The insurance industry in Nigeria has reported gross premium income of N302 billion in the financial year ended December 31, 2014, according to figures released by the National Insurance Commission (NAICOM).

The industry also achieved premium income of N97 billion in the first quarter ended March 31, 2015. According to NAICOM, the industry’s total assets in 2014 was N711.4 billion, rising to N793.6 billion in the first quarter.

Total liabilities stood at N422.7 billion in 2014 and N444.4 billion in first quarter. In the area of claims, the industry paid out a total sum of N90.3 billion in the 2014 financial year and N23.7 billion as at March 31, 2015. In 2014, the industry achieved net profit of N28.4 billion and N15.4 billion by March 31 while underwriting was N66.9 billion and N24.3 billion in the two periods under review.

In the same vein, the industry achieved shareholders’ funds of N352.5 billion and N343.4 billion, while Insurance Funds stood at N334.8 billion and N347.9 billion respectively.