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NSIA Insurance Ltd. has announced plans to operate exclusively as a non-life insurance company following the transfer of its life insurance portfolio to CHI Life Assurance Ltd.
The company disclosed the development in Lagos on Monday after its 2026 Annual General Meeting (AGM).
Chairman of the company, Dr. Adesegun Akin-Olugbade, said the proposed transfer has received approval in principle from the National Insurance Commission (NAICOM), with completion subject to the conclusion of outstanding legal and regulatory processes.
What they are saying
Akin-Olugbade said the move forms part of the insurer’s long-term strategy to strengthen its position in the non-life segment and deepen its market presence, particularly in general and motor insurance.
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According to him, the decision will allow the company to focus resources on areas where it sees the greatest opportunities for growth.
- “By so doing, we are able to scale better than what we were doing before because there’s no distraction.
- “It is deliberate, and that is where we can scale. Part of our strategy is to ensure that for every householder in Nigeria, we have an NSIA family,” he said.
The chairman noted that the company’s growth strategy is underpinned by its claims settlement performance. He disclosed that NSIA Insurance paid N18 billion in claims in 2025, bringing total claims settled over the last four years to N47.9 billion.
He added that the insurer has prioritised prompt claims processing, especially in the motor insurance segment.
- “We are very good when it comes to motor. If you report a claim today to us, we have a team that will inspect that same claim and give you an offer that same day.
- “If signed on time, you also receive your benefit that same day. We are putting the customer before profit,” he said.
Financial performance and recapitalisation
Akin-Olugbade said the company delivered strong financial results in 2025, with insurance revenue rising by 18% to N33 billion.
- Profit after tax exceeded N2 billion during the year, while cumulative profit after tax between 2021 and 2025 reached N9.3 billion.
- The company’s total assets grew to N53 billion, while shareholders’ funds increased by 74.3% from N13.6 billion in 2021 to N23.7 billion in 2025.
- Shareholders also approved the capitalisation of N6 billion from retained earnings as part of efforts to strengthen the insurer’s capital base in line with the requirements of the Nigerian Insurance Industry Reform Act (NIIRA) 2025.
The capitalisation increased the company’s issued share capital from N9 billion to N15 billion through a bonus issue of two new shares for every three shares held.
According to Akin-Olugbade, the exercise enhanced the company’s capital position without requiring additional contributions from shareholders.
Looking ahead, he said NSIA Insurance will focus on disciplined underwriting, digital innovation and deeper market penetration as it seeks to expand its footprint in Nigeria’s non-life insurance market over the next five years.
Get up to speed
NSIA Insurance was among the 43 insurance and reinsurance companies that met the July 31, 2026 recapitalisation deadline set by NAICOM.
The commission published the list of compliant operators on July 31, comprising 23 non-life insurers, 10 life insurers, eight composite insurers and two reinsurers.
The recapitalisation programme commenced in August 2025 following the enactment of the Nigerian Insurance Industry Reform Act (NIIRA) 2025, which granted insurers a 12-month window to meet revised minimum capital requirements.
What you should know
NAICOM has described the successful completion of the recapitalisation exercise as a significant milestone in the ongoing transformation of Nigeria’s insurance industry.
According to the regulator, the programme has strengthened operators’ financial capacity, attracted fresh domestic and foreign investments, and boosted investor confidence in the sector.
The commission added that the enhanced capital base will improve insurers’ ability to underwrite larger and more complex risks, meet policyholder obligations more efficiently and support long-term investments across key sectors of the economy.
