Nigeria’s leading insurance companies earned N180.200 billion in revenue, exceeding their earnings of N146.240 billion in the same time period in 2021.
The data in Lightgospel Research’s financial statements for the third quarter show that the companies’ combined gross premiums increased by 23.22 percent compared to 2021.
The expansion is remarkable in light of the negative effects on the economy that Russia’s invasion of Ukraine had on food, power, energy, and other costs.Numerous Nigerian household wallets have been negatively affected by the subsequent inflationary pressure.
Insurance companies in Nigeria already face a lot of challenges, and the inflationary environment made them more difficult.
Nem Insurance Plc, Coronation Insurance Plc, AXA-Mansard Plc, and AIICO Insurance Plc, as well as Consolidated Hallmark Insurance Plc and Coronation Insurance Plc, were the six businesses we examined for emphasis.
Based on published financial statements, this is a list of the seven insurance companies listed on the Nigerian Exchange, sorted by gross premiums and percentage growth.

Cornerstone Insurance Plc – N15.881 billion Cornerstone Insurance Plc reported an 8.39 percent increase in gross premium for the first nine months of 2022, from N14.651 billion in 2021, despite financial and operational challenges.
The nine-month profit after taxes decreased by 37.19% to N964.621 from N1.536 billion the year before.
Cornerstone Insurance’s EPS is now 5 kobos, down 37.19 percent from 8 kobos in the third quarter of 2021.
On the Nigerian Stock Exchange (NGX), Cornerstone closed trading on Tuesday, November 22, 2022, at N0.44 per share.It started the year with a share price of N0.46, but since then, it has lost 4.35 percent of its value.

Consolidated Hallmark Insurance Plc-N9.082 billion In light of economic volatility, Consolidated Hallmark Insurance Plc also reported a 14.19% increase in gross premiums during the review period.The insurance company reported a premium increase of 14.19 percent to N9.082 billion from N7.953 billion.
The guarantor finished its last exchanging day (Tuesday, November 22, 2022) at N0.59 per share on the Nigerian Stock Trade (NGX), recording a 3.3% drop from its past shutting cost of N0.61.Consolidated Hallmark started the year with a share price of N0.79, but since then, the company has lost 25.3% of its value.

NEM Insurance Plc – N18.339 billion Despite the rising cost of operations caused by inflation and the Russia-Ukraine war, NEM Insurance Plc reported a gross premium income of N25.363 billion for the period under review, up 18.8 percent from N21.346 billion in 2021.
The Nigerian Stock Exchange (NGX) valued NEM at N4.12 per share at the end of its most recent trading day.N.E.M. started the year with a share price of N4.50, but since then, it has lost 8.44% of its value.

AIICO Insurance Plc – N63.513 billion AIICO Insurance Plc maintained its resilience in the operating environment despite economic volatility by reporting an increase in gross premium income of 23.46 percent over the course of the nine months of the year.During the time under review, AIICO reported a premium of N63.513 billion compared to N51.443 billion, a 23.46% increase.
The year-over-year increase in profit after taxes was 152.88 percent, reaching N6.134 billion from the previous year’s N2.426 billion.AIICO Insurance’s EPS increased from 7 kobos the year before to 17 kobos this time around.
On the NGX, AIICO finished the day’s trading at 0.N53 per share.It started the year with a share price of N0.70, but since then, it has lost 24.3% of its value.

AXA-Mansard Plc – N52.474 billion AXA-Mansard Plc continued its upward trend in the third quarter of 2022, when gross premium income increased by 29.65 percent.Taking advantage of the increased risk environment caused by operational headwinds in the first nine months of the year, the company reported a premium of N52.474 billion in its nine months, up from N40.473 billion a year earlier.
The unaudited financial statements of AXA Mansard Insurance for the nine months ending September 30, 2022 showed a 55.04% decrease in profit, from N3.806 billion in 2021 to N1.711 billion in 2022.
From N1.516 billion in 2021, the profit for the three months decreased by 44.59% to N839.936 million.
On NGX, Mansard finished trading at N1.68 per share.It started the year with a share price of N2.32, but since then, it has lost 27.6% of its value.
During the time period under review,

Coronation Insurance Plc, formerly Wapic Insurance Plc, saw a 33.86% increase in gross premium income.In the nine months ending September 30, 2022, the business saw an increase of 33.86%, or N13.887 billion, from N10.374 billion in 2021.
The protection firm shut its last exchanging day at N0.35 per share on the Nigerian Stock Trade (NGX), recording a 2.9% increase over its past shutting cost of N0.34.The company started the year with a share price of N0.56, but since then, it has lost 37.5 percent of its value.

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