What Are The Top Insurance Companies In Nigeria?
This article will show us the top ten insurance companies in Nigeria, starting from the least.
AIICO Insurance Plc.
AIICO insurance is one of the top guns in the Nigerian Insurance Industry.
They established this company in the year 1963, and they have since moved up the ladder of the insurance industry to be one of the top players.
Furthermore, they focus mainly on General Insurance, Life Assurance, Special Risks, Health, Asset Management, and Pension Management.
AIICO Insurance: Image Source
Established in 1963, AIICO Insurance Plc (NSE Ticker: “AIICO”) is a financial services group with market-leading positions in its key business lines; Insurance, Health Maintenance and Asset Management.
- Life assurance and annuity
- General insurance and special risks
- Health insurance and
- Asset management
AIICO commenced operations in Nigeria in 1963 as an Agency office of American Life Insurance Company (“ALICO”) – at the time, a subsidiary of American International Group (“AIG”).
The Company was incorporated, registered, and licensed in Nigeria as American Life Insurance Company Limited – as a wholly owned subsidiary of ALICO/AIG – in 1970 – to offer Life and insurance services.
The Company was renamed American International Insurance Company Limited (“AIICO”) upon the acquisition of a 60% stake by the Federal Government of Nigeria, and later listed on the Nigerian Stock Exchange in 1990, after which both shareholders – the Federal Government of Nigeria and AIG divested.
Following the insurance industry’s consolidation in 2007, the Company acquired NFI Insurance PLC and Lamda Insurance Company Limited (both cumulatively accounting for less than 30% of AIICO’s pre-acquisition gross premiums).
The Company subsequently re-certified as both a General Insurance and Life Assurance Company – taking advantage of its legacy, brand, franchise and strong retail distribution network to grow a leading General Insurance business.
As an insurance company, AIICO’s goal is to be the insurer of choice and the leading insurance company in Nigeria – providing life insurance and retirement services as well as risk underwriting to a substantial and diversified client base, which includes corporations, financial institutions, governments and individuals in Nigeria.
AIICO is the market leader in Retail Life insurance and retirement services and is a market leader in Non-Life insurance in Nigeria.
The core insurance franchise is complemented by our leading insurance asset management, and health management businesses.
AIICO also owns valuable financial and strategic assets including a controlling stake in Multishield Limited, and a 19% stake in Healthcare International Limited (both healthcare management organizations (“HMOs”) and AIICO Capital Limited (an asset management wholly-owned subsidiary).
Leadway Assurance Company
Leadway Assurance came into existence in the year 1970, and ever since then, they have been very active in the insurance business.
They major in business, life, and pension insurance. In addition, they also offer allied financial services.
This includes portfolio management, credit bond, and miscellaneous and financial losses.
Leadway Assurance Company Limited (‘Leadway’) is one of Nigeria’s foremost insurance service companies, with a reputation for service efficiency and customer reliability.
For over 45 years, Leadway has honored its underwriting commitments and has earned its reputation of excellence in claims handling.
The evolution of Leadway since 1970 has mirrored the dramatic expansion of indigenous insurance service providers, with Leadway remaining at the forefront as an insurer of repute.
The reputation enjoyed today by Leadway has been attained by the continuing pursuit of improvements to maintain a competitive advantage.
Leadway Assurance: Image Source
All aspects of the business are approached with discipline; the recruitment of staff, the development of products, the advancement of technologies and the personal service offered to each client.
They provide efficient financial solutions leveraging on their unique capabilities and skills to bring Insurance as a risk management tool to their clients.
Their superior capabilities in Claims settlement as well as solid financial reputation are put behind their diverse clientele who have entrusted them with undertaking their risks.
Leadway Assurance Company is the leading composite Insurance Underwriter in Nigeria.
Over the years, we have built a solid reputation on Integrity, Prompt Claims Settlement and Innovative Service.
Custodian And Allied Insurance
Custodian and Allied Insurance is a wholly-owned insurance company with the aim to cover its customer’s innovative insurance product needs.
This they believe will help guarantee customer satisfaction.
