Pensions
ZAMBIA PENSIONS KEY FIGURES
| Sector GDP Share 2025 | Net Assets (3 Months to Dec 2025) | Regulator | Real Growth 2025 |
|---|---|---|---|
| 1.23% (with insurance) | ZMW 3.2 billion | Pensions and Insurance Authority | -7.4% |
Insurance and pension funds contributed 1.23% of Zambia’s GDP in 2025, with insurers’ and pension funds’ net assets rising to ZMW 3.2 billion in the three months to December 2025, even as the sub-sector’s real output contracted 7.4% for the year.
The Pensions and Insurance Authority regulates the sector and coordinates with the Bank of Zambia on hybrid products such as bancassurance to ensure they remain both regulatory-compliant and capital-efficient.
Sector Size
Insurance and pension funds contributed 1.23% of Zambia’s GDP in 2025, though the sub-sector’s real output contracted 7.4% even as nominal premiums grew, with net assets rising to ZMW 3.2 billion in the three months to December 2025 on aggregate annual gross written premiums of ZMW 10.5 billion[1].
Regulatory Framework
The Pensions and Insurance Authority regulates Zambia’s pensions and insurance sector and coordinates with the Bank of Zambia on hybrid products such as bancassurance to ensure they remain both regulatory-compliant and capital-efficient[2].
Investment Opportunities
The gap between pension and insurance funds’ strong nominal premium growth and their real contraction points to a sub-sector where premium pricing, rather than underlying volume, is currently doing the work, a dynamic worth watching for any pension fund manager or insurer assessing the segment’s genuine growth potential, detailed further on the dedicated Finance and Insurance pages[1].
Last Update: September 2026
