Ten listed Nigerian insurance coverage firms collectively paid out N276.87 billion in claims in the 9 months ended September 2026, representing a 13.42% enhance from N244.10 billion paid by the identical ten insurers in the corresponding interval of 2025.
Data assortment and evaluation have been carried out by Nairametrics Research, drawing on the nine-month monetary figures of insurance coverage firms listed on the Nigerian Exchange (NGX).
Claims paid figures symbolize money funds for claims and insurance coverage advantages as reported in every firm’s assertion of money flows.
The enhance displays greater claims funds throughout seven of the ten insurers, with AIICO Insurance Plc, AXA Mansard Insurance Plc and NEM Insurance Plc accounting for the largest payouts throughout the interval.
Claims paid is one in all the most direct measures of an insurance coverage firm’s core perform of honoring its obligations to policyholders.
A rising claims invoice could replicate rising policyholder publicity, deeper market penetration or elevated threat occasions, whereas a decline may point out improved threat choice, claims administration or decrease claims exercise.
The claims paid figures symbolize money funds for claims and insurance coverage advantages as reported in every firm’s assertion of money flows. The claims-to-premium ratio is calculated as claims paid divided by premiums obtained, utilizing cash-based figures for the interval.
10. Linkage (*10*) Plc (N5.59 billion)
Linkage (*10*) Plc paid N5.59 billion in claims in 9M 2026, up 38.91% from N4.02 billion in the corresponding interval of 2025.
The insurer recorded income of N20.55 billion, representing a 6.49% enhance from N19.30 billion in 9M 2025. Profit earlier than tax rose 29.05% to N4.32 billion from N3.34 billion, whereas revenue after tax elevated 31.07% to N4.09 billion from N3.12 billion.
Claims paid grew about six occasions quicker than income, a spot that didn’t forestall earnings progress.
Linkage’s claims-to-premium ratio stood at 24.28%, the second lowest amongst the ten insurers, which means the firm paid N24.28 in claims for each N100 obtained in premiums throughout the interval.
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 income of N17.57 billion, up 20.81% from N14.54 billion in the corresponding interval. However, revenue earlier than tax declined 49.86% to N962 million from N1.92 billion, whereas revenue after tax fell 48.02% to N689 million from N1.33 billion.
Claims paid rose simply 4.56%, nicely under the progress in income, however revenue after tax nonetheless fell by virtually half.
SUNU’s claims-to-premium ratio of 46.39% means the firm paid N46.39 in claims for each N100 obtained in premiums throughout the interval.
8. Prestige (*10*) Plc (N8.83 billion)
Prestige (*10*) Plc paid N8.83 billion in claims in 9M 2026, down 28.81% from N12.41 billion in the corresponding interval of 2025.
Revenue declined 3.02% to N18.71 billion from N19.29 billion. However, revenue earlier than tax surged 120.27% to N1.97 billion from N894 million, whereas revenue after tax elevated 116.21% to N1.65 billion from N762 million.
The enchancment in profitability, regardless of decrease income, coincided with a major discount in money claims funds.
Prestige’s claims-to-premium ratio stood at 51.35%, the second highest amongst the ten insurers, which means it paid N51.35 in claims for each N100 obtained in premiums.
7. Lasaco (*10*) Plc (N9.93 billion)
Lasaco (*10*) Plc paid N9.93 billion in claims in 9M 2026, representing a 46.56% decline from N18.58 billion paid in the identical interval of 2025.
The firm recorded income of N23.81 billion, up 3.70% from N22.96 billion in 9M 2025.
Profit earlier than tax recovered to N1.60 billion from a lack of N4.72 billion in the corresponding interval, whereas revenue after tax improved to N1.25 billion from a lack of N4.81 billion.
The return to profitability coincided with a considerable discount in claims funds, though the money claims figures alone don’t set up the reason for the earnings restoration.
Lasaco’s claims-to-premium ratio stood at 38.29%, which means the insurer paid N38.29 in claims for each N100 obtained in premiums throughout the interval.
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% enhance from N5.36 billion in 9M 2025, the quickest progress amongst the ten insurers.
The insurance-focused holding firm recorded insurance coverage income of N42.54 billion, up 36.58% from N31.14 billion in the corresponding interval.
