NSIA Insurance reported a significant increase in its Gross Written Premium, which surged by 24 percent to N22.3 billion in 2023, up from N18 billion in 2022.
The company noted in a statement on Sunday that its insurance services also saw an 18 percent rise, climbing to N19.8 billion from N16.8 billion in the previous year. Both the non-life and life segments played a role in this positive outcome, with the non-life segment growing by 19 percent to N11.3 billion, and the life segment advancing by 17 percent to N8.6 billion.
“Despite facing macroeconomic challenges, our strategic approach and focus on customers have driven our success. This progress motivates us to continue enhancing our service delivery and meet the changing needs of our clients,” the company said.
NSIA Insurance also reported notable profit growth, with profit before tax reaching N3.2 billion and profit after tax hitting N3.1 billion, representing increases of 344 percent and 400 percent, respectively.
Performance metrics showed significant improvement, with the return on equity rising from 5 percent in 2022 to 19 percent in 2023, and return on assets growing from 3 percent to 9 percent. The firm paid N7.8 billion in claims during 2023, adding to the over N27 billion paid out in claims over the past five years.
Looking to the future, NSIA Insurance aims to expand its reach in the retail insurance market, with a commitment to making its products accessible to every household. The company also plans to enhance its customer service initiatives, focusing on improving the overall experience for individuals, businesses, and communities alike.
