A general insurance company, KBL Insurance Limited, has paid over N1.2bn in claims settlements in the 2024 financial year.

This was disclosed in a statement on Wednesday following the release of the firm’s 2024 financial results.

According to the company’s released figures, KBL Insurance generated N6.4bn in insurance revenue in 2024, up from N4.7bn in 2023, representing a remarkable 35.97 per cent year-on-year growth. This robust increase reflects the company’s strategic expansion, innovative product offerings, and increasing trust among customers across Nigeria.

KBL Insurance paid out a total of N1.29bn in claims to policyholders in the first half of 2025.

This payout of over N1.29b reaffirms the company’s reputation for reliability, prompt claims settlement, and genuine care for its customers.

The company also recorded a Profit Before Tax of N999m in 2024, a substantial rise from the N606m earned in the previous year.

Speaking on the performance, Managing Director/Chief Executive Officer of KBL Insurance Limited, Lawal Mijinyawa, expressed pride in the team’s efforts and reaffirmed the company’s dedication to growth driven by innovation and integrity.

He said, “Our 2024 performance reflects not only our financial strength but also the trust and loyalty we have built with our customers. At KBL, we believe that insurance is about more than policies; it’s about people. That’s why we are deeply committed to paying genuine claims promptly, investing in service delivery, and constantly improving the customer experience.”

Mr. Mijinyawa also noted that the company’s achievements are the result of strong teamwork, customer-centric operations, and a clear corporate vision anchored in long-term sustainability.

With a clear vision to become “the company best known for providing insurance protection for every home and business in Nigeria,” he said KBL Insurance continues to demonstrate resilience and relevance in a highly competitive market.