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In a statement released on Sunday, the company reported an 18 percent rise in its insurance services, climbing to N19.8 billion from N16.8 billion the previous year.
The growth was driven by both the non-life and life insurance segments, with the non-life sector expanding by 19 percent to N11.3 billion, while the life segment grew by 17 percent to N8.6 billion.
“Despite facing macroeconomic challenges, our strategic initiatives and focus on customer satisfaction have fueled our growth. This progress motivates us to further enhance our service delivery and adapt to the changing needs of our clients,” the company remarked.
NSIA Insurance recorded a profit before tax of N3.2 billion and a profit after tax of N3.1 billion, reflecting remarkable growth rates of 344 percent and 400 percent, respectively.
Key performance indicators also showed improvement, with return on equity increasing from 5 percent in 2022 to 19 percent in 2023, and return on assets rising from 3 percent to 9 percent.
The company noted that it fulfilled its commitments to customers by making claims payments totaling N7.8 billion in 2023, contributing to over N27 billion in claims disbursed over the last five years.
Looking forward, NSIA Insurance expressed its intention to broaden its presence in the retail insurance market, stating, “We are dedicated to ensuring that every household has access to NSIA Insurance products.” The company plans to enhance its customer service initiatives to improve the experience for individuals, organizations, and communities.