Nigerian Insurance Firms Face 9.9% Revenue Decline in Q1 2026

In the first quarter of 2026, thirteen insurance firms in Nigeria reported a collective revenue decline of 9.9%, totaling N228.07 billion, down from N253.01 billion in the same period in 2025. This decline occurred despite improved investment income and operational efficiency contributing to profit growth.

Consolidated Hallmark Insurance Plc experienced the sharpest revenue drop, reporting N11.69 billion, a nearly 73% decrease from N43.30 billion in Q1 2025. International Energy Insurance Plc also faced a significant decline, with revenue falling almost 61% to N615.78 million from N1.56 billion.

Nem Insurance Plc, a leading player in the industry, reported a 19% decrease in revenue to N37.24 billion. Conversely, Coron Insurance Plc saw a 32.7% increase in revenue to N20.9 billion, while AIICO Insurance Plc reported a nearly 12% growth to N36.67 billion.

Overall, the sector's profit before tax reached N56.8 billion, reflecting nearly 14% growth compared to N49.99 billion in Q1 2025.