KBL Insurance Limited, a general insurance company, has announced its outstanding financial performance for the 2024 fiscal year.
The insurer reported major growth in revenue, profitability, and claims payment, a true testament to its vision, leadership, and unwavering customer commitment.
According to a statement released by the company, its insurance revenue grew to ₦6.4 billion in 2024, up from ₦4.7 billion in 2023, representing a remarkable 35.97% year-on-year growth. This, the company said, reflects its strategic expansion, innovative product offerings, and increasing trust among customers across Nigeria.
The company also recorded a Profit Before Tax of ₦999,454 million in 2024, a substantial rise from the ₦606,859 million earned in the previous year.
Committee to prompt claims payment, the underwriter settled a total of ₦1,286 billion as claims to policyholders in the first half of 2025.
Speaking on the company’s performance, Lawal Mijinyawa, Managing Director/CEO of KBL Insurance Limited, expressed pride in the team’s efforts and reaffirmed the company’s dedication to growth driven by innovation and integrity.
He said, “Our 2024 performance reflects not only our financial strength but also the trust and loyalty we have built with our customers. At KBL, we believe that insurance is about more than policies; it’s about people. That’s why we are deeply committed to paying genuine claims promptly, investing in service delivery, and constantly improving the customer experience.”
He also noted that the company’s achievements are the result of strong teamwork, customer-centric operations, and a clear corporate vision anchored in long-term sustainability.
With a clear vision to become “the company best known for providing insurance protection for every home and business in Nigeria,” KBL Insurance continues to demonstrate resilience and relevance in a highly competitive market.
Guided by its core values, the company has continued to invest in digital innovation, employee development, strategic partnerships, and product diversification, all aimed at delivering superior value to its customers and stakeholders.
Whether it’s motor, travel, Fire and Special Perils, or Marine insurance, KBL has built a reputation for dependability and responsiveness. In a time when many consumers are re-evaluating their financial security and risk exposure, the company’s performance sends a clear message: KBL Insurance is here to protect, support, and empower. KBL truly cares.
