Ten listed Nigerian insurance companies collectively paid out N188.19 billion in claims in the first half of 2026, a 4.44% decline from N196.93 billion paid in the same period of 2025.
Data collection and analysis were carried out by Nairametrics Research, drawing on audited annual financial statements filed by listed insurance companies with the Nigerian Exchange (NGX).
Claims paid is one of the most direct measures of an insurance company’s core function, honoring its obligations to policyholders.
A rising claims bill can reflect growing policyholder exposure, deeper market penetration or worsening risk events, while a declining one may signal improved risk selection, claims management or a quieter period for insurable events.
Note that claims paid figures represent cash payments relating to claims and insurance benefits reported in each company’s statement of cash flows. The claims-to-premium ratio is calculated as claims paid divided by premiums received, both cash-based figures for the period.
SUNU Assurances Nigeria Plc paid N5.77 billion in claims in H1 2026, down 30.06% from N8.25 billion in H1 2025.
The insurer recorded revenue of N11.80 billion in H1 2026, up 18.37% from N9.97 billion in H1 2025. Profit before tax fell to N234.15 million from N1.61 billion in H1 2025, a decline of 85.45%, while profit after tax fell sharply to N60.11 million from N1.17 billion, a decline of 94.87%, as higher operating costs weighed on the bottom line despite revenue growth.
SUNU’s claims-to-premium ratio of 44.15% means the company paid out N44.15 in claims for every N100 received in premiums during the period.
Prestige Assurance Plc paid N6.51 billion in claims in H1 2026, up 7.00% from N6.08 billion in H1 2025.
The company recorded revenue of N12.56 billion in H1 2026, up 2.02% from N12.31 billion in H1 2025. Profit before tax rose 97.13% to N1.14 billion from N577.34 million in H1 2025, while profit after tax more than doubled to N1.05 billion from N519.60 million, a growth of 102.29%, supported by improved underwriting performance.
Prestige’s claims-to-premium ratio of 50.87% means the company paid out N50.87 in claims for every N100 received in premiums, the second-highest ratio among the ten companies.
Lasaco Assurance Plc paid N6.60 billion in claims in H1 2026, a steep decline of 64.45% from N18.58 billion in H1 2025.
The company recorded revenue of N16.35 billion in H1 2026, down 3.21% from N16.89 billion in H1 2025. Profit before tax fell 15.81% to N436.20 million from N518.12 million in H1 2025, while profit after tax fell 47.38% to N384.87 million from N731.45 million.
Lasaco’s claims-to-premium ratio stood at 31.90%, meaning the company paid out N31.90 in claims for every N100 received in premiums during the period.
Consolidated Hallmark Insurance Plc paid N9.15 billion in claims in H1 2026, up 70.77% from N5.36 billion in H1 2025.
The company recorded revenue of N25.04 billion in H1 2026, up 9.21% from N22.93 billion in H1 2025. Profit before tax surged to N27.10 billion from N1.76 billion in H1 2025, a growth of 1,436.21%, while profit after tax rose to N25.28 billion from N1.16 billion, representing growth of 2,083.06%, reflecting significant exceptional gains during the period.
The extraordinary profit growth was driven primarily by investment results, which jumped to N27.33 billion from N1.23 billion in H1 2025. The key contributor was a N24.01 billion net fair value gain on financial assets measured at fair value through profit or loss, compared with a N2.15 billion fair value loss in the corresponding period of 2025.
Consolidated Hallmark’s claims-to-premium ratio of 30.70% means the company paid out N30.70 in claims for every N100 received in premiums during the period.
Cornerstone Insurance Plc paid N10.68 billion in claims in H1 2026, a decline of 54.73% from N23.59 billion in H1 2025.
The company recorded revenue of N29.01 billion in H1 2026, up 18.56% from N24.47 billion in H1 2025. Profit before tax fell 18.10% to N6.12 billion from N7.47 billion in H1 2025, while profit after tax fell 21.78% to N5.26 billion from N6.73 billion, reflecting higher operating expenses even as the claims burden reduced significantly.
Cornerstone’s claims-to-premium ratio of 28.44% means the company paid out N28.44 in claims for every N100 received in premiums during the period.
Coronation Insurance Plc paid N12.36 billion in claims in H1 2026, up 30.47% from N9.47 billion in H1 2025.
The insurer recorded revenue of N37.81 billion in H1 2026, up 14.81% from N32.93 billion in H1 2025. Profit before tax rose 18.90% to N4.05 billion from N3.40 billion in H1 2025, while profit after tax nearly doubled to N3.13 billion from N1.64 billion, a growth of 90.51%, as improved underwriting margins and revenue growth more than offset the higher claims load.
Coronation posted the lowest claims-to-premium ratio among the ten companies at 22.05%, meaning it paid out just N22.05 in claims for every N100 received in premiums, reflecting strong premium collection relative to claims obligations during the period.
Mutual Benefits Assurance Plc paid N17.04 billion in claims in H1 2026, down 22.67% from N22.03 billion in H1 2025.
The insurer recorded revenue of N42.25 billion in H1 2026, up 2.57% from N41.20 billion in H1 2025. Profit before tax fell 15.74% to N10.35 billion from N12.29 billion in H1 2025, while profit after tax fell 15.88% to N9.75 billion from N11.59 billion, as operating costs rose faster than revenue growth.
Mutual Benefits posted a claims-to-premium ratio of 36.90%, meaning it paid out N36.90 in claims for every N100 received in premiums. The reduction in claims paid relative to H1 2025 contributed to this contained ratio, pointing to improved claims management during the period.
NEM Insurance Plc paid N26.50 billion in claims in H1 2026, up 28.84% from N20.56 billion in H1 2025.
The company recorded revenue of N72.20 billion in H1 2026, down 4.26% from N75.41 billion in H1 2025. Profit before tax rose 16.84% to N20.96 billion from N17.94 billion in H1 2025, while profit after tax grew 16.84% to N18.09 billion from N15.48 billion.
NEM’s claims-to-premium ratio of 33.44% means the company paid out N33.44 in claims for every N100 received in premiums, a well-contained ratio given the significant increase in absolute claims paid during the period.
AXA Mansard Insurance Plc paid N41.45 billion in claims in H1 2026, up 5.34% from N39.35 billion in H1 2025.
The insurer recorded the highest revenue among the ten companies at N96.49 billion in H1 2026, up 18.89% from N81.15 billion in H1 2025. Profit before tax rose 8.72% to N8.41 billion from N7.73 billion in H1 2025, while profit after tax grew 14.23% to N7.77 billion from N6.80 billion.
AXA Mansard’s claims-to-premium ratio of 39.33% means the company paid out N39.33 in claims for every N100 received in premiums.
Leading the ranking is AIICO Insurance Plc, which paid N52.14 billion in claims in H1 2026, up 19.44% from N43.66 billion in H1 2025, the largest absolute claims payout among listed Nigerian insurers in the period.
The company recorded revenue of N74.93 billion in H1 2026, up 14.53% from N65.43 billion in H1 2025. Profit before tax rose 20.63% to N15.05 billion from N12.48 billion in H1 2025, while profit after tax rose 18.94% to N13.40 billion from N11.27 billion, demonstrating that AIICO absorbed the higher claims burden without sacrificing profitability.
