KBL Insurance records 35.97% insurance revenue growth, pays over N1.2bn claims

KBL Insurance Limited, a general insurance company and a dynamic, fast-growing player in Nigeria’s insurance sector, has announced its outstanding financial performance for the 2024 fiscal year, reporting major growth in revenue, profitability, and claims payment, a true testament to its vision, leadership, and unwavering customer commitment.

According to the company’s released figures, KBL Insurance generated ₦6.4 billion in insurance revenue in 2024, up from ₦4.7 billion in 2023, representing a remarkable 35.97% year-on-year growth. This robust increase reflects the company’s strategic expansion, innovative product offerings, and increasing trust among customers across Nigeria.

In a time where many businesses face economic uncertainty, KBL Insurance has continued to thrive through disciplined execution, operational efficiency, and customer-focused solutions. The company also recorded a Profit Before Tax (PBT) of ₦999,454,000 in 2024, a substantial rise from the ₦606,859,000 earned in the previous year, showcasing strong financial management and sustained value creation.

Perhaps most notably, KBL Insurance paid out a total of ₦1,286,120,399 in claims to policyholders in the first half of 2025. This payout of over ₦1.2 billion reaffirms the company’s reputation for reliability, prompt claims settlement, and genuine care for its customers. The ability to honour claims consistently and efficiently remains one of the key indicators of trustworthiness in the insurance industry, and KBL continues to lead in that regard.

Speaking on the company’s performance, Lawal Mijinyawa, Managing Director/CEO of KBL Insurance Limited, expressed pride in the team’s efforts and reaffirmed the company’s dedication to growth driven by innovation and integrity. He said, “Our 2024 performance reflects not only our financial strength but the trust and loyalty we have built with our customers. At KBL, we believe that insurance is about more than policies; it’s about people. That’s why we are deeply committed to paying genuine claims promptly, investing in service delivery, and constantly improving the customer experience.”
Mr. Mijinyawa also noted that the company’s achievements are the result of strong teamwork, customer-centric operations, and a clear corporate vision anchored in long-term sustainability.

With a clear vision to become “the company best known for providing insurance protection for every home and business in Nigeria,” KBL Insurance continues to demonstrate resilience and relevance in a highly competitive market.

Guided by its core values, the company has continued to invest in digital innovation, employee development, strategic partnerships, and product diversification, all aimed at delivering superior value to its customers and stakeholders.

Whether it’s motor, travel, Fire and Special Perils, or Marine insurance, KBL has built a reputation for dependability and responsiveness. In a time when many consumers are re-evaluating their financial security and risk exposure, the company’s performance sends a clear message: KBL Insurance is here to protect, support, and empower. KBL truly cares.

As the company prepares for the next phase of growth with plans for more community engagement, product enhancement, and customer satisfaction initiatives, it remains firmly focused on its mission: “To provide innovative risk management solutions that bring comfort.”

KBL Insurance Limited is a proudly Nigerian insurance company offering a wide range of innovative general insurance products and services. With a growing nationwide presence, a commitment to excellence, and a culture rooted in customer satisfaction, KBL is redefining what it means to be an insurance partner for individuals and businesses alike.