Nigeria Liability Insurance Pool’s assets rise to N2.79bn, posts N1.01bn surplus
L-R: Directors, Nigeria Liability Insurance Pool (NLIP), Managing Director, Lasaco Assurance Plc, Mr. Ademoye Shobo; Managing Director/Chief Executive Officer of Cornerstone Insurance Plc, Mr. Stephen Alangbo; Managing Director/CEO of SUNU Assurances Nigeria Plc, Dr. Samuel Ogbodu; Managing Director & Chief Executive, Rex Insurance Limited. Mrs. Ebelechukwu B. Nwachukwu; Managing Director, Tangerine General Insurance, Mr. Ademayowa Adeduro; Managing Director, NLIP, Mrs Adeyinka Adekoya; ED, Technical, AIICO Insurance, Mr. Adewale Kadri; Managing Director, Coronation Insurance Plc, Mr. Olamide Olajolo, during the 16th annual general meeting in Lagos on Thursday.
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The Nigeria Liability Insurance Pool (NLIP) has grown its total assets to N2.79 billion as of December 31, 2025, underlining the Pool’s strong financial position and resilience amid a changing insurance landscape.
Chairman of the Pool, Mr. Gboyega Lesi, disclosed this while presenting the NLIP’s 2025 Annual Report at the Pool’s Annual General Meeting held on Thursday.
According to him, the Pool also recorded members’ funds of N1.35 billion, while its liquidity remained robust with cash and cash equivalents of N1.24 billion, providing sufficient capacity to meet obligations and support future growth initiatives.
Lesi, who was represented by the Managing Director, Tangerine General Insurance, Mr. Ademayowa Adeduro, said the impressive financial performance was driven by prudent underwriting, effective claims management and a disciplined investment strategy, which enabled the Pool to generate sustainable earnings while maintaining a conservative risk profile.
He revealed that insurance contract revenue for the year stood at N3.74 billion, while the insurance service result amounted to N786.83 million.
The Pool also posted a net surplus of N1.014 billion, representing a 15 per cent increase over the previous year.
Subject to shareholders’ approval at the Annual General Meeting, the Board recommended the distribution of N568 million from the year’s surplus.
“This surplus compares favourably with prior years and reflects the sustained strength of our collective operating model,” he said.
The chairman noted that the strong financial results demonstrated the Pool’s resilience and the effectiveness of its collective operating model, adding that the Board was encouraged by its ability to generate sustainable earnings while preserving adequate reserves to support future liabilities.
He said 2025 marked a significant milestone for the Pool as it commenced a new five-year performance cycle under the provisions of the Pool Agreement.
According to him, the periodic review mechanism ensures that members’ participation continues to reflect their contributions and performance, thereby reinforcing fairness, transparency and alignment of interests among all stakeholders.
He added that the Board remained committed to ensuring that the Pool continues to adapt to the evolving risk landscape while maintaining its relevance to member companies and the wider insurance market.
The Chairman disclosed that management strengthened operational processes, enhanced reporting capabilities and improved governance structures during the year, positioning the Pool to respond more effectively to emerging risks and opportunities within the insurance industry.
