NSIA Insurance Shifts Focus to Non-Life Business, Pays N18bn Claims
NSIA Insurance Ltd. says it will operate exclusively as a non-life insurance company following the transfer of its life insurance portfolio to CHI Life Assurance Ltd.
The company disclosed this at a press conference in Lagos on Monday, after its 2026 Annual General Meeting (AGM).
Its Chairman, Dr Adesegun Akin-Olugbade, said the proposed transfer had received approval in principle from the National Insurance Commission (NAICOM).
He said the transaction would be concluded after the completion of the remaining legal and regulatory processes.
Akin-Olugbade said the decision to focus solely on non-life insurance was part of the company’s strategy to consolidate its strengths and deepen its market presence.
He said the strategy would particularly focus on general business and motor insurance.
“By so doing, we are able to scale better than what we were doing before because there’s no distraction.
“It is deliberate, and that is where we can scale. Part of our strategy is to ensure that for every householder in Nigeria, we have an NSIA family,” he said.
The chairman said the company’s strategy was supported by its strong claims settlement record.
He said NSIA Insurance paid N18 billion in claims in 2025, bringing its cumulative claims settlement over the past four years to N47.9 billion.
Akin-Olugbade said the insurer had also prioritised speedy claims settlement, particularly in motor insurance, to improve customer satisfaction.
“We are very good when it comes to motor. If you report a claim today to us, we have a team that will inspect that same claim and give you an offer that same day.
“If signed on time, you also receive your benefit that same day. We are putting the customer before profit,” he said.
On the company’s financial performance, Akin-Olugbade said insurance revenue increased by 18 per cent to N33 billion in 2025.
He said profit after tax stood at slightly above N2 billion, while cumulative profit after tax between 2021 and 2025 reached N9.3 billion.
The chairman said total assets rose to N53 billion, while shareholders’ funds increased by 74.3 per cent from N13.6 billion in 2021 to N23.7 billion in 2025.
He said shareholders at the AGM also ratified the capitalisation of N6 billion from retained earnings to strengthen the company’s capital base.
Akin-Olugbade said the move was in line with the requirements of the Nigerian Insurance Industry Reform Act (NIIRA) 2025.
He said the capitalisation increased the company’s issued share capital from N9 billion to N15 billion through a bonus issue of two new shares for every three shares held.
According to him, the move will strengthen the company’s capital position without requiring additional capital injection from shareholders.
Looking ahead, he said the company would focus on disciplined underwriting, digital innovation and deeper market penetration across Nigeria’s non-life insurance market over the next five years. #NSIA Insurance Shifts Focus to Non-Life Business, Pays N18bn Claims# NSIA Records Milestones, Boosts Investments Across Key Sectors
