NGX Insurance Index Drops 8.65% Despite Sector Recapitalisation
The Nigerian Exchange Insurance Index has turned in the weakest performance among major sectors this year, falling 8.65% year-to-date as of August 21, 2026.
While other major indices posted strong gains, with Oil and Gas rising 85.76% and Banking up 63.18%, the insurance index remains the only one in negative territory. This marks a sharp reversal from its strong showings in 2024 and 2025, when it delivered returns of 107.74% and about 79% respectively.
Several insurance companies have seen their share prices decline. AXA Mansard dropped 13.1% from N13.70 to N11.90, while Sunu Assurances fell 45.5% to N3.00. Cornerstone Insurance declined 65% to N2.08, and Coronation Insurance shed 36% to close at N2.08.
Market operators say investors are wary of share dilution following recent capital raises and are taking profits after two years of strong gains. Many are now adopting a cautious stance as they await clarity on industry consolidation.
Despite the near-term weakness, operators remain optimistic about the sector’s long-term prospects once the recapitalisation process is fully completed.
