NSIA Insurance has recorded robust performance in the 2024 financial year with 35 percent growth in gross written premium.
Marking the third consecutive year of significant growth, the performance according to the Company was driven by deliberate strategies, disciplined execution, and commitment to its customers.
The full year result shows 35 percent increase in Composite Gross Written Premium (GWP) to N30.15 billion, compared to N22.29 billion in 2023.
This is as Profit Before Tax (PBT) grew to N3.44 billion in 2024, up from N3.21billion in 2023, while Profit After Tax (PAT) stood at N3.18 billion compared to N3.10 billon the previous year.
“As a customer-focused organisation, we place our customers at the heart of everything we do. This principle guides our values, shapes our operations, and drives our business decisions, says Moruf Apampa, managing director, NSIA Insurance Limited.
He said, “We also strengthened our financial position with Total Equity rising from N17.35 billion in 2023 to N21.23 billion in 2024. Total Assets also grew from N36.34 billion to N55.02 billion. These numbers reflect the stability and resilience of our business model, he said
In line with its unwavering promise to customers, NSIA Insurance honoured claims payments totalling N12.20 billion in 2024, and over the last five years paid out claims exceeding N37 billion. This underscores our steadfast commitment to standing by customers when they need arises, the CEO said.
Going into the future, the Company’s focus is to elevate service delivery standards and build on the strong growth momentum of the past two years.
“We are investing in process optimisation, digital innovation, and customer engagement to ensure faster turnaround times, seamless experiences, and tailored insurance solutions for every customer segment, says Apampa.
“We will continue to expand our presence in the retail market, bringing NSIA Insurance products closer to individuals, families, and businesses nationwide. Our goal is simple, to be the most trusted financial services partner in protecting what matters most and enabling our customers to create, protect, and preserve their wealth after life’s unexpected events, he said.
NSIA Insurance Limited is a leading composite insurance company driven by integrity, care, innovation, and professionalism. The head office is in Lagos, with a strong regional presence in Abuja and an extensive network in strategic states across the country. NSIA Insurance offers a wide range of insurance services at competitive rates to meet the changing financial, investment, and lifestyle needs of its corporate, commercial, and individual customers.
NSIA Insurance Limited (Nigeria) is part of NSIA Participations, which is currently present in 12 African countries; namely, Benin, Cameroon, Congo, Côte d’Ivoire, Gabon, Ghana, Guinea, Guinea Bissau, Mali, Nigeria, Senegal, and Togo.
