NSIA Insurance exits life business, transfers portfolio to CHI Life

NSIA Insurance has decided to focus solely on non-life insurance following the transfer of its life insurance portfolio to CHI Life Assurance Ltd. The company announced this during its 2026 Annual General Meeting in Lagos, after receiving approval in principle from the National Insurance Commission (NAICOM). Chairman Dr. Adesegun Akin-Olugbade stated that the move is part of NSIA Insurance's long-term strategy to strengthen its position in the non-life sector and boost its market presence, particularly in general and motor insurance.

The chairman highlighted that the decision allows the company to concentrate resources on areas with the greatest growth potential, supported by its strong claims settlement performance. In 2025, NSIA Insurance paid N18 billion in claims, bringing the total settled over the past four years to N47.9 billion. The insurer prioritized prompt claims processing, especially in motor insurance.

In 2025, NSIA Insurance reported an 18% increase in insurance revenue to N33 billion, with its issued share capital rising from N9 billion to N15 billion through a bonus issue.

Looking ahead, NSIA Insurance plans to focus on disciplined underwriting, digital innovation, and deeper market penetration to expand its footprint in Nigeria's non-life insurance market over the next five years. The company was among 43 insurance and reinsurance firms that met the July 31, 2026 recapitalisation deadline set by NAICOM.

The recapitalisation program, initiated in August 2025 under the Nigerian Insurance Industry Reform Act (NIIRA) 2025, aimed to strengthen operators' financial capacity, attract investments, and boost investor confidence. NAICOM sees the successful completion of this exercise as a significant milestone in transforming Nigeria's insurance industry.