Ten listed Nigerian insurance companies collectively paid out N276.87 billion in claims in the nine months ended September 2026, representing a 13.42% increase from N244.10 billion paid by the same ten insurers in the corresponding period of 2025.
Data collection and analysis were carried out by Nairametrics Research, drawing on the nine-month financial figures of insurance companies listed on the Nigerian Exchange (NGX).
Claims paid figures represent cash payments for claims and insurance benefits as reported in each company’s statement of cash flows.
The increase reflects higher claims payments across seven of the ten insurers, with AIICO Insurance Plc, AXA Mansard Insurance Plc and NEM Insurance Plc accounting for the largest payouts during the period.
Claims paid is one of the most direct measures of an insurance company’s core function of honoring its obligations to policyholders.
A rising claims bill may reflect growing policyholder exposure, deeper market penetration or increased risk events, while a decline could indicate improved risk selection, claims management or lower claims activity.
The claims paid figures represent cash payments for claims and insurance benefits as reported in each company’s statement of cash flows. The claims-to-premium ratio is calculated as claims paid divided by premiums received, using cash-based figures for the period.
10. Linkage Assurance Plc (N5.59 billion)
Linkage Assurance Plc paid N5.59 billion in claims in 9M 2026, up 38.91% from N4.02 billion in the corresponding period of 2025.
The insurer recorded revenue of N20.55 billion, representing a 6.49% increase from N19.30 billion in 9M 2025. Profit before tax rose 29.05% to N4.32 billion from N3.34 billion, while profit after tax increased 31.07% to N4.09 billion from N3.12 billion.
Claims paid grew about six times faster than revenue, a gap that did not prevent earnings growth.
Linkage’s claims-to-premium ratio stood at 24.28%, the second lowest among the ten insurers, meaning the company paid N24.28 in claims for every N100 received in premiums during the period.
9. SUNU Assurances Nigeria Plc (N8.63 billion)
SUNU Assurances Nigeria Plc paid N8.63 billion in claims in 9M 2026, up 4.56% from N8.25 billion in 9M 2025.
The insurer recorded revenue of N17.57 billion, up 20.81% from N14.54 billion in the corresponding period. However, profit before tax declined 49.86% to N962 million from N1.92 billion, while profit after tax fell 48.02% to N689 million from N1.33 billion.
Claims paid rose just 4.56%, well below the growth in revenue, but profit after tax still fell by almost half.
SUNU’s claims-to-premium ratio of 46.39% means the company paid N46.39 in claims for every N100 received in premiums during the period.
8. Prestige Assurance Plc (N8.83 billion)
Prestige Assurance Plc paid N8.83 billion in claims in 9M 2026, down 28.81% from N12.41 billion in the corresponding period of 2025.
Revenue declined 3.02% to N18.71 billion from N19.29 billion. However, profit before tax surged 120.27% to N1.97 billion from N894 million, while profit after tax increased 116.21% to N1.65 billion from N762 million.
The improvement in profitability, despite lower revenue, coincided with a significant reduction in cash claims payments.
Prestige’s claims-to-premium ratio stood at 51.35%, the second highest among the ten insurers, meaning it paid N51.35 in claims for every N100 received in premiums.
7. Lasaco Assurance Plc (N9.93 billion)
Lasaco Assurance Plc paid N9.93 billion in claims in 9M 2026, representing a 46.56% decline from N18.58 billion paid in the same period of 2025.
The company recorded revenue of N23.81 billion, up 3.70% from N22.96 billion in 9M 2025.
Profit before tax recovered to N1.60 billion from a loss of N4.72 billion in the corresponding period, while profit after tax improved to N1.25 billion from a loss of N4.81 billion.
The return to profitability coincided with a substantial reduction in claims payments, although the cash claims figures alone do not establish the cause of the earnings recovery.
Lasaco’s claims-to-premium ratio stood at 38.29%, meaning the insurer paid N38.29 in claims for every N100 received in premiums during the period.
6. Consolidated Hallmark Holdings Plc (N12.86 billion)
Consolidated Hallmark Holdings Plc paid N12.86 billion in claims in 9M 2026, representing a 140.10% increase from N5.36 billion in 9M 2025, the fastest growth among the ten insurers.
The insurance-focused holding company recorded insurance revenue of N42.54 billion, up 36.58% from N31.14 billion in the corresponding period.
Profit before tax surged 454.02% to N42.64 billion from N7.70 billion, while profit after tax rose 502.88% to N36.80 billion from N6.10 billion.
