NSIA Insurance improved Gross Written Premium by 24 per cent to N22.3bn in 2023 from N18bn in 2022.

In a statement on Sunday, the company’s insurance service also saw an 18 per cent growth, rising to N19.8bn from N16.8bn the previous year.

Both the non-life and life business segments contributed to this success, with the non-life business growing by 19 per cent to N11.3bn and the life business increasing by 17 per cent to N8.6bn.

“Despite the macroeconomic challenges, our strategies and customer-centric approach have propelled our growth. This growth serves as motivation to enhance our service delivery and meet the evolving needs of our customers,” the firm stated.

NSIA Insurance reported a profit before tax of N3.2bn and a profit after tax of N3.1bn, reflecting growth rates of 344 per cent and 400 per cent, respectively.

Key performance metrics also improved, with return on equity rising from 5 per cent in 2022 to 19 per cent in 2023 and return on asset increasing from 3 per cent to 9 per cent.

It added that in fulfilling its obligations to customers, it made claims payments totalling N7.8bn in 2023, contributing to over N27bn in claims paid over the past five years.

Looking ahead, NSIA Insurance said it aimed to expand its footprint in the retail insurance sector, stating, “We are committed to ensuring that every home has access to NSIA Insurance products.” The company plans to intensify its customer service initiatives to enhance the experience for individuals, organizations, and communities.