Nigeria’s listed insurer AIICO Insurance increased its consolidated assets to 708.39 billion naira at September 30, 2026, from 584.06 billion at the end of 2025, a rise of 21%. Its consolidated net profit for the first nine months of the year reached 17.28 billion naira, up 26% year on year, according to unaudited financial statements filed with the Nigerian Exchange on October 30.
The balance-sheet expansion came alongside a sharp increase in financial assets, which rose 27% to 570 billion naira from 448.30 billion in December. Investments now account for roughly four-fifths of the group’s total assets. Cash and cash equivalents, meanwhile, declined to 54.20 billion naira from 74.38 billion.
Investment income provides a stronger contribution
Insurance revenue for January through September grew 15% to 114.57 billion naira, while insurance service expenses increased 22% to 81.17 billion. After reinsurance, the insurance service result nevertheless rose 10% to 9.45 billion naira.
Net investment income before changes in the fair value of assets climbed 33% to 58.80 billion naira. The stronger contribution from investments accompanied an increase in pre-tax profit to 19.42 billion naira from 15.25 billion a year earlier, while consolidated net profit grew to 17.28 billion from 13.75 billion.
The larger asset base also brought higher obligations. Insurance contract liabilities reached 412.09 billion naira, up 19% from the end of 2025, while consolidated equity increased 15% to 113.33 billion naira. The figures were reported in the group’s accounts for the period ended September 30.