Profit earlier than tax surged 454.02% to N42.64 billion from N7.70 billion, whereas revenue after tax rose 502.88% to N36.80 billion from N6.10 billion.
The distinctive revenue progress was pushed primarily by funding positive aspects. The group’s funding end result jumped to N35.13 billion from N4.61 billion, supported by substantial truthful worth positive aspects on monetary belongings.
Its insurance coverage operations additionally improved, with the insurance coverage service end result rising 146% to N13.31 billion from N5.40 billion.
As a holding firm with insurance coverage and non-insurance subsidiaries, Consolidated Hallmark’s earnings prolong past insurance coverage income. The robust funding efficiency explains why pre-tax revenue exceeded insurance coverage income throughout the interval.
Consolidated Hallmark’s claims-to-premium ratio stood at 40.69%, which means the group paid N40.69 in claims for each N100 obtained 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 interval of 2025.
The insurer recorded income of N58.63 billion, representing a 14.57% enhance from N51.18 billion in 9M 2025.
Profit earlier than tax rose 66.55% to N8.33 billion from N5.00 billion, whereas revenue after tax elevated 70.88% to N6.34 billion from N3.71 billion.
Coronation recorded the lowest claims-to-premium ratio amongst the ten insurers at 21.80%, which means it paid N21.80 in claims for each N100 obtained in premiums throughout the interval. Its premiums obtained of N80.73 billion have been the fourth highest in the rating.
4. Mutual Benefits (*10*) Plc (N24.51 billion)
Mutual Benefits (*10*) Plc paid N24.51 billion in claims in 9M 2026, down 10.57% from N27.41 billion in the corresponding interval of 2025.
The insurer recorded income of N65.16 billion, representing a 7.07% enhance from N60.86 billion in 9M 2025.
However, revenue earlier than tax declined 9.10% to N13.89 billion from N15.28 billion, whereas revenue after tax fell 14.06% to N12.27 billion from N14.28 billion.
Together with SUNU, Mutual Benefits was one in all solely two insurers in the rating to report decrease revenue after tax.
Mutual Benefits recorded a claims-to-premium ratio of 39.93%, which means it paid N39.93 in claims for each N100 obtained 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 interval of 2025.
The firm recorded income of N115.69 billion, representing a 7.68% enhance from N107.44 billion in 9M 2025.
Profit earlier than tax rose 30.54% to N31.02 billion from N23.77 billion, whereas revenue after tax elevated by the identical proportion to N26.77 billion from N20.51 billion.
Profit progress was about 4 occasions the tempo of income progress, and NEM’s pre-tax revenue was the second highest in the rating, behind solely Consolidated Hallmark.
Its claims-to-premium ratio stood at 35.03%, which means the insurer paid N35.03 in claims for each N100 obtained in premiums throughout the interval.
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 interval of 2025.
The insurer recorded the highest income amongst the ten firms at N143.14 billion, representing an 18.76% enhance from N120.53 billion in 9M 2025.
Profit earlier than tax greater than doubled, rising 111.05% to N12.87 billion from N6.10 billion, whereas revenue after tax elevated 81.48% to N10.90 billion from N6.01 billion.
The firm’s income and earnings grew quicker than its money claims funds, indicating that the greater claims invoice didn’t forestall an enchancment in general profitability.
AXA Mansard’s claims-to-premium ratio stood at 43.15%, which means the insurer paid N43.15 in claims for each N100 obtained in premiums throughout the interval.
1. AIICO Insurance Plc (N84.44 billion)
Leading the rating is AIICO Insurance Plc, which paid N84.44 billion in claims in 9M 2026, up 27.37% from N66.30 billion in the corresponding interval of 2025.
The insurer recorded income of N114.57 billion, representing a 14.74% enhance from N99.85 billion in 9M 2025.
Profit earlier than tax rose 27.31% to N19.42 billion from N15.25 billion, whereas revenue after tax elevated 25.62% to N17.28 billion from N13.75 billion.
AIICO’s claims funds grew quicker than income, but the firm maintained robust earnings progress throughout the interval.
Its claims-to-premium ratio of 54.03% was the highest amongst the ten insurers, which means it paid N54.03 in claims for each N100 obtained in premiums.
The ratio displays a comparatively excessive degree of money claims funds in contrast with premium collections, though it doesn’t essentially point out weak underwriting profitability as a result of money claims could relate to obligations from earlier intervals.
