The Central Bank of Nigeria (CBN) has reported that insurance companies’ total assets grow to N4.619 trillion as of the second quarter of 2025.
The latest quarterly statistical bulletin published by the apex bank, which highlights the sector’s growing resilience and focus on investments in both tangible and intangible assets, reflected that despite the macroeconomic whirlwinds last year, the risk underwriting entities enhanced their underwriting capacity and diversifying portfolios to grow their assets.
According to the CBN data, the sector’s total assets grew by N454 billion quarter-on-quarter (q-o-q) in Q2 2025, representing a 10.9% increase compared to the preceding quarter’s assets base of N4.165 trillion.
The statistical bulleting data also showed that year-on-year (y-o-y), the sector’s total assets grew by nearly N1 trillion in Q2 2025, a 25.3% increase from N3.687 trillion in Q2 2024.
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The apex bank attributed the improved total assets in the sector largely to higher investments and increased premium inflows as the risk underwriters expanded their operational capacity, diversifed their portfolios and revved up by expansion strategy through technology adoption and innovation.
But then, the CBN reported that while the assets of the insurance companies surged to a record high in value, the sector’s liabilities also increased by N454 billion, representing a 10.9% increase compared to Q1’s N4.165 trillion, and that y-o-y the liabilities rose by 25.3% to N932 billion in the quarter under review compared to Q2 2024 liabilities.
Currently, the operating firms are jostling to meet the National Insurance Commission’s (NAICOM) revised capital requirement ahead of the July 30, 2026, deadline.
Last November, the commission reported that 18 of the risk underwriting entities had indicated their readiness to undergo their capital verification exercise, which is one the key requirements in the revised recapitalisation exercise in the sector.
According to the timeline set by the NAICOM for the recapitalization exercise for the operators, September 30, 2025 was set as deadline for submission of their recapitalisation plans, while November 2025 – June 2026 was for capital verification exercises and July 30, 2026 for the full compliance of all licensed insurance companies.
The commission has maintained that only firms that fulfilled the minimum capital requirements by the deadline will retain their operating licences.
