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Nigeria’s Tax Overhaul Tightens Profit Rules For Insurers
Nigeria’s new tax rules are changing how insurance companies calculate their profits, closing gaps that previously reduced tax payments and raising fresh concerns about pricing, competition, and growth in an industry worth over N1.5 trillion in gross premiums.
The changes, introduced under the Nigeria Tax Act 2025, come alongside broader regulatory reforms that will directly affect more than 60 insurance companies and over 700 brokers operating across the country.
At the heart of the new tax regime is a clear shift in how insurance income is defined.
The law states that insurance businesses must be taxed either as life or general insurance, with profits calculated based on the structure of each segment rather than treated as conventional business income See more full, details. .
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