- NEM Insurance leads in turnover growth
- Mutual Benefits Assurance, NEM Insurance, most attractive insurance stocks
Wole Olajide, ACS
The third quarter reports of insurance companies listed on the Nigerian Exchange (NGX) for the period ended 30 September 2025 is not quite impressive. Only a few companies in this sector managed to grow their bottom line for the 9 months period.
Though, most insurance firms recorded growth in turnover, majority recorded decline in their profit after tax, year on year.
Ranking of the performance of the insurance sector in Q3 2025 revealed that Mutual Benefits Assurance emerged best in terms of growth in profit after tax (PAT), profit margin and earnings yield. NEM Insurance and AIICO Insurance came second and third respectively in PAT growth.
The metrics used for ranking the earnings performance of insurance sector in Q3 2025 includes: Turnover Growth (Revenue Growth), Profit after Tax Growth, Earnings per Share (EPS), Price/Earnings Ratio (P/E Ratio), Earnings Yield and Profit Margin.
PERFOMANCE IN TURNOVER GROWTH
- NEM Insurance emerged first in turnover growth in Q3 2025 as the Company reported gross earnings of N123.52 billion, up by 67.47% from N73.756 billion reported the previous year.
- Regency Assurance ranked second in turnover growth. The Company recorded gross earnings of N9.478 billion for the 9 months period. This represents 42.9% growth from N6.639 billion recorded in Q3 2025.
- LASACO Assurance emerged third in terms of turnover growth. The Company reported turnover of N27.27 billion for the 9 months period, up by 31.98% from N20.66 billion reported the previous year.
- Mutual Benefits Assurance emerged fourth in turnover growth. The Company reported revenue of N72.373 billion for the 9 months period, up by 30.95% from N55.268 billion revenue reported the previous year.
- Prestige Assurance is the fifth in terms of turnover growth. The Company reported gross earnings of N19.64 billion in Q3 2025, up by 24.1% from N15.826 billion revenue reported in Q3 2024.
- Others in the ranking for turnover growth include: Coronation Insurance (21.79%), AIICO Insurance (17.21%), Linkage Assurance (7.09%) and Sunu Assurance (0.08%) respectively.
PERFORMANCE IN PROFIT AFTER TAX (PAT)
- Mutual Benefits Assurance grew its profit after tax by 208.47% year on year to N14.281 billion from N4.63 billion reported the previous year, emerging as best in terms of PAT growth.
- NEM Insurance Plc ranked second in terms of growth in profit after tax. The company reported profit after tax of N20.51 billion for the 9 months period, up by 51.28% from N13.557 billion reported in Q3 2024.
- AIICO Insurance Plc grew its profit after tax by 10.82% year on year to N13.752 billion from N12.409 billion reported in Q3 2024.
- Other firms reported decline in their profit after tax year on year. They include: Linkage Assurance (-25.11%), Regency Assurance (-47.19%), Coronation Insurance (-59.64%), Consolidated Hallmark (-65.85%), Cornerstone Insurance (-66.93%), Prestige Assurance (-68.31%), Sunu Assurance (-72.26%) and AXA Mansard (-80.09%) respectively.
- LASACO Assurance declared loss after tax of N499 million for the period under review.
PERFORMANCE IN EARNINGS PER SHARE, P/E RATIO AND EARNINGS YIELD
- Mutual Benefit Assurance has EPS of N0.69 in Q3 2025. At the share price of N3.50, the P/E ratio stands at 5.07x with earnings yield of 19.71%. Being the Company with the lowest P/E and highest earnings yield among the insurance firms captured for this review, Mutual Benefits Assurance is the most attractive.
- Nem Insurance has EPS of N4.09 in Q3 2025. At the share price of N29.8, the P/E ratio stands at 7.29x with earnings yield of 13.72%.
- Consolidated Hallmark Holdings has EPS of N0.56 in Q3 2025. At the share price of N4.40, the P/E ratio stands at 7.86x with earnings yield of 12.72%.
- AIICO Insurance has EPS of N0.38 in Q3 2025. At the share price of N3.65, the P/E ratio stands at 9.61x with earnings yield of 10.41%.
- Linkage Assurance has EPS of N0.17 in Q3 2025. At the share price of N1.90, the P/E ratio stands at 11.18x with earnings yield of 8.95%.
- Cornerstone Insurance has EPS of N0.45 in Q3 2025. At the share price of N6.10, the P/E ratio stands at 13.56x with earnings yield of 7.38%.
- Coronation Insurance (Wapic) has EPS of N0.15 in Q3 2025. At the share price of N2.90, the P/E ratio stands at 19.33x with earnings yield of 5.17%.
- AXA Mansard Insurance has EPS of N0.67 in Q3 2025. At the share price of N13, the P/E ratio stands at 19.48x with earnings yield of 5.13%.
- Sunu Assurance has EPS of N0.23 in Q3 2025. At the share price of N4.70, the P/E ratio stands at 20.43x with earnings yield of 4.89%.
- Prestige Assurance has EPS of N0.06 in Q3 2025. At the share price of N1.34, the P/E ratio stands at 23.32x with earnings yield of 4.29%.
- Regency Assurance has EPS of N0.03 in Q3 2025. At the share price of N1.13, the P/E ratio stands at 43.92x with earnings yield of 2.28%.
PROFIT MARGIN
- Mutual Benefits Assurance achieved the profit margin of 19.73%, emerging top in the insurance sector for the period under review. With a turnover of N72.373 billion and profit after tax of N14.281 billion, the company achieved profit margin of 19.73%.
- Cornerstone Insurance achieved profit margin of 18.80% for the period under review, emerging as second in the ranking for profit margin.
- Consolidated Hallmark Insurance emerged third in ranking with the profit margin of 16.62%.
- NEM Insurance achieved profit margin of 16.60%, emerging as fourth in the ranking.
- Linkage Assurance achieved profit margin of 12.30% emerging as fifth in the ranking.
Other insurance companies and their profit margin for Q3 2025 include:
AIICO Insurance (8.96%), Sunu Assurance (8.37%), Coronation Insurance (6.57%), AXA Mansard (4.47%), Regency Assurance (4.34%) and Prestige Assurance (3.88%) respectively.
