Omo, wetin dey happen for Naija insurance industry? E no too fine o! For 2025, dem suffer chook-chook as profit just waka comot like say dem no wan see am again. As per unaudited financial reports wey dem drop, 17 major players wey dey listed for Nigerian Exchange no gree shine like before.
See ehn, their Profit After Tax don fall sharply by 34% from N165.33bn for 2024, come dey rest for N108.38bn last year. Na wah! Dis one na serious downturn wey we fit call “normalisation year” after dem enjoy the serious forex gains for 2024.
As dem dey jolly-jolly for 2024 because of naira devaluation wey carry plenty foreign exchange gains come, 2025 turn the table. Many companies go dey scratch their heads how dem go come back after forex losses don slap dem hard!
For example, Cornerstone Insurance Plc dey see red, as their forex result just scatter from N30.83bn gain for 2024 to a shocking N3.58bn loss in 2025. Na so dem profit after tax drop by 68%. You fit imagine the shock wey dem dey feel! AIICO Insurance Plc still no gree shine, dem move from N11.17bn forex gain to N2.81bn loss in just one year. Serious wahala be this!
Linkage Assurance no fit escape am too; dem report 18% drop for profit before tax because of N745m exchange loss. Even SUNU Assurances get wahala, as e fall from N2.51bn gain to a N792.27m loss. E be like say na everywhere virus dey spread!
But make we clear, insurance revenue for dis 17 firms still rise, as dem see 29.8% growth to N901.47bn. Omo, na big movement! AXA Mansard still dey hold the crown as the largest insurer by revenue, dey flex with N160.56bn. NEM Insurance no dey carry last, as dem come second with N146.17bn!
Despite all dis big growth, profit still no show face. Some companies dey manage to shine small like Mutual Benefits Assurance wey get 84.45% increase in PAT. But for majority, na serious contraction be their story.
Industry observers dey talk say 2025 na year wey insurance go need calm down as dem try readjust to wetin dey happen for forex matter and make sure say dem dey manage their expenses well. As we dey carry go 2026, wetin go matter na how dem go fit balance revenue growth with better profit without forex wahala.
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