Furthermore, they offer a wide range of insurance plans tailored to meet your needs.
Custodian & Allied Insurance is a wholly owned Nigerian Company.
Custodian And Allied Insurance: Image Source
CAIL’s sole purpose is to develop, package, and deliver innovative insurance products that best satisfy customer needs, whilst operating a highly profitable, efficient, resourceful, and ethical organization that will survive well into the future and be a valuable asset to its shareholders.
CAIL’s Board comprises individuals who have proven track records in their various fields of endeavor, thereby bringing several years of experience to bear upon the Board.
CAIL is a registered member of the Nigerian Insurers Association (NIA) and is approved by other regulatory bodies in Nigeria to offer Insurance Services.
CAIL’S mission is to develop and deliver innovative insurance products that best satisfy customer needs, whilst operating a highly profitable, efficient, resourceful, and ethical organization.
Cornerstone Insurance Plc.
Cornerstone Insurance came into existence in 1991 as a private limited liability company.
However, in the year 1997, it became a Public Limited Liability.
They are a dedicated insurance company and put their client needs first in all situations.
Incorporated on 26th July 1991 as a private limited liability company and became a Public Limited Liability, quoted on the Nigerian Stock Exchange in 1997.
The organization was established to conduct Insurance business in a professional, ethical, and customer-focused manner and has remained committed to these values over the years.
Cornerstone Insurance Plc: Image Source
The Company is licensed and re-certified by the National Insurance Commission (NAICOM) to do both General and Life businesses and the classes of Insurance business we currently undertake include the following:
Motor Vehicle, Aviation, Marine, Engineering All Risks, Asset Protection, Liability to Third Party, Oil & Gas, Group Life, Credit Life, Mortgage Protection, Term Assurance, Wealth Creation Products and Takaful (Islamic Insurance)
The company’s Authorized Share Capital and Market Capitalization is ₦9.25 billion and ₦5 billion respectively, while the Shareholders’ Funds is ₦14.8 billion as at December 2021.
The total assets of the company are in excess of ₦40.4 billion.
At Cornerstone, they remain committed to their core values of Integrity, Empathy, Professionalism, Innovation, and Team Spirit and our continued mission of delivering value beyond expectations through needs-based products and quality service.
Cornerstone Insurance Plc. Is the first insurance company in Nigeria to provide customers with an online platform for insurance transactions.
Little wonder why Cornerstone Insurance Plc. was adjudged as the ‘Best use of Technology, Insurance Company, 2016, Nigerian Technology Awards.
Their services are technology driven by cutting-edge Insurance applications.
These services are accessible with ease through the Internet and/or mobile technology.
AXA Mansard Insurance
AXA Mansard belongs to the AXA Group.
They are one of the worldwide leaders in asset management and insurance with well over 160,000 employees. In addition, they serve about 107 million clients in over 60 countries.
AXA Mansard Insurance: Image Source
AXA Mansard is a member of the AXA Group, the worldwide leader in insurance and asset management with 166,000 employees serving 107 million clients in 64 countries.
AXA Mansard Insurance plc is rated B+ by A.M. Best (2016) for Financial Strength.
The Company is also certified ISO 9001:2008 compliant by the Standard Organisation of Nigeria (SON) for quality management systems.
AXA Mansard Insurance plc was incorporated in 1989 as a private limited liability company and is registered as a composite company with the National Insurance Commission of Nigeria (NAICOM).
Our products range from Life to Property and Casualty for individuals, and commercial solutions for SMEs, and corporate organisations.
AXA Mansard Insurance has a 24-hour dedicated Customer Interface team that is responsible for the resolution of customer inquiries and complaints.
Our goal is to be accessible whenever and wherever our customers need us and serve them satisfactorily.
AXA Mansard is a member of the AXA Group, the worldwide leader in insurance and asset management with 149,000 employees serving 95 million clients in 50 countries.
The group is a conglomerate of independently run businesses, operated according to the laws and regulations of many different countries.
Despite being written in upper case, “AXA” is not an acronym, the name was chosen because it is short and can be pronounced easily the same way in every language.
