Ten insurance companies listed on the Nigerian Exchange paid a combined N276.87bn in claims during the nine months ended September 2026, representing a 13.42 per cent increase from the N244.10bn recorded in the corresponding period of 2025.
An analysis by Nairametrics Research, based on the companies’ nine-month financial statements, showed that seven of the 10 insurers increased their claims payments during the period.
AIICO Insurance, AXA Mansard Insurance and NEM Insurance were identified as the largest claims payers, although the supplied ranking provides detailed figures only for the first eight positions, from Linkage Assurance to NEM Insurance.
The claims figures represent cash payments for claims and insurance benefits disclosed in the companies’ statements of cash flows.
Claims payments are an important measure of insurers’ fulfilment of obligations to policyholders. However, changes in claims expenditure may reflect several factors, including business growth, policyholder exposure, claims experience and the timing of payments.
Linkage Assurance: N5.59bn
Linkage Assurance paid N5.59bn in claims during the nine-month period, an increase of 38.91 per cent from N4.02bn in 2025.
The company recorded revenue of N20.55bn, up 6.49 per cent from N19.30bn. Profit before tax increased by 29.05 per cent to N4.32bn, while profit after tax rose by 31.07 per cent to N4.09bn.
Its claims-to-premium ratio stood at 24.28 per cent, indicating that it paid N24.28 in claims for every N100 received in premiums.
SUNU Assurances: N8.63bn
SUNU Assurances Nigeria paid N8.63bn in claims, representing a 4.56 per cent increase from N8.25bn in the corresponding period of 2025.
Revenue grew by 20.81 per cent to N17.57bn from N14.54bn. However, profit before tax declined by 49.86 per cent to N962m, while profit after tax fell by 48.02 per cent to N689m.
The company’s claims-to-premium ratio was 46.39 per cent, meaning N46.39 out of every N100 received in premiums went towards cash claims payments.
Prestige Assurance: N8.83bn
Prestige Assurance recorded N8.83bn in claims payments, a 28.81 per cent decline from N12.41bn in the same period of 2025.
Revenue decreased by 3.02 per cent to N18.71bn from N19.29bn. Despite the decline, profit before tax rose by 120.27 per cent to N1.97bn, while profit after tax increased by 116.21 per cent to N1.65bn.
Prestige recorded a claims-to-premium ratio of 51.35 per cent, the second highest among the insurers covered in the analysis.
Lasaco Assurance: N9.93bn
Lasaco Assurance paid N9.93bn in claims, down 46.56 per cent from N18.58bn in the corresponding period of 2025.
Its revenue increased by 3.70 per cent to N23.81bn from N22.96bn.
The company also returned to profitability, recording a profit before tax of N1.60bn compared with a loss of N4.72bn in the previous year. Profit after tax stood at N1.25bn against a loss of N4.81bn.
Lasaco’s claims-to-premium ratio was 38.29 per cent.
Consolidated Hallmark Holdings: N12.86bn
Consolidated Hallmark Holdings paid N12.86bn in claims during the period, representing a 140.10 per cent increase from N5.36bn in 2025. This was the fastest growth in claims payments among the 10 insurers.
Insurance revenue rose by 36.58 per cent to N42.54bn from N31.14bn.
Profit before tax surged by 454.02 per cent to N42.64bn, while profit after tax increased by 502.88 per cent to N36.80bn.
The strong earnings performance was largely supported by investment gains. The group’s investment result increased to N35.13bn from N4.61bn, reflecting substantial fair-value gains on financial assets.
Its insurance service result also improved by 146 per cent to N13.31bn from N5.40bn.
The group’s claims-to-premium ratio stood at 40.69 per cent.
Coronation Insurance: N17.60bn
Coronation Insurance paid N17.60bn in claims, up 47.34 per cent from N11.94bn in the corresponding period of 2025.
Revenue increased by 14.57 per cent to N58.63bn from N51.18bn, while profit before tax rose by 66.55 per cent to N8.33bn.
Profit after tax also improved by 70.88 per cent to N6.34bn from N3.71bn.
The company recorded the lowest claims-to-premium ratio among the insurers analysed, at 21.80 per cent. Its premium receipts stood at N80.73bn.
Mutual Benefits Assurance: N24.51bn
Mutual Benefits Assurance paid N24.51bn in claims, representing a 10.57 per cent decline from N27.41bn in 2025.
Revenue increased by 7.07 per cent to N65.16bn from N60.86bn.
However, profit before tax fell by 9.10 per cent to N13.89bn, while profit after tax declined by 14.06 per cent to N12.27bn.
Its claims-to-premium ratio stood at 39.93 per cent.
NEM Insurance: N39.43bn
NEM Insurance paid N39.43bn in claims during the nine months, an increase of 29.10 per cent from N30.54bn in the corresponding period of 2025.
Revenue rose by 7.68 per cent to N115.69bn from N107.44bn, while profit before tax increased by 30.54 per cent to N31.02bn.
Profit after tax also advanced by 30.54 per cent to N26.77bn from N20.51bn.
The company’s claims-to-premium ratio was 35.03 per cent, indicating that it paid N35.03 in claims for every N100 received in premiums.
What the figures reveal
The figures show that claims payments increased across most of the insurers, with Consolidated Hallmark recording the fastest growth, followed by Coronation Insurance and Linkage Assurance.
However, higher claims payments did not necessarily translate into weaker profitability. Linkage Assurance, NEM Insurance and Coronation Insurance all recorded increases in both claims payments and profits.
In contrast, SUNU Assurances and Mutual Benefits reported declines in profit after tax, despite different trends in their claims expenditure.
The claims-to-premium ratios also varied considerably, ranging from 21.80 per cent at Coronation Insurance to 51.35 per cent at Prestige Assurance.
These ratios provide an indication of cash claims payments relative to premium receipts, but should not be treated as full measures of underwriting profitability or claims performance because they do not capture all incurred claims, outstanding liabilities, reinsurance recoveries and operating expenses.
