The Nigerian insurance market is having its moment in 2025, with the NGX Insurance Index delivering a year-to-date gain of 74.18% — one of the strongest performances on the Nigerian Exchange. From Mutual Benefits Assurance’s staggering 378% rally to NEM Insurance’s 201% surge, investors are witnessing a rare wave of bullish momentum in a sector often seen as slow-moving. This guide breaks down the top-performing insurance stocks in Nigeria for 2025 so far, complete with performance stats, market insights, and why these companies are capturing investor attention.
For context, the index kicked off the year at 719.9 points, endured a modest slump in Q1, and then… well, let’s just say it’s been fireworks ever since. By August, we’d crossed the 1,100-point mark and landed solidly at 1,250.6. And here’s the kicker — August alone delivered more than 40% growth, briefly making insurance the market’s single hottest performer.
So, what’s driving this surge? It’s part fundamentals, part momentum, and part sheer investor appetite for value plays in a market that’s been more volatile than a Lagos traffic jam. But numbers tell their own story, and here are the top 10 insurance stocks that have been rewriting portfolios this year.
10. Regency Alliance (Up 69.33%)
Regency Alliance Plc isn’t the flashiest name on the board, but it’s proving that patience pays. The stock stumbled early in the year, dropping from ₦0.75 in January to ₦0.59 by April. Then came Q3 — July saw a 25% lift, and August added another 58.8%. The company is eyeing a Q3 pretax profit of ₦1.06 billion on projected revenue of ₦5.8 billion, which could keep the bullish momentum alive.
9. Cornerstone Insurance (Up 77.78%)
After a rocky start that saw shares slip from ₦3.60 to ₦3.07 by April, Cornerstone Insurance caught a second wind mid-year. By June, it was breaking through the ₦4.00 barrier. August alone has brought a 39% rally — fueled by an H1 2025 report showing insurance revenue up 44.37% to ₦24.4 billion, premiums climbing 25.86% to ₦30 billion, and claims swelling as the company met more obligations.
8. AXA Mansard (Up 78.66%)
AXA Mansard has been a quiet achiever, starting 2025 at ₦8.20 and inching upward in Q1 and Q2 before going full throttle in Q3. Trading volumes spiked in July, pushing the stock past ₦11 and then up to ₦14 in early August. Strong H1 results — insurance revenue up to ₦81.1 billion and premiums at ₦98.2 billion — have made this one hard for investors to ignore.
7. International Energy Insurance (Up 85.53%)
This one’s a comeback story. International Energy Insurance dipped to ₦1.45 in April before staging a sharp recovery. By August, it had pushed past ₦3, riding a 32% jump in just a few weeks. With a Q3 target of ₦7.6 billion in gross premiums and ₦1.5 billion pretax profit, the stock is sitting pretty for continued growth.
6. Linkage Assurance (Up 109.49%)
Linkage Assurance’s chart looks like a steady climb that suddenly turned into a rocket launch. Aside from a mild dip in February, it’s been mostly green candles all year, with Q3 adding over 60%. July’s H1 report — showing insurance revenue at ₦12.5 billion and claims costs down sharply — has clearly stoked investor enthusiasm.
5. Custodian Investment (Up 136.55%)
Custodian Investment is one of those stocks that hasn’t taken a break. Every single month has closed higher than the last, starting from ₦17.10 in January and touching ₦36 by midyear. H1 results showed insurance revenue surging from ₦60.9 billion to ₦89.3 billion, alongside rising profits — a combination that’s kept buyers coming back.
4. Sovereign Trust Insurance (Up 142.86%)
Sovereign Trust spent the first half of the year mostly in the red, trading under ₦1.00. Then came May, and the momentum never really stopped. Q3 has been the golden stretch, adding more than 100% in just two months. H1 results — revenue up 45% and pretax profit up 36% — provided the catalyst.
3. AIICO Insurance (Up 144.76%)
AIICO’s rally is proof that you don’t have to start strong to finish strong. It was barely moving for the first six months, stuck around ₦1.50. But Q3 flipped the switch, with August pushing the price to ₦3.50. Its H1 report revealed insurance revenue up 34% to ₦65.4 billion, plus solid growth in premiums and claims — all of which caught the market’s attention.
2. NEM Insurance (Up 201.37%)
If you’re looking for a chart that just keeps climbing, NEM Insurance is it. From ₦10.95 in January to ₦33 in August, the gains have been relentless. The company’s H1 report — premiums up to ₦96.8 billion, claims more than doubling, and revenue up nearly 66% — shows exactly why investors are treating it like a safe bet in a bullish market.
1. Mutual Benefits Assurance (Up 378.69%)
Mutual Benefits Assurance is the runaway winner, turning heads with a staggering 378.69% gain. Starting the year at ₦0.61, it’s now hovering around ₦2.92, with ₦3.00 in sight. Its explosive July-August run was fueled by a stellar H1 report: insurance revenue up 44.58%, premiums up 38.09%, and claims almost doubling. It’s the kind of stock story traders love to tell — and wish they’d bought earlier.
Why This Matters for Business-Class Investors
Here’s the thing: insurance stocks aren’t usually the headliners. They’re more often seen as steady, income-generating plays rather than moonshots. But 2025’s run is showing a different side of the sector — one that’s dynamic, reactive, and capable of producing outsized gains when the right mix of fundamentals and sentiment aligns.
For investors who typically lean toward blue chips or consumer staples, ignoring the insurance sector right now might mean missing out on a rare performance window. Of course, as any seasoned investor knows, momentum can be fickle. But with several companies showing genuine earnings strength — not just speculative hype — this could be more than a short-lived rally.
If you’re in the business-class bracket, this is the moment to think beyond traditional portfolio allocations. Sure, diversification is still the golden rule, but so is knowing when a sector’s energy is too strong to dismiss.
