Top Nigerian Insurers See Strong Revenue Growth in Q3 2025
Nigeria’s insurance industry closed Q3 2025 on a broadly positive note, as gross insurance revenue rose and investment income strengthened among leading underwriters — even as profitability remained mixed. The gains came despite macroeconomic headwinds, including rising costs and higher claims.
Coronation Insurance: Revenue Surge Amid Underwriting Pressures
Coronation Insurance posted ₦6.95 billion in insurance revenue for Q3 2025 — reportedly an increase of 24.0% over the ₦5.60 billion in the same quarter last year (per your source). Net profit after tax surged by 119% to ₦232 million, but pre-tax profit dropped 32.3% to ₦5.93 billion, highlighting growing cost pressures.
Underwriting margins were under severe strain:
- Claims paid totalled ₦11.94 billion,
- Insurance service expenses reached ₦10.37 billion,
- Resulting in a loss ratio of 149%, meaning claims far outpaced earned premiums (as you reported).
On the investment front, Coronation generated ₦2.95 billion in net investment income. As of Q3 2025, the company’s total assets stood at ₦103.10 billion, and shareholders’ equity was ₦44.82 billion. The firm achieved an investment yield of 5.35%, with a return on assets (ROA) of 0.23% and return on equity (ROE) of 0.52%.
However, challenges remain. According to MoneyCentral, Coronation incurred significant foreign exchange losses in Q3 2025, which weighed on its bottom line. Over the first nine months of 2025, pre-tax profit declined sharply to ₦5.00 billion, nearly 58% below the same period in 2024.
Broader Industry Trends
- The sector continues to face headwinds: several major insurers (including AIICO, AXA Mansard, and Coronation) reported lower profitability in H1 2025.
- Over the longer term, Nigeria’s underwriters are building scale: the industry recorded a total gross written premium of ₦1.56 trillion in 2024, up from ₦1.0 trillion in 2023.
“Despite sector-wide structural challenges … underwriting performance improved significantly.”
Coronation Insurance’s Q3 2025 results reflect both opportunity and tension. While it delivered strong top-line growth and significant investment returns, rising claims, service costs, and currency losses are squeezing underwriting margins. This mirrors a broader industry dynamic: Nigerian insurers are scaling up but must navigate macroeconomic volatility to convert premium growth into meaningful profits.
