The Nigeria Liability Insurance Pool (NLIP) has reported a remarkable financial performance for the 2025 fiscal year, with total assets rising to ₦2.79 billion and a net surplus exceeding ₦1 billion, underscoring its growing strength in Nigeria’s evolving insurance landscape.
Speaking at the Pool’s Annual General Meeting held on Thursday, Chairman Gboyega Lesi revealed that the organisation’s financial position remains robust, supported by disciplined operations and strategic management. Lesi, who was represented by Ademayowa Adeduro, Managing Director of Tangerine General Insurance, highlighted that members’ funds stood at ₦1.35 billion, while cash and cash equivalents reached ₦1.24 billion—ensuring strong liquidity to meet obligations and fund future expansion.
The Pool recorded insurance contract revenue of ₦3.74 billion during the year, with an insurance service result of ₦786.83 million. Its net surplus climbed to ₦1.014 billion, marking a 15 per cent increase compared to the previous year.
“This surplus compares favourably with prior years and reflects the sustained strength of our collective operating model,” Lesi said, noting that the performance was driven by prudent underwriting practices, efficient claims management, and a disciplined investment approach.
The board has recommended a distribution of ₦568 million from the surplus, subject to shareholders’ approval, signaling confidence in the Pool’s financial stability and commitment to delivering value to members.
Lesi described the 2025 financial year as a significant milestone, as the Pool commenced a new five-year performance cycle under its governing agreement. He explained that the built-in review mechanism ensures that members’ participation aligns with their contributions and performance, reinforcing fairness and transparency across the board.
He added that the Pool continues to adapt to shifting risk dynamics within the insurance sector, while strengthening internal processes, enhancing reporting standards, and tightening governance structures.
Industry observers say the NLIP’s performance highlights the increasing importance of collaborative insurance models in managing complex liabilities, particularly in a market facing rapid economic and regulatory changes.
With solid reserves, strong liquidity, and a clear strategic direction, the Pool appears well-positioned to sustain growth and remain a key player in Nigeria’s insurance ecosystem.
