Insurance Stocks Soar 10% After Tinubu Signed Reform Law
Just a day after President Bola Tinubu endorsed a sweeping overhaul of Nigeria’s insurance legislation, the sector experienced a sharp rally on the Nigerian Exchange Limited (NGX), with stocks climbing by up to 10% on Tuesday.
The Nigerian Insurance Industry Reform Act (NIIRA) 2025, which Tinubu signed into law on Tuesday, is designed to modernise the industry, encourage investor participation, and help move Nigeria closer to its $1 trillion economic milestone.
According to Bayo Onanuga, the President’s Special Adviser on Information and Strategy, the new law replaces and merges outdated insurance legislation into a more streamlined and forward-looking legal structure.
Following the legislation’s approval, most insurance company stocks recorded a sharp rise, with only two of 17 listed firms showing no price movement by market close.
Below is a breakdown of how individual insurance equities performed:
Mutual Benefits Assurance increased by 10%, from ₦2.20 to ₦2.42.
Custodian Investment jumped 9.96%, trading from ₦39.15 to ₦43.05.
Cornerstone Insurance rose 9.96%, moving from ₦4.82 to ₦5.30.
Wapic Insurance saw a 9.93% increase, climbing from ₦2.72 to ₦2.99.
Lasaco Assurance appreciated by 9.87%, from ₦3.14 to ₦3.45.
AIICO Insurance gained 9.85%, up from ₦2.64 to ₦2.90.
Consolidated Hallmark Insurance (CHI) grew by 9.97%, reaching ₦4.08 from ₦3.71.
Sovereign Trust Insurance gained 9.71%, moving from ₦2.06 to ₦2.26.
International Energy Insurance increased 9.75%, from ₦2.36 to ₦2.59.
Universal Insurance appreciated 9.64%, rising from ₦0.83 to ₦0.91.
Veritas Kapital Assurance rose 9.58%, from ₦1.67 to ₦1.83.
Linkage Assurance climbed 9.43%, going from ₦1.59 to ₦1.74.
Prestige Assurance advanced by 9.42%, up from ₦1.38 to ₦1.51.
Guinea Insurance appreciated 9.28%, from ₦0.97 to ₦1.06.
Regency Alliance also rose 9.28%, matching Guinea’s climb from ₦0.97 to ₦1.06.
Meanwhile, AXA Mansard and NEM Insurance maintained their previous share prices at ₦11 and ₦27, respectively, showing no change during the session.
