BY NKECHI NAECHE-ESEZOBOR—NSIA Insurance Limited one of Nigeria’s most recapitalised insurance company, on Monday released its financial statement for the year ended 31st December, 2025 with 18 percent growth in revenue.
The Chairman of the company, Dr. Adesegun Akin-Olugbade, disclosed this today during a press briefing that revenue grew to ₦33 billion in 2025, representing an 18 percent growth over N30.1 billion reported in the previous year.
Profit after tax stood in excess of ₦2 billion while total assets stood at ₦53 billion.
Committed to prompt claims payment, he said the company paid a total of ₦18 billion in claims in 2026, bringing its cumulative claims payout over the last four years to ₦47.9 billion.
Speaking further on just concluded recapitalization, he said “At the AGM, the shareholders ratified the capitalisation of N6 billion from retained earnings, increasing the company’s issued share capital from N9 billion to N15 billion through a bonus issue of two new shares for every three shares held, this strengthened the company’s capital base without requiring any additional investment from shareholders and ensured full compliance with the Nigerian Insurance Industry Reform Act of 2025.
This achievement according to him was driven by sustained financial performance, with shareholders’ funds growing by 74.3 percent from N13.6 billion in 2021 to 23.7 billion in 2025, supported by cumulative profit after tax of over N9.3 billion during the period.
The move he said will strengthened the company’s capital base without requiring additional investment from shareholders, while ensuring full compliance with the Nigerian Insurance Industry Reform Act of 2025.
He noted that as part of its strategic repositioning,it has transitioned to operate exclusively as a non-life insurer, enabling the company to deepen its focus on general insurance.
He disclosed that its proposed transfer of its life insurance portfolio will be to CHI Consolidated Hallmark CHI Life Assurance Limited, and this, he said has received approval in principle from National Insurance Commission,(NAICOM), and will be completed upon the conclusion of the remaining legal and regulatory processes.
Looking ahead, he reassured that NSIA remains committed to disciplined underwriting, digital innovation, superior customer service, and sustainable value creation for its customers, shareholders, and the Nigerian economy.
Also, managing Director/CEO, of the company, Moruf Apampa, explained the company’s decision to divest its life insurance portfolio to CHI Life Assurance Limited.
According to him the decision was deliberate and designed to eliminate distractions that could hinder growth in the general insurance segment.
“We’ve decided to have a more focused strategy to drive our general business. By doing so, we’re able to scale better than before because there’s no distraction — we’re focused on driving the numbers,” he said.
He disclosed that a key part of the company’s strategy is to achieve deep household penetration across the country, targeting what he described as an “NSIA family” in every Nigerian home.
“For every householder in Nigeria, we must have an NSIA family. That’s very strategic for us, and it’s deliberate. That’s where we believe we can scale, and that’s what we intend to do deliberately over the next five years,” he said.
Highlighting the company’s strength in motor insurance, he said NSIA has built a claims process designed for speed, with dedicated teams inspecting claims and, in many cases, processing payment on the same day.
“When I say motor, I can conveniently tell you that if you report a claim today, we have a team that will inspect that same claim and give you feedback that same day. If possible, once you sign, you also receive your benefit that same day,” he said, adding that this reflects the kind of institution NSIA aims to be.
He stressed that the company prioritizes customers over profit, arguing that insurers should not celebrate strong profits while shortchanging policyholders on claims.
“We’re not putting profit before the customer — we’re putting the customer before the profit. How would you feel if we came here to announce a ₦3 billion profit, but only ₦2 billion was paid out as claims, while customers outside are complaining?” he asked.
According to him, consistent delivery of value to customers is what builds trust and repeat business in the insurance industry.
“It’s usually about the message, not the messenger, and the message is always right. By delivering value to the customer, that’s when they gain the confidence to come back, repeat their purchase, and tell others that insurance actually works,” he said.
The post NSIA Insurance Grows Revenue by 18% to ₦33bn, Divests Life Insurance Portfolio appeared first on Business Today NG.
Events13 hours ago
