A study by Nairametrics mentions that the most publicly traded Nigerian insurance companies have recorded their best results in over a decade, with combined pre-tax profits rising from 36 billion naira in 2019 to nearly 233 billion naira in 2024.

The explosion in profits was largely due to rising interest rates, which boosted returns on fixed income investments, which typically make up a large portion of insurers' portfolios. Enforcing regulations, especially the “No premium, no coverage” rule, has also improved liquidity and reduced defaults. Among the most successful companies are NEM Insurance, whose profit has increased by almost 20 times, and Leadway Assurance, whose pre-tax profit has increased from 11.3 billion naira to 73.6 billion naira and which now has more than 1 trillion naira in assets. AIICO achieved the highest profit in its history, although it recorded an underwriting loss, which exposed it more to market fluctuations. AXA Mansard, Custodian and Cornerstone also recorded good results