Prime Business Africa
Between the first quarter (Q1) and the second quarter (Q2) of 2026, seven insurance companies, out of 18 listed on the Nigerian Exchange (NGX), recorded a decline in their revenue, according to Prime Business Africa’s (PBA) analysis.
The companies with a decline in turnover during the period under review are International Energy Insurance, Sovereign Trust Insurance, Regency Alliance, Veritas Kapital, Universal Insurance, NEM Insurance, and Lasaco Assurance.
Join our WhatsApp ChannelThis led to the combined revenue of the industry growing sluggishly by 4.83 percent year-on-year, from N460 billion to N482.93 billion, while an increase in combined industry expenses outstripped that of topline, rising by 9.88 percent, from N276.22 billion to N303.52 billion.
Five Insurance Companies With Highest Revenue Decline In H1 2026
International Energy Insurance
International Energy Insurance recorded the highest revenue decline in the first half of this year, as the turnover plummeted by 49.74 percent to N1.17 billion, below the N2.32 billion generated in the corresponding period in 2025.
- While the company’s revenue declined by double digits, insurance service expenses surged by 57.82 percent, rising from N886.06 million incurred in H1 2025 to N1.39 billion expended in H1 2026, outstripping turnover.
- As a result, International Energy Insurance suffered a 73.82 percent decline in pretax profit, which fell to N177.76 million in the first half of this year, compared to the N679.11 million earned in the first six months of 2025.
Sovereign Trust Insurance
With over a 36.61 percent decline in its revenue, Sovereign Trust Insurance recorded the second highest decrease in its turnover, as it nosedived to N21.59 billion in H1 2026, below the N34.07 billion posted in the same period the year before.
- Following the decline in turnover, Sovereign Trust Insurance also reduced the company’s service expenses, after expending N11.01 billion in the first six months of this year, down by 7.08 percent compared to the N11.85 billion incurred in H1 2025.
- This impacted the insurer’s profit before tax, as it plunged to N836.92 million in H1 2026, compared to the N1.56 billion recorded in the corresponding period the previous year, representing a 46.38 percent decrease.
Regency Alliance
Regency Alliance took the third position on the list, after the company’s revenue dropped to N5.23 billion during the period under review, compared to the N5.72 billion reached in the first half of 2025, indicating a decline of 8.52 percent.
- The company offset the decline in the topline with a 54.93 percent decrease in insurance service expenses, which plummeted to N2.29 billion between January and June 2026, below the N5.08 billion expended in H1 2025.
- This helped Regency Alliance to grow its profit before tax to N1.10 billion in the first six months of this year, rising from the N321.17 million achieved in the first half of 2026, reflecting a 243.96 percent growth.
Veritas Kapital Assurance
Between the first quarter and the second quarter of 2026, Veritas Kapital Assurance generated N11.77 billion, which is below the N12.57 billion recorded in the same period in 2025, representing a 6.42 percent decline, placing the company on the fourth spot on the list.
- Amid the decline, Veritas Kapital’s insurance service expenses surged to N6.73 billion in H1 of this year, exceeding the N695.42 million incurred in the first half of last year by 868.87 percent.
- Consequently, Veritas Kapital failed to replicate the N3.70 billion pretax profit recorded between January and June 2025, as the company closed the first six months of this year with a N1.55 billion pretax loss.
Universal Insurance
With over N8.83 billion generated in H1 2026, which is below the N9.28 billion recorded in the corresponding period of the previous year, Universal Insurance’s topline decreased by 4.86 percent, ranking the company fifth on the list.
- While Universal Insurance’s turnover fell by a single digit, the company’s service expense decreased by 39.90 percent, as it incurred N4.16 billion between Q1 and Q2 2026, compared to the N6.92 billion sustained in H1 2025.
- After expenses declined faster than revenue, Universal Insurance’s pretax profit increased to N5.01 billion in the first half of this year, up by 261.44 percent when compared to the N1.38 billion PBT earned in the same period in 2025.
Meanwhile, Fortis Global Insurance, AXA Mansard, Cornerstone Insurance, Sunu Assurance, and Coronation Group made the list of top five insurance companies with the highest revenue growth in H1 2026.
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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.