The exceptional profit growth was driven primarily by investment gains. The group’s investment result jumped to N35.13 billion from N4.61 billion, supported by substantial fair value gains on financial assets.
Its insurance operations also improved, with the insurance service result rising 146% to N13.31 billion from N5.40 billion.
As a holding company with insurance and non-insurance subsidiaries, Consolidated Hallmark’s earnings extend beyond insurance revenue. The strong investment performance explains why pre-tax profit exceeded insurance revenue during the period.
Consolidated Hallmark’s claims-to-premium ratio stood at 40.69%, meaning the group paid N40.69 in claims for every N100 received in premiums.
5. Coronation Insurance Plc (N17.60 billion)
Coronation Insurance Plc paid N17.60 billion in claims in 9M 2026, up 47.34% from N11.94 billion in the corresponding period of 2025.
The insurer recorded revenue of N58.63 billion, representing a 14.57% increase from N51.18 billion in 9M 2025.
Profit before tax rose 66.55% to N8.33 billion from N5.00 billion, while profit after tax increased 70.88% to N6.34 billion from N3.71 billion.
Coronation recorded the lowest claims-to-premium ratio among the ten insurers at 21.80%, meaning it paid N21.80 in claims for every N100 received in premiums during the period. Its premiums received of N80.73 billion were the fourth highest in the ranking.
4. Mutual Benefits Assurance Plc (N24.51 billion)
Mutual Benefits Assurance Plc paid N24.51 billion in claims in 9M 2026, down 10.57% from N27.41 billion in the corresponding period of 2025.
The insurer recorded revenue of N65.16 billion, representing a 7.07% increase from N60.86 billion in 9M 2025.
However, profit before tax declined 9.10% to N13.89 billion from N15.28 billion, while profit after tax fell 14.06% to N12.27 billion from N14.28 billion.
Together with SUNU, Mutual Benefits was one of only two insurers in the ranking to report lower profit after tax.
Mutual Benefits recorded a claims-to-premium ratio of 39.93%, meaning it paid N39.93 in claims for every N100 received in premiums.
3. NEM Insurance Plc (N39.43 billion)
NEM Insurance Plc paid N39.43 billion in claims in 9M 2026, up 29.10% from N30.54 billion in the corresponding period of 2025.
The company recorded revenue of N115.69 billion, representing a 7.68% increase from N107.44 billion in 9M 2025.
Profit before tax rose 30.54% to N31.02 billion from N23.77 billion, while profit after tax increased by the same percentage to N26.77 billion from N20.51 billion.
Profit growth was about four times the pace of revenue growth, and NEM’s pre-tax profit was the second highest in the ranking, behind only Consolidated Hallmark.
Its claims-to-premium ratio stood at 35.03%, meaning the insurer paid N35.03 in claims for every N100 received in premiums during the period.
2. AXA Mansard Insurance Plc (N65.05 billion)
AXA Mansard Insurance Plc paid N65.05 billion in claims in 9M 2026, up 9.71% from N59.30 billion in the corresponding period of 2025.
The insurer recorded the highest revenue among the ten companies at N143.14 billion, representing an 18.76% increase from N120.53 billion in 9M 2025.
Profit before tax more than doubled, rising 111.05% to N12.87 billion from N6.10 billion, while profit after tax increased 81.48% to N10.90 billion from N6.01 billion.
The company’s revenue and earnings grew faster than its cash claims payments, indicating that the higher claims bill did not prevent an improvement in overall profitability.
AXA Mansard’s claims-to-premium ratio stood at 43.15%, meaning the insurer paid N43.15 in claims for every N100 received in premiums during the period.
1. AIICO Insurance Plc (N84.44 billion)
Leading the ranking is AIICO Insurance Plc, which paid N84.44 billion in claims in 9M 2026, up 27.37% from N66.30 billion in the corresponding period of 2025.
The insurer recorded revenue of N114.57 billion, representing a 14.74% increase from N99.85 billion in 9M 2025.
Profit before tax rose 27.31% to N19.42 billion from N15.25 billion, while profit after tax increased 25.62% to N17.28 billion from N13.75 billion.
AIICO’s claims payments grew faster than revenue, yet the company maintained strong earnings growth during the period.
Its claims-to-premium ratio of 54.03% was the highest among the ten insurers, meaning it paid N54.03 in claims for every N100 received in premiums.
The ratio reflects a relatively high level of cash claims payments compared with premium collections, although it does not necessarily indicate weak underwriting profitability because cash claims may relate to obligations from previous periods.
