Prime Business Africa
In the first half (H1) of 2026, the insurance industry recorded N482.93 billion in revenue, surpassing the N460.69 billion generated between January and June 2025.
Analysis of the insurance companies’ financial statements for H1 2026 by Prime Business Africa (PBA) showed that while the industry’s revenue grew slowly by 4.83 percent year-on-year, insurance service expenses surged by 9.88 percent
Join our WhatsApp ChannelThe industry analysis, which is based on the financial statements of 18 insurance companies listed on the Nigerian Exchange (NGX), showed that the insurers incurred N303.52 billion in H1 2026, exceeding the N276.22 billion expended in the previous year.
Prime Business Africa gathered that 11 companies out of 18 recorded an increase in their revenue, while seven saw a decline during the period under review.
Top Five Insurance Companies With Highest Revenue Growth In H1 2026
Fortis Global
The insurance company with the highest revenue growth is Fortis Global Insurance, following a 1,746.74 percent growth in its turnover, which surged to N1.09 billion in H1 2026, compared to the N59.56 million recorded in H1 2025.
- Fortis Global’s insurance service expenses also rose in a similar fashion, skyrocketing by 1,780.52 percent, as the insurer incurred N3.46 billion in the first half of 2026, outstripping the N184.41 million expended in the same period of the previous year.
- Due to the fourfold increase in Fortis Global’s insurance service expenses, the company suffered a N2.59 billion loss before tax in H1 of this year, surpassing the N1 billion loss recorded in the first six months of 2025.
AXA Mansard
With an 18.89 percent surge in its turnover, AXA Mansard recorded the second highest growth in revenue in the insurance industry, as topline reached N96.48 billion in the first half of 2026, rising past the N81.15 billion generated in H1 2025.
- The company’s insurance service expenses also increased by twofold, rising to N61.13 billion in the first half of this year, above the N55.33 billion incurred in the corresponding period in 2025, representing a 10.48 percent increase.
- Profit before tax (PBT), however, recorded a single-digit growth, as AXA Mansard achieved N8.40 billion in between January and June 2026, up by 8.72 percent compared to the N7.73 billion reached in H1 of the year before.
Cornerstone Insurance
Cornerstone Insurance recorded the third highest increase in turnover, as revenue grew to N29 billion in the first half of this year, exceeding the N24.46 billion generated in the same period in 2025, indicating an 18.56 percent growth.
- The company protected its earnings with a 21.39 percent decline in insurance service expenses, which fell to N10.58 billion in the first six months of 2026, overshadowing the N13.47 billion gulped between January and June last year.
- However, due to other operational costs, Cornerstone’s profit before tax nosedived to N6.14 billion during the period under review, falling by 17.72 percent below the N7.47 billion posted in the first half of 2025.
Sunu Assurance
Between the first quarter (Q1) and the second quarter (Q2) 2026, Sunu Assurance recorded N11.80 billion in revenue, surpassing the N9.97 billion generated in H1 2025, reflecting an 18.37 percent growth, the fourth highest turnover increase in the sector.
- In addition, Sunu Assurance’s insurance service expenses surged by 69.34 percent to N8.22 billion incurred between January and June 2026, compared to the N4.85 billion expended in the first six months of last year.
- After Sunu Assurance’s insurance service expenses outgrew topline, the company’s pretax profit plummeted by 94.87 percent, dropping to N60.11 million in the first half of this year, below the N1.17 billion PBT recorded in H1 2025.
Coronation Group
Coronation Group occupied the fifth spot on the list after recording 14.81 percent growth in its revenue, which rose to N37.80 billion during the period under review, above the N32.93 billion generated in the first half of last year.
- The company revealed insurance service expenses gulped N25.78 billion during the first six months of this year, more than the N22.17 billion incurred between January and June 2025, indicating a 16.30 percent increase.
- However, despite expenses rising faster than revenue, the company recorded an 18.90 percent growth in pretax profit, after reporting N4.04 billion for H1 2026, compared to the N3.40 billion reached in H1 2025.
Meanwhile, AXA Mansard and NEM Insurance led the top five list of insurance companies with the largest market share in 2025.
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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.
