Narrative Update • May 07
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Nigerian (NSE) General Insurance Industry Analysis
UpdatedMay 09, 2026
DataAggregated Company Financials
Companies7
- 7D4.5%
- 3M-8.1%
- 1Y87.4%
- YTDn/a
In the last week, the General Insurance industry is up 1.5%, with Cornerstone Insurance up 8.2%. During this same period, the Coronation Insurance underperformed, falling 7.5%. This means that the industry has gained 88% over the past year.
Industry Valuation and Performance
Has the Nigerian General Insurance Industry valuation changed over the past few years?
| Date | Market Cap | Revenue | Earnings | PE | Absolute PE | PS |
|---|---|---|---|---|---|---|
| Sun, 10 May 2026 | ₦326.3b | ₦304.5b | ₦38.6b | 8.5x | 8.5x | 1.1x |
| Tue, 07 Apr 2026 | ₦326.2b | ₦281.7b | ₦38.1b | 11.3x | 8.6x | 1.2x |
| Thu, 05 Mar 2026 | ₦369.4b | ₦281.7b | ₦38.1b | 12.4x | 9.7x | 1.3x |
| Sat, 31 Jan 2026 | ₦360.7b | ₦274.6b | ₦39.4b | 12.2x | 9.2x | 1.3x |
| Mon, 29 Dec 2025 | ₦314.7b | ₦274.7b | ₦39.4b | 10.7x | 8x | 1.1x |
| Wed, 26 Nov 2025 | ₦301.8b | ₦275.2b | ₦39.7b | 9.3x | 7.6x | 1.1x |
| Fri, 24 Oct 2025 | ₦350.7b | ₦256.1b | ₦32.6b | 11.9x | 10.8x | 1.4x |
| Sun, 21 Sep 2025 | ₦349.4b | ₦256.1b | ₦32.6b | 11.9x | 10.7x | 1.4x |
| Tue, 19 Aug 2025 | ₦419.4b | ₦248.5b | ₦37.8b | 13.3x | 11.1x | 1.7x |
| Thu, 17 Jul 2025 | ₦227.0b | ₦229.8b | ₦36.3b | 8.2x | 6.3x | 1x |
| Sat, 14 Jun 2025 | ₦194.8b | ₦213.0b | ₦31.6b | 6.5x | 6.2x | 0.9x |
| Mon, 12 May 2025 | ₦167.9b | ₦214.9b | ₦43.3b | 5.4x | 3.9x | 0.8x |
| Wed, 09 Apr 2025 | ₦137.9b | ₦206.6b | ₦43.2b | 4.3x | 3.2x | 0.7x |
| Fri, 07 Mar 2025 | ₦156.2b | ₦191.3b | ₦41.8b | 6.1x | 3.7x | 0.8x |
| Sun, 02 Feb 2025 | ₦165.0b | ₦180.3b | ₦40.1b | 4.4x | 4.1x | 0.9x |
| Tue, 31 Dec 2024 | ₦150.9b | ₦158.4b | ₦44.3b | 2.9x | 3.4x | 1x |
| Thu, 28 Nov 2024 | ₦103.8b | ₦158.4b | ₦44.3b | 2.3x | 2.3x | 0.7x |
| Sat, 26 Oct 2024 | ₦105.1b | ₦145.4b | ₦50.6b | 2.6x | 2.1x | 0.7x |
| Mon, 23 Sep 2024 | ₦95.8b | ₦135.2b | ₦48.0b | 2.9x | 2x | 0.7x |
| Wed, 21 Aug 2024 | ₦87.5b | ₦128.9b | ₦31.0b | 2.9x | 2.8x | 0.7x |
| Fri, 19 Jul 2024 | ₦85.4b | ₦120.1b | ₦29.8b | 2.9x | 2.9x | 0.7x |
| Sun, 16 Jun 2024 | ₦81.0b | ₦99.4b | ₦26.9b | 3.1x | 3x | 0.8x |
| Tue, 14 May 2024 | ₦79.4b | ₦99.4b | ₦26.9b | 3.2x | 3x | 0.8x |
| Thu, 11 Apr 2024 | ₦82.7b | ₦99.4b | ₦26.9b | 3.7x | 3.1x | 0.8x |
| Sat, 09 Mar 2024 | ₦82.9b | ₦99.4b | ₦26.9b | 3.3x | 3.1x | 0.8x |
| Mon, 05 Feb 2024 | ₦90.2b | ₦100.4b | ₦27.9b | 3.5x | 3.2x | 0.9x |
| Wed, 03 Jan 2024 | ₦69.6b | ₦94.0b | ₦19.6b | 2.8x | 3.6x | 0.7x |
| Fri, 01 Dec 2023 | ₦66.9b | ₦94.0b | ₦19.6b | 2.7x | 3.4x | 0.7x |
| Sun, 29 Oct 2023 | ₦63.4b | ₦86.0b | ₦17.5b | 3.6x | 3.6x | 0.7x |
| Tue, 26 Sep 2023 | ₦63.6b | ₦86.0b | ₦17.5b | 3.6x | 3.6x | 0.7x |
| Thu, 24 Aug 2023 | ₦57.4b | ₦87.2b | ₦18.9b | 3.4x | 3x | 0.7x |
| Sat, 22 Jul 2023 | ₦52.0b | ₦79.2b | ₦7.3b | 4x | 7.1x | 0.7x |
| Mon, 19 Jun 2023 | ₦54.3b | ₦78.8b | ₦7.2b | 3.8x | 7.5x | 0.7x |
| Wed, 17 May 2023 | ₦38.2b | ₦80.6b | ₦9.0b | 4.1x | 4.2x | 0.5x |
Price to Earnings Ratio
4.2x
Current Industry PE
- Investors are optimistic on the Nigerian Multi-line Insurance industry, and appear confident in long term growth rates.
- The industry is trading at a PE ratio of 8.2x which is higher than its 3-year average PE of 5.2x.
- The 3-year average PS ratio of 0.90x is lower than the industry's current PS ratio of 1.0x.
Past Earnings Growth
- The earnings for companies in the Multi-line Insurance industry have grown 61% per year over the last three years.
- Revenues for these companies have grown 56% per year.
- This means that more sales are being generated by these companies overall, and subsequently their profits are increasing too.
Industry Comparison
How does Nigerian General Insurance compare with similar industries?
| NG Market | -0.33% | |
| Financials | 1.54% | |
| Insurance | 3.42% | |
| General Insurance | 4.47% | |
| Life and Health Insurance | 6.33% | |
| Property and Casualty Insurance | 2.65% | |
Industry PEThere are no additional sub-industries under this industry.
Forecasted GrowthThere are no additional sub-industries under this industry.
Top Stock Gainers and Losers
Which companies have driven the market over the last 7 days?
| Company | Last Price | 7D | 1Y | Valuation | |
|---|---|---|---|---|---|
| CORNERST Cornerstone Insurance | ₦6.00 | 7.1% +₦7.2b | 100.0% | PE13.1x | |
| MBENEFIT Mutual Benefits Assurance | ₦4.31 | 6.9% +₦5.6b | 395.4% | PE4.3x | |
| ROYALEX Royal Exchange | ₦1.44 | 5.9% +₦661.3m | 65.5% | PE14x | |
| LASACO LASACO Assurance | ₦1.98 | 1.5% +₦332.5m | -18.2% | PS0.7x | |
| WAPIC Coronation Insurance | ₦2.51 | 0.4% +₦239.9m | 23.0% | PE8.5x |