Insurance industry’s total assets rise to N4.78 trillion in Q4 2025

The Nigerian insurance industry has seen a rise in total assets, reaching N4.78 trillion by the fourth quarter of 2025.

This is according to the latest Insurance Market Performance report from the National Insurance Commission (NAICOM).

This growth, representing a 7.4% increase from N4.46 trillion in the previous quarter, is largely driven by the Oil & Gas sector within the non-life segment, as well as the increasing volume of annuity funds in the life insurance sector.

The breakdown of total assets shows that non-life insurance contributed N2.60 trillion of the total assets, while life insurance accounted for N2.19 trillion at the end of the period.

The report emphasizes the resilience of the insurance industry in the face of a challenging macroeconomic environment, citing solid performance across premium generation, claims settlement, profitability, and asset growth.

The market concentration during this period remained largely unchanged from the previous quarter, with the top three life business underwriters controlling approximately 55% of the total premiums generated. Meanwhile, the top ten life underwriters cornered about 89.9% of the market share in this segment.

In the non-life segment, the market share is more balanced, with the top three insurers holding 33.3% of the market and the top ten underwriters accounting for 66.6% of premiums generated.

Less than 1% of the premiums in both life and non-life segments were generated by the bottom ten underwriters, most of whom face operational challenges or regulatory issues.

Despite this concentration, the report notes that the market remains relatively low-risk, particularly in the non-life segment, in terms of over-concentration of business.

In addition to asset growth, the insurance sector saw a significant increase in gross premiums, which reached N2.3 trillion in Q4 2025, marking a 36% quarter-on-quarter increase and a 47.3% year-on-year growth.

The life insurance segment generated N727.4 billion, with annuity funds contributing 44.3% of this total.

The non-life segment saw the oil & gas sector generating the largest premiums at N476.6 billion (30.3%), followed by fire insurance at N321.1 billion (20.4%) and motor insurance at N252.8 billion (16.1%).

These figures underscore the continued growth and increasing importance of Nigeria’s insurance industry, as it becomes an even more significant player in the country’s financial landscape.