Tangerine Life Insurance has reported a significant increase in claims settlements and premium income for the 2025 financial year, underscoring its continued growth and commitment to prompt claims payment in Nigeria’s life insurance industry.
The company disclosed that it paid ₦9.1 billion in claims during the year, representing an increase of more than 60 percent from the ₦5.6 billion paid in 2024. The higher claims payout reflects both an expanding customer base and increased business volumes across its insurance portfolio.
According to the company’s financial results, gross premium income rose to over ₦15.7 billion in 2025, up from more than ₦11 billion recorded the previous year, representing a growth of nearly 40 percent.
A breakdown of the performance shows that the Group Life business remained the company’s largest contributor, generating more than ₦9 billion in premium income while paying over ₦4 billion in claims. The Retail Life segment recorded ₦6 billion in premiums and settled approximately ₦4.5 billion in claims, while the Credit Life portfolio contributed more than ₦300 million in premiums and paid out over ₦100 million in claims.
In comparison, the 2024 financial year saw Group Life premiums of ₦7.2 billion with ₦3.3 billion paid in claims. Retail Life generated ₦3.8 billion in premiums and settled ₦2.3 billion in claims, while Credit Life recorded ₦235 million in premiums and ₦47 million in claims payments.
The insurer attributed the improved performance to sustained customer confidence, business expansion, and its commitment to fulfilling policyholder obligations efficiently.
Tangerine Life also reaffirmed its promise of settling valid insurance claims within 24 hours, a service standard it says continues to differentiate the company in a market where delays in claims processing remain a major concern for policyholders.
The company noted that its streamlined claims process is designed to provide customers with timely financial support during difficult periods, reinforcing its reputation for reliability and customer-focused service delivery.
The insurer’s financial strength has also received external recognition. Tangerine Life currently holds a GCR national scale financial strength rating of A-(NG), with its outlook recently revised to Positive, reflecting confidence in the company’s financial position and future growth prospects.
Commenting on the company’s performance, Managing Director and Chief Executive Officer, Kehinde Borisade, said the company’s claims record reflects its core commitment to supporting customers when they need it most.
“Behind every naira we paid in 2025 is a person who needed us, and we were there to provide cover for all that mattered. That is what Tangerine Life is built for,” Borisade said.
Industry observers say the company’s rising premium income, increasing claims settlements, and emphasis on rapid claims processing position it among the insurers strengthening confidence in Nigeria’s life insurance market as demand for financial protection continues to grow.
