total assets stood at N100.33 billion and shareholders’ equity at N62.36 billion. Return on average assets was 22.96% and return on average equity 38.72%, the highest return ratios in the ranking, while investment yield was 21.50%.
6. Cornerstone Insurance Plc (N14.01 billion)
Cornerstone Insurance posted insurance revenue of N14.01 billion in Q1 2026, up 25.20% from N11.19 billion in Q1 2025, shows continued momentum in premium generation.
Profitability moderated during the quarter. Profit before tax declined 7.52% to N1.73 billion from N1.87 billion, while profit after tax fell 9.97% to N1.48 billion from N1.65 billion.
Claims paid amounted to N3.50 billion, with insurance service expense of N6.07 billion, producing a low loss ratio of 25.01%. Net investment income was N2.48 billion.
Total assets stood at N144.47 billion and shareholders’ equity at N76.28 billion. Return on average assets was 1.05% and return on average equity 2.02%, with an investment yield of 1.74%.
5. Mutual Benefits Assurance Plc (N20.39 billion)
Mutual Benefits Assurance recorded insurance revenue of N20.39 billion in Q1 2026, up 5.50% from N19.33 billion in Q1 2025.
Profit before tax rose modestly by 1.82% to N4.54 billion from N4.46 billion, while profit after tax declined 2.75% to N4.02 billion from N4.14 billion.
Claims paid stood at N9.03 billion, with insurance service expense of N20.52 billion, producing a loss ratio of 44.30%. Net investment income was N3.02 billion.
Total assets stood at N196.52 billion and shareholders’ equity at N80.36 billion. Return on average assets was 1.97% and return on average equity 4.90%, with an investment yield of 1.62%.
4. Coronation Insurance Plc (N20.92 billion)
Coronation Insurance posted insurance revenue of N20.92 billion in Q1 2026, up 32.75% from N15.76 billion in Q1 2025, one of the strongest revenue growth rates in the ranking.
Profitability declined during the quarter. Profit before tax fell 15.15% to N3.14 billion from N3.70 billion, while profit after tax declined 16.31% to N2.28 billion from N2.72 billion.
Claims paid amounted to N5.41 billion, with insurance service expense of N14.16 billion, producing a low loss ratio of 25.88%. Net investment income was N2.76 billion.
Total assets stood at N110.97 billion and shareholders’ equity at N52.24 billion. Return on average assets was 2.18% and return on average equity 4.52%, with an investment yield of 2.64%.
3. AIICO Insurance Plc (N36.67 billion)
AIICO Insurance recorded insurance revenue of N36.67 billion in Q1 2026, up 11.78% from N32.81 billion in Q1 2025.
Profitability improved during the quarter. Profit before tax rose 13.17% to N5.85 billion from N5.17 billion, while profit after tax increased 11.83% to N5.22 billion from N4.67 billion.
Claims paid stood at N25.13 billion, with insurance service expense of N24.64 billion, resulting in a loss ratio of 68.54%. Net investment income was N26.89 billion, which accounted for nearly three-quarters of insurance revenue and was the highest in the ranking by a significant margin, indicating AIICO’s substantial asset base.
Total assets stood at N652.77 billion, the largest in the ranking, and shareholders’ equity at N104.27 billion. Return on average assets was 0.83% and return on average equity 5.05%, with an investment yield of 4.35%.
2. NEM Insurance Plc (N37.24 billion)
NEM Insurance posted insurance revenue of N37.24 billion in Q1 2026, a decline of 19.15% from N46.06 billion in Q1 2025.
Despite the revenue decline, the company remained profitable. Profit before tax fell 68.27% to N4.72 billion from N14.86 billion, while profit after tax declined 68.17% to N4.08 billion from N12.82 billion.
Claims paid amounted to N14.94 billion, with insurance service expense of N20.14 billion, producing a loss ratio of 40.13%. Net investment income was N1.39 billion.
Total assets stood at N185.57 billion and shareholders’ equity at N88.10 billion. Return on average assets was 2.24% and return on average equity 4.74%, with an investment yield of 0.76%.
1. AXA Mansard Insurance Plc (N48.46 billion)
AXA Mansard Insurance led the ranking as the highest insurance revenue generator in Q1 2026, posting N48.46 billion, up 20.15% from N40.33 billion in Q1 2025.
Profitability declined during the quarter. Profit before tax fell 41.87% to N3.58 billion from N6.16 billion, while profit after tax declined 43.06% to N3.54 billion from N6.21 billion, largely a reflection of higher claims and service costs.
Claims paid amounted to N21.00 billion, with insurance service expense of N30.36 billion, producing a loss ratio of 43.34%. Net investment income was N840 million.
Total assets stood at N260.60 billion and shareholders’ equity at N60.37 billion. Return on average assets was 1.49% and return on average equity 6.24%, with an investment yield of 0.34%, as higher claims and insurance service expenses weighed on profitability.
More insight
Most insurers generated investment income that nearly or even exceeded insurance revenue, this shows the increasing importance of investment returns alongside underwriting performance in Nigeria’s high-interest-rate environment.
Insurance companies are among the largest institutional investors in fixed-income securities such as Nigerian Treasury Bills, Federal Government of Nigeria (FGN) bonds, commercial papers, and other money market instruments. The high-interest-rate environment over the past three years has significantly increased the yields on these investments, providing a strong boost to investment income across the industry.
Nigeria has also experienced elevated inflation since 2023, prompting the Central Bank of Nigeria (CBN) to maintain a tight monetary policy stance through successive increases in the Monetary Policy Rate (MPR). While higher interest rates have benefited insurers’ investment portfolios, persistent inflation has also likely pushed up the cost of settling insurance claims, particularly in areas such as motor, health, and property insurance, where replacement and repair costs have risen sharply.
