NSIA Insurance Limited has reported a 35 per cent growth in its composite Gross Written Premium, rising to N30.15bn in 2024 from N22.29bn in the previous year.
According to a statement issued by the firm on Monday, the company stated that its 2024 performance marked the third consecutive year of significant growth for the company.
In 2024, NSIA Insurance Limited recorded a Profit Before Tax of N3.44bn, up from N3.21bn in 2023, while its Profit After Tax stood at N3.18bn compared to N3.10bn in the previous year. The firm also strengthened its financial position with total equity rising from N17.35bn in 2023 to N21.23bn in 2024. Total assets also grew from N36.34bn to N55.02bn, reflecting the stability and resilience of its business model.
In the year under review, claims payments totalled N12.20bn in 2024. Over the last five years, NSIA Insurance’s total claims payouts have exceeded N37bn.
In its outlook for the year, NSIA Insurance stated, “Our focus is clear: to elevate our 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.
“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.”
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