Activity in the Nigerian insurance sector saw a modest dip last week, as investors exchanged 481.1 million shares valued at N1.41 billion in 10,655 transactions, according to fresh data from the Nigerian Exchange Limited (NGX).
The figures represent a drop of 8.8% in volume, 2.5% in value, and a significant 18.9% decrease in the number of deals compared to the previous week, which recorded 523.5 million shares worth N1.45 billion across 12,666 trades.
While the sector has enjoyed renewed interest in recent months, driven by stronger financials and tighter regulations, last week’s numbers suggest a short-term cooling of investor appetite.
A total of 16 insurance companies featured on the trading chart during the week, with Regency Alliance Insurance topping the list. The firm led with 102.6 million shares traded, valued at N176.9 million in 1,619 transactions.
Next was Lasaco Assurance, which recorded 55.9 million shares worth N168.1 million in 584 deals, followed by AIICO Insurance, with 36.8 million shares traded for N149.5 million across 2,052 transactions, the highest number of deals for the week.
Other major players included:
- Veritas Kapital Assurance – 62.04 million shares, N135.4 million, 764 deals
- Sovereign Trust Insurance – 41.2 million shares, N123.5 million, 576 deals
- Nem Insurance – 3.9 million shares, N111.3 million, 459 deals
- Consolidated Hallmark Holdings – 24.8 million shares, N105.2 million, 460 deals
- Cornerstone Insurance – 15.4 million shares, N102.6 million, 430 deals
- Mutual Benefits Assurance – 22.6 million shares, N89.4 million, 667 deals
- Universal Insurance – 54.7 million shares, N66.4 million, 695 deals
The trading board also showed moderate activity from AXA Mansard (3 million shares, N47.7 million), Linkage Assurance (19.6 million shares, N41.9 million), and WAPIC Insurance (8.5 million shares, N28.7 million).
Smaller but notable volumes were posted by Prestige Assurance (15.5 million shares, N28.2 million), Sunu Assurances (4.98 million shares, N27.3 million), and Guinea Insurance, which traded 9.35 million shares worth N15.01 million in 451 deals.
Context: Sector Still Showing Underlying Strength
Despite the weekly drop, the insurance sector continues to ride on stronger fundamentals. In recent years, regulatory measures such as the “No Premium, No Cover” policy and macroeconomic shifts including higher interest rates that favor insurers’ investment returns have improved profitability and investor sentiment across the board.
Analysts believe the latest decline is likely a temporary pause following a period of heightened activity, rather than a reversal of the upward trend observed in the sector’s performance since late 2023.
