NSIA Insurance has reported a 24% growth in Gross Written Premium (GWP), rising to N22.3 billion in 2023 from N18 billion in 2022.
The company’s insurance service also grew by 18% to N19.8 billion, driven by gains in both the non-life and life insurance segments. The non-life business grew by 19%, contributing N11.3 billion, while the life insurance segment saw a 17% increase to N8.6 billion.
Despite facing macroeconomic challenges, NSIA Insurance credited its success to its strategic and customer-focused approach. The company achieved a remarkable 344% growth in profit before tax (N3.2 billion) and a 400% increase in profit after tax (N3.1 billion). Key performance metrics like return on equity improved from 5% to 19%, while return on assets rose from 3% to 9%.
In 2023, the company paid out N7.8 billion in claims, adding to the N27 billion paid out over the last five years. Looking ahead, NSIA Insurance aims to expand its presence in the retail insurance sector and plans to enhance customer service to meet the needs of individuals, organizations, and communities.
Business Day