Nigerian Insurance Companies Report 45% Drop in Profit to N78.77bn

The Nigerian Exchange Limited (NGX) saw 15 listed insurance companies declare a 45% drop in Profit Before Tax (PBT) to N78.77 billion for the first nine months of 2025 compared to N143.5 billion in the same period in 2024. Companies like AIICO Insurance Plc, Veritas Kapital Assurance Plc, NEM Insurance Plc, and Universal Insurance Plc posted growth in their PBT, while major players like AXA Mansard Insurance, Consolidated Hallmark Insurance, and Cornerstone Insurance reported significant declines.

Lasaco Assurance Plc declared a loss due to rising costs, particularly in insurance service expenses and reinsurance costs.