Prime Business Africa
Lasaco Assurance, AXA Mansard, International Energy Insurance, Prestige Assurance, and Regency Alliance Insurance made it into the top five list of the worst-performing insurance companies in Nigeria.
Prime Business Africa (PBA) used the profit before tax (PBT) in the unaudited financial statements of the 18 insurance companies listed on the Nigerian Exchange (NGX), also known as the stock market, to determine the worst-performing insurers.
Join our WhatsApp ChannelAside from the aforementioned companies, NEM Insurance Plc, Linkage Assurance Plc, Coronation Insurance Plc, Sunu Assurances Nigeria Plc, and Consolidated Hallmark Holdings Plc, also saw a decline in their pretax profit.
Also, the pretax profit of Sovereign Trust Insurance Plc, Guinea Insurance, Plc, Cornerstone Insurance Plc, Regency Alliance Insurance Plc, Prestige Assurance, International Energy Insurance Plc, and AXA Mansard Insurance Plc dropped.
However, Lasaco Assurance is the only company that went from being profitable to being a loss-making firm.
Five Worst-Performing Insurance Companies In 2025
Lasaco Assurance
Lasaco Assurance became unprofitable in 2025, after recording N2.97 billion loss before tax, which makes the company the worst-performing insurance company during the period, as it failed to replicate the N1.62 billion PBT recorded in 2024.
- Although the company recorded 31 percent growth in its topline, as revenue increased to N29.98 billion between January and December 2025, surpassing the N22.81 billion turnover grossed in 2024.
- In addition, Lasaco Assurance managed to keep cost below revenue, after service expenses increased by 21 percent to N25.23 billion in 2025, compared to the N20.80 billion sustained in 2024.
AXA Mansard
AXA Mansard was ranked second on the list of worse-performing insurance company in 2025, as its profit before tax declined by 80.67 percent year-on-year, according to Prime Business Africa’s analysis.
- The company recorded N6.12 billion as pretax profit between the first quarter and fourth quarter of last year, falling below the N31.69 billion PBT recorded in the same period in 2024.
- AXA Mansard suffered the decline as expenses overshadowed revenue, which increased by 21.94 percent to N160.56 billion during the period under review, compared to the N131.66 billion generated in 2024.
- Analysis showed that AXA Mansard incurred N113.68 billion as insurance service expenses in 2025, compared to the N84.52 billion expended in 2024, indicating a 34.49 percent increase.
International Energy Insurance
International Energy Insurance took the third spot on the list with 78.22 percent decrease in its profit before tax, which dropped to N688.83 million last year, compared to the N3.16 billion notched up in 2024.
- In the same vein, the company suffered a double-digit growth in its turnover, after reporting N4.08 billion as revenue during the period under review, failing to surpass the N5.62 billion recorded in 2024.
- While the company’s topline and bottom line dropped, International Energy’s insurance service expenses increased by 13 percent to N2.11 billion in 2025, rising above the N1.87 billion incurred in the previous year.
Prestige Assurance
Prestige Assurance occupied the fourth position, according to Prime Business Africa’s analysis, as the company’s profit before tax significantly declined by 76 percent last year.
- The insurer’s profit before tax declined from N23.08 billion recorded between January and December 2024 to N741.33 million recorded during the corresponding period in 2025.
- Prime Business Africa gathered that a 28 percent growth in Prestige Assurance’s revenue — which increased from N19.58 billion in 2024 to N25.16 billion in 2025 — was not enough to save the firm’s bottom line.
- Also, the insurance company’s service expenses grew to N21.23 billion during the period under review, above the N20.04 billion recorded in 2024, representing an increase of 6 percent.
Regency Alliance Insurance
Regency Alliance Insurance completed the list of the top five worst-performing insurers in 2025 with 72.23 percent increase in profit before tax, according to analysis by Prime Business Africa.
- PBA gathered that the company’s profit before tax decreased to N694.95 million between the first quarter and the fourth quarter of 2025, down from the N2.50 billion the insurer earned in 2024.
- Regency Alliance suffered the decline after service expenses increased threefold, while revenue grew in double-digit during the period under review.
- The company reported insurance service expenses of N9.17 billion in 2025, compared to the N4.11 billion incurred between January and December of the previous year, representing a 122.83 percent increase.
- Regency’s revenue grew behind with 31.46 percent increase, rising from N7.30 billion generated between the first quarter of 2024 to N9.59 billion during the same period in 2025.
For press releases, tip-offs, and corporate information, call 08149575257 (hotline), email: [email protected] and [email protected]
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.
