Nigeria’s insurance sector experienced a mixed performance in the first quarter of 2026, with significant divergence in results among operators. While some underwriters reported stronger revenue and improved profitability, others faced revenue declines and margin pressure due to elevated claims, reflecting an uneven operating environment.

This analysis is based on data compiled by Nairametrics Research from unaudited quarterly financial statements filed by listed insurance companies with the Nigerian Exchange (NGX) for the first quarter ended March 31, 2026.

Out of the top 10 insurers reviewed, five recorded revenue growth, and five reported declines. Profitability outcomes were equally varied, with claims management emerging as a key differentiator of underwriting performance during the period.

Below is a ranking of insurers by Q1 2026 insurance revenue, along with key financial highlights.

10. Linkage Assurance Plc (N6.40 billion)

Linkage Assurance recorded insurance revenue of N6.40 billion in Q1 2026, marking a 5.74% increase from N6.05 billion in the corresponding period of 2025. Profit before tax surged by 689.09% to N6.57 billion from N833 million, and profit after tax rose by 748.21% to N6.25 billion from N736 million in Q1 2025.

Claims paid amounted to N1.45 billion, with an insurance service expense of N6.67 billion, resulting in the lowest loss ratio in the ranking at 22.70%. Net investment income stood at N8.73 billion. Total assets were N87.27 billion, and shareholders’ equity was N52.80 billion. The company reported a return on average assets of 7.61%, return on average equity of 12.56%, and an investment yield of 10.64%.

9. Prestige Assurance Plc (N6.98 billion)

Prestige Assurance recorded insurance revenue of N6.98 billion in Q1 2026, a marginal decline of 0.83% from N7.04 billion in Q1 2025. Profit before tax fell by 4.13% to N623 million from N649 million, while profit after tax declined by 6.84% to N536 million from N575 million in the prior-year period.

Claims paid amounted to N4.50 billion, with an insurance service expense of N4.69 billion, producing a loss ratio of 64.49%. Net investment income was N439 million. Total assets stood at N37.70 billion, and shareholders’ equity was N21.03 billion. Return on average assets was 1.39%, return on average equity was 2.58%, and investment yield was 1.14%.

8. Lasaco Assurance Plc (N9.33 billion)

Lasaco Assurance posted insurance revenue of N9.33 billion in Q1 2026, a decline of 10.64% from N10.44 billion in Q1 2025. Despite the revenue decline, profitability improved sharply, with profit before tax rising by 106.66% to N3.36 billion from N1.62 billion. Profit after tax increased by 81.47% to N2.36 billion from N1.30 billion.

Claims paid stood at N4.22 billion, with an insurance service expense of N5.40 billion, yielding a loss ratio of 45.22%. Net investment income was N913 million. Total assets stood at N46.20 billion, and shareholders’ equity was N22.86 billion. Return on average assets was 5.50%, return on average equity was 10.89%, and investment yield was 2.13%.

7. Consolidated Hallmark Insurance Plc (N11.69 billion)

Consolidated Hallmark Insurance recorded insurance revenue of N11.69 billion in Q1 2026, a steep decline of 72.98% from N43.27 billion in Q1 2025. Despite the revenue decline, profitability surged sharply, with profit before tax rising by 159.41% to N21.13 billion from N8.15 billion. Profit after tax increased by 204.64% to N20.23 billion from N6.64 billion.

Claims paid amounted to N5.11 billion, with an insurance service expense of N6.98 billion, producing a loss ratio of 43.72%. Net investment income was N18.95 billion, the second highest among the top 10. Total assets stood at N100.33 billion, and shareholders’ equity was N62.36 billion. Return on average assets was 22.96% and return on average equity was 38.72%, both the highest return ratios in the ranking, while investment yield was 21.50%.

6. Cornerstone Insurance Plc (N14.01 billion)

Cornerstone Insurance posted insurance revenue of N14.01 billion in Q1 2026, up 25.20% from N11.19 billion in Q1 2025, indicating continued momentum in premium generation. Profitability moderated during the quarter, with profit before tax declining by 7.52% to N1.73 billion from N1.87 billion. Profit after tax fell by 9.97% to N1.48 billion from N1.65 billion.

