Nigeria's insurers post 22% Q1 premium jump, led by AIICO's N59.15bn haul
Nigeria's insurance sector posted a strong start to 2026, with premiums received by the top 10 insurers rising 22.45% year-on-year to N275.49 billion in Q1 2026, according to Nairametrics Research. AIICO Insurance Plc led the list, with CEO Babatunde Fajemirokun reporting N59.15 billion in premiums received—a 20.39% increase from Q1 2025. AXA Mansard followed with N55.46 billion (+18.19%), while NEM Insurance posted N34.68 billion (+10.72%) and Mutual Benefits Assurance recorded N34.55 billion (+23.72%). Coronation Insurance grew modestly to N28.19 billion (+1.02%). Consolidated Hallmark Insurance posted the highest premium jump to N18.30 billion, though its insurance revenue fell sharply, reflecting a shift in cash flow versus booked premiums.
Profit trends were mixed: AIICO and AXA Mansard saw profit after tax rise 11.83% and fall 43.06% respectively, while Linkage Assurance posted a massive 748% profit surge despite modest premium growth. The data shows growing cash inflows from policyholders, driven by greater awareness, broader distribution channels and deeper insurance penetration.
For Nigerians, the surge signals a more resilient insurance market that could translate into faster claims payouts and more product choices. If you are reviewing your coverage, consider comparing premiums and benefits across these leading firms. Investors may want to watch the sector for growth opportunities, noting that premium growth does not always translate directly to profit.