Despite operating in a challenging economic environment marked by inflationary pressure and tightening consumer spending, KBL Insurance Limited reported N6.4 billion in revenue in 2024, a 35.09 per cent increase over the N4.7 billion recorded in 2023.

The insurer, in a statement, attributed the strong performance to strategic market expansion, innovative product offerings and growing customer confidence in its brand.

The company also recorded a profit before tax (PBT) of N999.45 million in 2024, marking a significant rise from the N606.86 million reported in the previous year.

The insurer leadership highlighted its robust claims settlement as a key differentiator. In the first half of 2025 alone, the insurer said it paid out N1.29 billion in claims to policyholders.

Commenting on the result, the Managing Director/Chief Executive Officer of KBL Insurance Limited, Lawal Mijinyawa, said the company’s achievements reflected not only strong financial stewardship but also deep-rooted customer loyalty.

“Our 2024 performance reflects not only our financial strength but the trust and loyalty we have built with our customers.

“At KBL, insurance is not just about policies; it’s about people. We remain committed to paying genuine claims promptly, enhancing service delivery, and continuously improving the overall customer experience,” Mijinyawa said.

He also acknowledged the dedication of the company’s workforce, describing it as a vital part of its sustainable success in a volatile business climate.

As part of its growth strategy, KBL Insurance has continued to invest in digital platforms, employee development and product diversification, enabling the firm to stay responsive to evolving market needs and regulatory shifts.