NIA Records Strong Financial Growth in 2024
The Nigerian Insurers Association (NIA) recorded a total income of N866.7 million for 2024, reflecting an 18.69 per cent rise from N730.3 million in 2023. Chairman of the Association, Mr Kunle Ahmed, disclosed this during the Association’s 54th Annual General Meeting held in Lagos on Thursday.
He attributed the increase to improved income from membership subscriptions, investments, surplus from training, and other revenue-generating activities. According to him, membership subscriptions grew by 7.62 per cent, rising from N340.5 million in 2023 to N366.4 million in 2024.
He noted that investment income rose sharply by 240.8 per cent, from N28.0 million in 2023 to N95.5 million in 2024. Ahmed said surplus from training programmes soared by 431.15 per cent, increasing from N5.2 million in 2023 to N27.4 million in 2024.
He added that income from hall hire and sales of statistical digests jumped by 136.28 per cent, from N28.8 million to N68.0 million. On expenditure, Ahmed said the Association spent N746.0 million in 2024, up by 45.87 per cent from N511.4 million in 2023
He said the increase reflects higher costs for maintenance, electricity, printing, insurance, travel, training, and other inflation-related expenses. He also reported that total assets reached N3.070 billion by Dec. 31, 2024, representing a growth of 21.08 per cent or N534.5 million.
This rise was attributed mainly to an increase in cash and cash equivalents during the year. Ahmed stated that cash and cash equivalents rose by 180.3 per cent, reaching N799.1 million in 2024 from N285.1 million in 2023.
He said the strong performance demonstrates the Association’s financial stability and effective management amidst economic challenges.
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