The insurance index closed last Friday at (-15.09%) in annual performance. It became one of the worst indices on the Nigerian Exchange Limited (NGX) trading floor in 2022, followed by the NGX Consumer Goods Index.

The market has appreciated by 16.36% so far in 2022. It is driven by the participation of retail investors and high-level networks in the fundamental actions of the exchange. Indeed, following investors taking profits on notable stocks such as Nestlé Nigeria Plc, Dangote Sugar Plc, Nigerian Breweries Plc, Flour Mills Nigeria Plc, and Unilever Nigeria Plc, the NGX Consumer Goods Index fell by -4.69% year-on-year.

According to capital market analysts, the suspension of the insurance sector's capitalization exercise by the National Insurance Commission (NAICOM) had an impact on the performance of the index. For them, the outflow of foreign investors had eroded the NGX consumer goods index.