NSIA Insurance Ltd. is repositioning its business around the non-life insurance market as it advances plans to transfer its life insurance portfolio to CHI Life Assurance Ltd.
The proposed portfolio transfer, which has received approval in principle from the National Insurance Commission (NAICOM), is subject to the completion of outstanding legal and regulatory requirements, according to Adesegun Akin-Olugbade, chairman of NSIA Insurance.
Akin-Olugbade disclosed the development in Lagos following the company’s 2026 Annual General Meeting, explaining that the restructuring forms part of its longer-term strategy to concentrate resources on the non-life segment and expand its presence in areas such as general and motor insurance.
He said the decision would enable the company to deploy its resources more strategically and pursue growth without the competing demands of operating across both life and non-life businesses.
“By so doing, we are able to scale better than what we were doing before because there’s no distraction. It is deliberate, and that is where we can scale. Part of our strategy is to ensure that for every householder in Nigeria, we have an NSIA family,” Akin-Olugbade said.
The chairman said the company’s strategy would also be driven by its claims settlement record, particularly in the motor insurance business, where he said the insurer had prioritised speed and customer service.
NSIA Insurance paid N18 billion in claims in 2025, taking the total value of claims settled by the company over the four years to N47.9 billion, he disclosed.
According to him, the company has invested in processes designed to accelerate claims assessment and settlement, particularly for motor policyholders.
“We are very good when it comes to motor. If you report a claim today to us, we have a team that will inspect that same claim and give you an offer that same day. If signed on time, you also receive your benefit that same day. We are putting the customer before profit,” he said.
The planned shift comes as the insurer reports improved financial performance. Its insurance revenue increased by 18 percent to N33 billion in 2025, while profit after tax exceeded N2 billion during the year.
Cumulatively, NSIA Insurance recorded N9.3 billion in profit after tax between 2021 and 2025, while total assets rose to N53 billion by the end of 2025.
The company also recorded significant growth in shareholders’ funds, which increased by 74.3 percent, from N13.6 billion in 2021 to N23.7 billion in 2025.
As part of efforts to strengthen its capital base, shareholders approved the capitalisation of N6 billion from retained earnings, in line with the requirements of the Nigerian Insurance Industry Reform Act, 2025 (NIIRA).
The capitalisation raised the company’s issued share capital from N9 billion to N15 billion through a bonus issue of two new shares for every three shares held.
The exercise, according to Akin-Olugbade, strengthened the company’s capital position without requiring shareholders to provide additional funds.
With the life portfolio transfer expected to leave NSIA Insurance focused exclusively on non-life business, management plans to concentrate its next phase of growth on disciplined underwriting, digital innovation and deeper market penetration.
Akin-Olugbade said the company intends to use the next five years to expand its footprint in Nigeria’s non-life insurance market, with particular attention to areas where it believes it can achieve greater scale and deliver stronger value to customers.
