Insurance stocks jump 10% after Tinubu signed law to recapitalise industry

A day after President Bola Tinubu assented to a new insurance reform law aimed at recapitalising the industry and boosting investor confidence, insurance stocks on the Nigerian Exchange Limited (NGX) surged 10 percent on Tuesday.

On Tuesday, President Bola Tinubu signed the Nigerian insurance industry reform bill 2025 into law.

Tinubu assented to the bill to strengthen Nigeria’s financial sector and accelerate the nation’s march toward a $1 trillion economy.

According to Bayo Onanuga, special adviser on information and strategy to Tinubu, the Nigerian Insurance Industry Reform Act (NIIRA) 2025 repeals and consolidates several outdated insurance laws into a single, modern legal framework.

Within 24 hours after the bill was signed into law, the share prices of most insurance companies surged 10 percent, according to market data seen by TheCable.

Out of 17 insurance stocks, only two recorded zero movement from the previous day’s closing price, as of the time of filing this report.

Here’s how the insurance stocks are currently performing.

MUTUAL BENEFITS ASSURANCE

The stock rose from N2.20 kobo to N2.42 kobo, marking a 10 percent increase.

CUSTODIAN INVESTMENT

Custodian appreciated by 9.96 percent, climbing from N39.15 kobo to N43.05.

CORNERSTONE INSURANCE

The share price of Cornerstone Insurance gained 9.96 percent, moving from N4.82 kobo to N5.30 kobo.

WAPIC INSURANCE

The insurer’s share value appreciated from N2.72 kobo to N2.99 kobo, up by 9.93 percent.

LASACO ASSURANCE

Lasaco’s share price increased by 9.87 percent, from N3.14 kobo to N3.45 kobo.

AIICO INSURANCE

AIICO’s share price moved from N2.64 kobo to N2.90 kobo, gaining 9.85 percent.

CONSOLIDATED HALLMARK INSURANCE (CHI)

The share value of CHI jumped by 9.97 percent, from N3.71 kobo to N4.08.

SOVERIGN TRUST INSURANCE

The insurer recorded a 9.71 percent appreciation in its share value, as it increased from N2.06 to N2.26 kobo.

INTERNATIONAL ENERGY INSURANCE

International Energy Insurance’s share price rose from N2.36 kobo to N2.59 kobo, up by 9.75 percent.

UNIVERSAL INSURANCE

The share value of Universal Insurance appreciated by 9.64 percent, rising from N0.83 kobo to N0.91 kobo.

VERITAS KAPITAL ASSURANCE

Veritas Kapital share price moved from N1.67 kobo to N1.83 kobo, representing a 9.58 percent gain.

LINKAGE ASSURANCE

Linkage Assurance climbed 9.43 percent, from N1.59 to N1.74.

PRESTIGE ASSURANCE

The share price went from N1.38 to N1.51, up 9.42 percent.

GUINEA INSURANCE

Guinea Insurance share value appreciated by 9.28 percent, from N0.97 kobo to N1.06.

REGENCY ALLIANCE

Regency Alliance share price also gained 9.28 percent, increasing from N0.97 kobo to N1.06.

However, during the same period, AXA Mansard and NEM Insurance shares were trading flat at N11 and N27, respectively, indicating no changes from the previous day’s closing price.