Nigeria’s Insurance Assets Rise to N4.78 Trillion on Oil, Gas and Annuity Growth

Total assets in Nigeria’s insurance industry climbed to N4.78 trillion in the fourth quarter of 2025, marking a 7.4 percent increase from N4.46 trillion recorded in the previous quarter. The growth was largely driven by strong performance in the Oil and Gas sector and rising annuity funds.

The National Insurance Commission (NAICOM) disclosed the figures in its latest Insurance Market Performance report released on April 24, 2026.

According to the report, non-life insurance accounted for N2.60 trillion of total assets, while life insurance contributed N2.19 trillion. NAICOM noted that the industry maintained solid performance despite prevailing economic challenges, highlighting its resilience and growing role in supporting Nigeria’s economic ambitions.

Gross premiums surged to N2.3 trillion in Q4 2025, reflecting a 36 percent increase quarter-on-quarter and a 47.3 percent rise year-on-year. The life insurance segment generated N727.4 billion, with annuity funds making up 44.3 percent of that figure.

Within the non-life segment, Oil and Gas insurance led with N476.6 billion, representing 30.3 percent of total premiums. Fire insurance followed with N321.1 billion (20.4 percent), while motor insurance contributed N252.8 billion (16.1 percent).

Market concentration remained relatively stable across both segments. The top three life insurers controlled about 55 percent of total life premiums, while the top ten accounted for 89.9 percent. In non-life insurance, the top three firms held 33.3 percent of premiums, with the top ten controlling 66.6 percent. Meanwhile, the bottom ten insurers contributed less than one percent of premiums in both categories.

NAICOM emphasized that the industry’s continued growth and transformation position it as a key driver in Nigeria’s push toward a one-trillion-dollar economy.