Claims paid amounted to N3.50 billion, with an insurance service expense of N6.07 billion, producing a low loss ratio of 25.01%. Net investment income was N2.48 billion. Total assets stood at N144.47 billion, and shareholders’ equity was N76.28 billion. Return on average assets was 1.05%, return on average equity was 2.02%, with an investment yield of 1.74%.

5. Mutual Benefits Assurance Plc (N20.39 billion)

Mutual Benefits Assurance recorded insurance revenue of N20.39 billion in Q1 2026, up 5.50% from N19.33 billion in Q1 2025. Profit before tax rose modestly by 1.82% to N4.54 billion from N4.46 billion, while profit after tax declined by 2.75% to N4.02 billion from N4.14 billion.

Claims paid stood at N9.03 billion, with an insurance service expense of N20.52 billion, producing a loss ratio of 44.30%. Net investment income was N3.02 billion. Total assets stood at N196.52 billion, and shareholders’ equity was N80.36 billion. Return on average assets was 1.97%, return on average equity was 4.90%, with an investment yield of 1.62%.

4. Coronation Insurance Plc (N20.92 billion)

Coronation Insurance posted insurance revenue of N20.92 billion in Q1 2026, up 32.75% from N15.76 billion in Q1 2025, representing one of the strongest revenue growth rates in the ranking. Profitability declined during the quarter, with profit before tax falling by 15.15% to N3.14 billion from N3.70 billion. Profit after tax declined by 16.31% to N2.28 billion from N2.72 billion.

Claims paid amounted to N5.41 billion, with an insurance service expense of N14.16 billion, producing a low loss ratio of 25.88%. Net investment income was N2.76 billion. Total assets stood at N110.97 billion, and shareholders’ equity was N52.24 billion. Return on average assets was 2.18%, return on average equity was 4.52%, with an investment yield of 2.64%.

3. AIICO Insurance Plc (N36.67 billion)

AIICO Insurance recorded insurance revenue of N36.67 billion in Q1 2026, up 11.78% from N32.81 billion in Q1 2025. Profitability improved during the quarter, with profit before tax rising by 13.17% to N5.85 billion from N5.17 billion. Profit after tax increased by 11.83% to N5.22 billion from N4.67 billion.

Claims paid stood at N25.13 billion, with an insurance service expense of N24.64 billion, resulting in a loss ratio of 68.54%. Net investment income was N26.89 billion, which accounted for nearly three-quarters of insurance revenue and was the highest in the ranking by a significant margin, indicating AIICO’s substantial asset base. Total assets stood at N652.77 billion, the largest in the ranking, and shareholders’ equity was N104.27 billion. Return on average assets was 0.83%, return on average equity was 5.05%, with an investment yield of 4.35%.

2. NEM Insurance Plc (N37.24 billion)

NEM Insurance posted insurance revenue of N37.24 billion in Q1 2026, a decline of 19.15% from N46.06 billion in Q1 2025. Despite the revenue decline, the company remained profitable. Profit before tax fell by 68.27% to N4.72 billion from N14.86 billion, while profit after tax declined by 68.17% to N4.08 billion from N12.82 billion.

Claims paid amounted to N14.94 billion, with an insurance service expense of N20.14 billion, producing a loss ratio of 40.13%. Net investment income was N1.39 billion. Total assets stood at N185.57 billion, and shareholders’ equity was N88.10 billion. Return on average assets was 2.24%, return on average equity was 4.74%, with an investment yield of 0.76%.

1. AXA Mansard Insurance Plc (N48.46 billion)

AXA Mansard Insurance led the ranking as the highest insurance revenue generator in Q1 2026, posting N48.46 billion, up 20.15% from N40.33 billion in Q1 2025. Profitability declined during the quarter, with profit before tax falling by 41.87% to N3.58 billion from N6.16 billion. Profit after tax declined by 43.06% to N3.54 billion from N6.21 billion, largely a reflection of higher claims and service costs.

Claims paid amounted to N21.00 billion, with an insurance service expense of N30.36 billion, producing a loss ratio of 43.34%. Net investment income was N840 million. Total assets stood at N260.60 billion.