Despite strong individual stock performances, Nigeria’s insurance sector accounted for just 0.97% of total Nigerian Exchange (NGX) equities market capitalisation at the close of 2025, with 21 listed insurance companies collectively valued at under ₦1 trillion.
Top performers included Sovereign Insurance Plc, which surged 241.07% year-to-date, AIICO Plc up 165%, and NEM Insurance rising 144.75%, driven by bargain hunting and anticipation of recapitalisation. Universal Insurance Plc and AXA Mansard delivered gains of 83.33% and 67%, respectively, reflecting improved investor sentiment and expectations for premium growth. SUNU Assurance, however, fell by 49%, reflecting operational concerns and recapitalisation risks.
Looking ahead, market analysts expect the sector’s contribution to NGX capitalisation to rise in 2026, supported by recapitalisation exercises and anticipated tax law reforms that may boost demand for insurance policies, as individuals seek tax incentives associated with premiums.
