In the first half of 2025, 18 out of 20 insurance companies that published their financial statements reported a combined total of N2.04 trillion in assets for the period ended June 2025, up from N1.8 trillion recorded six months earlier.
This represents a 13.7% increase, reflecting the growing strength of insurance company balance sheets and the resilience of capital across the sector.
The growth in total assets is largely driven by higher investments and increased premium inflows as insurers expand their underwriting capacity and diversify their portfolios.
These developments not only support financial stability but also indicate a healthier and more sustainable insurance industry.
For investors and analysts, a strong asset base is an important measure of a company’s ability to manage risk and generate future growth.
- It can influence investment decisions and shape market sentiment, making it a key factor beyond just earnings performance.
That being said, this work focuses on the top 10 insurance companies with the largest total assets as of the first half of 2025, prioritising the actual amounts reported.
Here they are:
Lasaco Assurance Plc ranks 10th with total assets of N44.08 billion as of 30 June 2025, up from N31.7 billion in 2024.
- Cash and cash equivalents made up the largest portion of assets at N19.2 billion, compared with N10.3 billion in 2024.
- Investment properties contributed N8.1 billion; reinsurance contract assets stood at N5.4 billion, and financial assets at amortized cost totaled N4.3 billion, up from N1.75 billion, with the remainder comprising other assets.
Although the company’s total liabilities rose to N21.9 billion from N19.7 billion, shareholder funds nearly doubled to N22.1 billion from N12 billion
On the income side, insurance revenue climbed to N16.8 billion from N11.4 billion.
In the cash flow statement, the company received premiums of N18.5 billion, up from N14.7 billion, while claims paid increased to N9 billion from N2.1 billion.
