Three leading Nigerian insurance firms Cornerstone Insurance, AIICO Insurance, and International Energy Insurance have collectively projected a profit before tax (PBT) of N4.98bn for the first quarter of 2025, according to filings with the Nigeria Exchange Limited. This forecast highlights the sector’s robust growth, driven by strong insurance revenue and investment income across the companies. Cornerstone Insurance expects a PBT of N2.07bn, supported by projected insurance revenue of N10.66bn, with expenses totaling N5.87bn. Its cash position is set to improve marginally, rising to N22.39bn by the quarter’s end.
AIICO Insurance is leading the group with a PBT forecast of N2.42bn, underpinned by an anticipated gross written premium of N50.54bn and net investment income of N11.97bn. Over the past five years, AIICO has demonstrated a solid track record, paying over N200bn in claims and benefits, with its highest payouts recorded in 2021 and 2023. This consistent performance underscores the company’s ability to manage claims efficiently while sustaining profitability.
International Energy Insurance projects a PBT of N207.86m, with a gross written premium of N3.88bn for Q1 2025. The firm is focusing on enhancing its service results, estimated at N1.06bn. These projections collectively signal a positive outlook for the Nigerian insurance sector, reflecting operational resilience and growth potential in the face of evolving economic challenges.