Top 10 NGX-listed insurance companies by gross premiums in 2025 

Public distrust in the insurance market used to be a major challenge facing the industry.

However, in recent times, data has shown growth in the insurance sector, with renewed public confidence increasingly driving premiums.

In 2025, Nigeria’s top 10 listed insurance companies recorded a combined N741.24 billion in net premiums, reflecting stronger growth across the insurance sector.

This is based on figures from the companies’ financial statements for the year under review.

The combined figure represents a 25.7% year-on-year increase from N589.5 billion recorded in 2024, highlighting improved premium generation among listed insurers.

The companies also paid a combined N307.42 billion in claims in 2025, up 41.6% from N217.12 billion in 2024.

Below are the top 10 listed insurance companies that received the largest premiums in the year 2025.

SUNU Assurance(N22.81billion) 

SUNU Assurance’s gross written premium rose to N22.81 billion in 2025, reflecting a 45.38% increase from N15.7 billion recorded in the previous year.

The company recorded N22.29 billion in net premiums in 2025, representing a 44% increase from N15.46 billion received in 2024.

SUNU Assurance paid N8.25 billion in claims in 2025, up 69.44% year-on-year from N4.87 billion paid to policyholders in 2024.

Linkage Assurance Plc(N27.25billion) 

Linkage Assurance received a gross premium of N27.25 billion in 2025, a 10.17% rise from N24.73 billion in 2024.

The company’s net premiums also rose to N27.87 billion in 2025, representing a 15.9% increase compared to N24 billion recorded in the previous year.

Linkage Assurance paid N5.94 billion in claims in 2025, compared to N4.57 billion in 2024, marking a 29.89% year-on-year increase.

LasacoAssurance (N30.97 billion) 

Gross premium received by Lasaco Assurance rose by 24.84% to N30.97 billion in 2025, compared to N24.81 billion in 2024.

It’s net premium also stood at N30.97 billion in 2025, representing a 24.90% increase from N24.8 billion recorded in the previous year.

The company’s claims payment surged by 129.89% to N18.57 billion in 2025, up from N8.08 billion paid in 2024.

Consolidated Hallmark Insurance(N32.26 billion)

Consolidated Hallmark Insurance Plc received N32.26 billion in premiums in 2025, representing an 8.43% increase from N29.73 billion recorded in 2024.

There are no record of the company’s gross premium for the year 2025.

The company paid N12.33 billion in claims during the year, up 36.06% from N9.06 billion paid in the previous year.

Its claims ratio increased to 38.26%, indicating rising claims pressure relative to premium income and possible pressure on underwriting margins.

Sovereign Trust Insurance(N46.28billion) 

Sovereign Trust Insurance recorded gross written premium growth of 9.96% to N46.28 billion in 2025, compared to N42.1 billion in the previous year.

Net premium also reached N46.14 billion in 2025, up 10.54% year-on-year from N41.74 billion recorded in 2024.

The company’s claims payment rose by 51% to N6.08 billion in the year under review, up from N4.01 billion paid in 2024.

Coronation Insurance(N82.35billion) 

Coronation Insurance generated gross premium growth of 51.55% reaching N82.35 billion in 2025, up from N54.33 billion in the previous year

The company made N76.34 billion in net premium in 2025, representing a 41% year-on-year increase from N54.11 billion recorded in 2024.

The company recorded the sharpest increase in claims among the listed insurers, with claims payments jumping by 363.26% to N32.32 billion from N6.98 billion. Its claims ratio rose to 42.34% from 12.89%, reflecting a significant increase in claims relative to premiums.

Mutual Benefits(N84.60billion) 

Mutual Benefits’ gross written premium rose by 17% to N84.60 billion in 2025, up from N72.26 billion in the previous year.

The company received N81.91 billion in net premiums in 2025, representing a 15.46% increase compared to N70.95 billion recorded in 2024.

Mutual Benefits paid N38.97 billion in claims in 2025, up 33% from N29.08 billion paid in 2024.

NEM Insurance(N157.88billion) 

NEM Insurance’s gross premium climbed by 45.66% to N157.88 billion in 2025, compared to N108.34 billion in the previous year.

It received N163.92 billion in net premium in 2025, representing a 50.15% year-on-year increase from N109.17 billion recorded in 2024.

NEM Insurance also recorded one of the strongest increases in claims, with payments rising by 83.69% to N45.91 billion from N24.99 billion. Despite this, its claims ratio remained relatively low at 28.01%, supported by its strong premium volume.

AXA Mansard Insurance(N170.86billion) 

Gross premium of AXA Mansard Insurance rose to N170.86 billion in 2025, compared to N138.55 billion in the previous year.

The company’s net premium reached N155.45 billion in 2025, representing an 18.20% year-on-year increase from N131.52 billion recorded in 2024.

AXA Mansard paid N81.40 billion in claims, up 28.77% from N63.21 billion in 2024. Its claims ratio rose to 52.36% from 48.07%, suggesting that claims grew faster than premiums during the period.

AIICO Insurance(N156.2 billion)

AIICO Insurance received the largest gross premium among the listed insurers in 2025, recording N191.65 billion, a 20.21% increase when compared to N159.43 billion the year before.

Net premium rose to N182.80 billion, representing a 17% increase compared to N156.2 billion recorded in 2024.

AIICO Insurance also remained the largest claims payer, disbursing N95.84 billion in 2025, up 5.79% from N90.59 billion paid in the previous year.