Five leading insurance companies have set ambitious targets for 2025, projecting a combined revenue of N418.7 billion and profit before tax (PBT) of N39 billion, even as the industry braces for a new recapitalisation regime.
The firms — Sunu Assurances Nigeria Plc, AIICO Insurance Plc, Linkage Assurance Plc, AXA Mansard Insurance Plc, and Nem Insurance Plc — disclosed their earnings forecasts in filings to the Nigerian Exchange Group (NGX) for the financial year ending December 31, 2025.
According to the projections, Sunu Assurances expects insurance revenue of N16.4 billion, PBT of N2.3 billion, and profit after tax (PAT) of N1.56 billion. The company also anticipates a gross premium written (GPW) of N17.31 billion, representing a 32.9 per cent increase over the N13.03 billion posted in 2024.
AIICO Insurance projected revenue of N131.6 billion, with PBT of N20.6 billion and PAT of N19.6 billion. The firm’s gross written premium was estimated at N195.9 billion, with its non-life business accounting for 36.4 per cent, life at 33.2 per cent, and group life at 9.6 per cent. The company noted that unlike 2024 when profits were bolstered by N11.2 billion in forex gains, 2025 earnings would be driven by “sustainable business performance and improved service margins.”
Linkage Assurance put its revenue forecast at N5.3 billion, alongside PBT of N424 million and PAT of N402 million, while AXA Mansard Insurance projected N159.1 billion in revenue, N15.5 billion PBT, and N13 billion PAT.
On its part, Nem Insurance projected N106 billion revenue, N25.6 billion PBT, and N21.76 billion PAT.
The projections come against the backdrop of the Nigerian Insurance Industry Reform Act (NIIRA) 2025, recently signed into law by President Bola Tinubu. The Act introduced higher minimum capital requirements (MCRs) — N10 billion for life insurers, N15 billion for non-life, N25 billion for composite, and N35 billion for reinsurance firms.
According to the National Insurance Commission (NAICOM), operators must comply with the new MCR within 12 months of the July 31, 2025 assent date. The recapitalisation, NAICOM said, is aimed at strengthening the industry, deepening penetration, and positioning insurers to play a bigger role in Nigeria’s economic growth.
Market analysts say the earnings outlook from these firms reflects resilience and strategic positioning ahead of recapitalisation pressures. They added that improved service margins, digital adoption, and renewed investor confidence could help the sector achieve stronger balance sheets in 2025.
