Nigeria’s top listed insurance firms are in the middle of what could be described as their most profitable period in over a decade, buoyed by a mix of rising interest rates, regulatory enforcement, and smart investment allocation.
According to a Nairametrics review of six major players, AIICO, NEM Insurance, Custodian, AXA Mansard, Leadway Assurance, and Cornerstone combined profits before tax surged from just N36 billion in 2019 to nearly N233 billion in 2024.
That’s more than a sixfold increase in five years, a growth rate that outpaces most sectors in the country’s fragile economy.
