Prime Business Africa
Out of 18 insurance companies with publicly accessed financials, only four recorded growth in their pretax profit between January and December 2025, according to analysis by Prime Business Africa (PBA).
Analysis showed that 12 insurers out of the companies analysed recorded a decline in their profit before tax (PBT), while one returned to profitability and another became unprofitable.
Join our WhatsApp ChannelThe analysis covered the financials of the following companies: Universal Insurance Plc, Mutual Benefits Assurance Plc, AIICO Insurance, Custodian Investment Plc, NEM Insurance Plc, Linkage Assurance Plc, Coronation Insurance Plc, Sunu Assurances Nigeria Plc, and Consolidated Hallmark Holdings Plc.
Others are Sovereign Trust Insurance Plc, Guinea Insurance, Plc, Cornerstone Insurance Plc, Regency Alliance Insurance Plc, Prestige Assurance, International Energy Insurance Plc, AXA Mansard Insurance Plc, Lasaco Assurance Plc, and Veritas Kapital Assurance Plc.
Five Best-Performing Insurance Companies In Nigeria
Universal Insurance
On the top of the list is Universal Insurance, after the company’s profit before tax (PBT) increased by 131.19 percent between January and December 2025, according to Prime Business Africa’s (PBA) analysis.
- Universal Insurance’s pretax profit surged to N4.59 billion in 2025, surpassing the N1.98 billion profit before tax recorded between the first quarter (Q1) and fourth quarter (Q4) of the year before.
- The company’s impressive bottom line was supported by a 52.29 percent increase in topline during the period under review, as revenue grew to N20.95 billion in 2025, exceeding the N13.76 billion turnover recorded in 2024.
- Also, the insurer incurred N14.99 billion as insurance service expenses last year, compared to the N13.76 billion sustained in 2024, representing a 42.46 percent increase.
Mutual Benefits Assurance
Mutual Benefits was the second best-performing insurer, after earning N21.53 billion as profit after tax in 2025, compared to the N12.04 billion pretax profit recorded in 2024, indicating a 79 percent growth.
- Also, Mutual Benefits generated N80.41 billion in revenue between the first quarter and fourth quarter of last year, rising by 20 percent when compared to the N66.91 billion reported in the same period in 2024.
- In addition, the insurer was able to reduce the impact of service expenses on turnover, as the latter decreased by 10 percent to N61.47 billion in 2025, against the N68.14 billion posted in the previous year.
AIICO Insurance
With 53 percent growth in the company’s pretax profit during the period under review, AIICO Insurance was ranked the third best-performing insurance company in Nigeria.
- According to the financials of the insurer, AIICO achieved N24.35 billion profit before tax between Q1 and Q4 of 2025, exceeding the N15.92 billion earned in the corresponding period the previous year.
- AIICO had also recorded a double-digit growth in its topline, which increased to N137.02 billion in 2025, rising above the N108.35 billion recorded the year before, indicating a 26 percent increase.
- Also, a substantial part of the company’s turnover was gulped by AIICO’s service expense, which surged by 10 percent, from N86.63 billion incurred in 2024 to N95.18 billion sustained last year.
Custodian Investment
Prime Business Africa’s analysis showed that Custodian Investment’s profit before tax increased by 25.20 percent year-on-year, making the company the fourth best-performing in the insurance industry.
- Custodian Investment’s pretax profit had increased from the N60.67 billion recorded between January and December 2024 to N75.96 billion recorded during the corresponding period in 2025.
- The insurer’s double-digit growth in pretax profit was driven by a 46.78 percent year-on-year increase in Custodian Investment’s revenue, which surged from N96.22 billion in 2024 to N141.25 billion in 2025.
- To generate the topline, Custodian Investment incurred N77 billion in insurance service expenses last year, surpassing the N68.39 billion sustained in 2024, reflecting an increase of 12.59 percent.
Veritas Kapital
Veritas Kapital made it into the top five best-performing insurance companies in 2025 after recovering from its loss-making period in 2024 — when it reported N627.54 million loss before tax — by recording N4.18 billion pretax profit last year.
- The company put an end to its loss-making period despite recording a 3 percent decline in its revenue, which dropped to N22.57 billion in 2025, falling below the N23.31 billion reported in the previous year.
- One of the ways Veritas Kapital achieved the feat was by aggressive cost-cutting, reducing insurance service expenses by 81 percent to N3.44 billion during the period under review, from N18.59 billion in 2024.
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Prime Business Africa is a business, economy and policy news platform founded in 2021 by veteran journalist and media scholar, Dr Marcel Mbamalu, after he left The Guardian as Editor.
Dr Mbamalu, who serves as Founder and Publisher, set up Prime Business Africa to deliver sharp, data-driven reporting on Nigeria’s markets, trade, investment, and governance trends for decision-makers, entrepreneurs, and policy leaders.
He also writes The Bottom Line, a backpage column for Punch Newspaper every Thursday.
Under his leadership, Prime Business Africa combines deep newsroom experience with a focus on accountability journalism, aiming to bridge information gaps between Africa’s private sector and the global economy.
