NSIA Insurance Limited has announced a 35 per cent growth in its composite Gross Written Premium, which rose to N30.15bn in 2024 from N22.29bn recorded in 2023.
The company disclosed this in a statement on Monday, noting that the performance marked the third consecutive year of significant growth.
According to the report, the insurer posted a Profit Before Tax of N3.44bn in 2024, up from N3.21bn in 2023, while Profit After Tax stood at N3.18bn, slightly higher than N3.10bn recorded the previous year. The company also boosted its financial position with shareholders’ equity climbing from N17.35bn in 2023 to N21.23bn in 2024. Its total assets rose from N36.34bn to N55.02bn, reflecting resilience in its business model.
During the year under review, NSIA Insurance paid out N12.20bn in claims to customers. The firm further disclosed that in the last five years, its claims payout had exceeded N37bn, showing its commitment to policyholders.
In its outlook for the new business year, NSIA Insurance said it would continue to strengthen operations and invest in innovation.
“Our focus is clear: to elevate our service delivery standards and build on the strong growth momentum of the past two years. We are investing in process optimisation, digital innovation, and customer engagement to ensure faster turnaround times, seamless experiences, and tailored insurance solutions for every customer segment.
“We will continue to expand our presence in the retail market, bringing NSIA Insurance products closer to individuals, families, and businesses nationwide. Our goal is simple: to be the most trusted financial services partner in protecting what matters most and enabling our customers to create, protect, and preserve their wealth after life’s unexpected events,” the firm said.
