ABUJA, Nigeria — Total assets in the Nigerian insurance industry rose to N4.78 trillion (approximately $3.19 billion) in the fourth quarter of 2025, a 7.4 percent increase from N4.46 trillion in the previous quarter, driven by the Oil & Gas sector and a surge in annuity funds.
Okay News reports that the National Insurance Commission (NAICOM) disclosed the figures in its latest Insurance Market Performance report, released on April 24, 2026.
Non‑life insurance contributed N2.60 trillion to total assets, while life insurance accounted for N2.19 trillion. The NAICOM report stated that the industry had shown significant resilience despite a challenging macroeconomic environment.
“The Nigerian insurance industry has shown significant resilience, sustaining solid performance across critical areas,” the report said, adding that the industry’s transformation positions it as a strong pillar in Nigeria’s quest to become a one‑trillion‑dollar economy.
Gross premiums reached N2.3 trillion (approximately $1.53 billion) in the fourth quarter of 2025, a 36 percent increase quarter‑on‑quarter and a 47.3 percent rise year‑on‑year. The life segment generated N727.4 billion, with annuity funds contributing 44.3 percent of that total.
In the non‑life segment, Oil & Gas produced the largest premiums at N476.6 billion (30.3 percent), followed by fire insurance at N321.1 billion (20.4 percent) and motor insurance at N252.8 billion (16.1 percent).
Market concentration remained broadly stable. The top three life insurers controlled approximately 55 percent of total life premiums, while the top ten accounted for 89.9 percent. In the non‑life segment, the top three held 33.3 percent and the top ten 66.6 percent of premiums. Less than 1 percent of premiums in both segments were generated by the bottom ten underwriters.
 in the fourth quarter of 2025, a 7.4 percent increase from N4.46 trillion in the previous quarter, driven by the Oil & Gas sector and a surge in annuity funds.){kind=link}