AXA is present in geographically diverse markets, with operations concentrated in Europe, North America, and Asia Pacific.
AXA is also present in Central and South America, the Middle East, and in Africa via operations in Cameroon, Gabon, Ivory Coast, Morocco, Senegal and Algeria.
AXA has more than over 20 year’s continuous presence in Africa. In 2019, IFRS revenues amounted to Euro 103.5 billion and underlying earnings to 6.5 billion euros.
African Alliance Insurance Plc.
AAI came into existence in the year 1960, and since then they have built a reputation for themselves in the insurance industry.
They focus generally on insurance products that are tailored to meet your needs. Some of their policies are investment insurance plans, Annuity assurance, Group life Assurance, etc.
African Alliance Insurance Plc: Image Source
African Alliance Insurance Plc currently manages a Shareholders’ Fund estimated at N3.6bn with a Gross Premium Income and Asset Base estimated at N13.42bn and N41.35bn respectively (figures as of 31st December 2016-audited), evidence of strength, history, and clients’ trust in their brand.
We have 100% equity in Axiom Air Limited, a Cargo Airline Company, Frenchies Foods (Nigeria) Limited, a Restaurant and Catering Services Company and 96% equity in Ghana Life Insurance Company Limited.
Lasaco Assurance Plc.
Lasaco is a financial service and composite insurance incorporated in December 1979.
Lasaco is an acronym for Lagos State Assurance Company Limited.
They got their license to operate as an insurer in Nigeria in the year 1980.
Lasaco majors in General Insurance, Life Insurance, and online payment.
Lasaco Assurance Plc: Image Source
Lasaco Assurance PLC provides life and general insurance services, which includes motor, bond, contractors-all-risk, fire, burglary, aviation, marine, general accident, life, pension schemes, engineering, and oil and gas.
Lasaco Assurance Plc is a composite insurance and financial services company in Nigeria licensed to underwrite business in major sectors of the economy.
This includes the heavy engineering, construction, banking and finance, manufacturing, agriculture, and tourism sectors.
Lasaco Assurance Plc’s business portfolio includes leadership and a significant stake in key federal and state government insurance businesses, and multinational and private companies.
The company also offers life cover to high-tech, capital intensive, and special risk sectors such as oil and gas and aerospace.
Lasaco Assurance Plc has business interests in property development and management as well as shareholdings in numerous blue-chip enterprises.
The company’s head office is in Lagos, Nigeria.
Anchor Insurance is one of the notable insurance firms in Nigeria.
NAICOM registered them in the year 1989, and in November of the same year, they started operations.
Anchor Insurance specializes in General Business Insurance.
People love Anchor Insurance because they see customers as the reasons they are in business.
This means customers’ need is their priority.
Anchor Insurance: Image Source
Anchor Insurance Company Limited was registered in June 1989 and licensed by the National Insurance Commission (NAICOM) in October 1989 as a general business (non-life) insurance outfit.
The Company, thereupon, commenced business in November of the same year.
It started off operations from its registered office in Uyo, Akwa Ibom State, and for strategic business reasons,
Anchor Insurance Company Limited joined its fellow underwriting outfits in Lagos in April 2008.
Consequently, while the Company has its Victoria Island office in Lagos as the Corporate Head Office, the Uyo office remains its registered office.
At the moment, Anchor Insurance Company Limited has expanded to not less than eighteen branch office networks located in strategic cities across the country.
The Company has constantly been showing strength in timely claims administration, superior customer experience delivery, product innovation, and yearly bottom-line performance.
Their audited accounts for the year ended 31st December 2020 show a gross written premium of N6.8bn from N4.2bn achieved in 2019 with total assets standing at N13.5bn.
They incorporated Goldlink Insurance on 15th April 1992 as a Private Limited Liability Company.
However, in the year 1993, September to be precise, they became a full-fledged insurance company.
Goldlink Insurance: Image Source
Because of Goldlink Insurance’s dogged commitment, they have been able to stand tall in the insurance industry.
Goldlink specializes in General Business, Life, Travel, and Motor Insurance.
Goldlink Insurance Plc is a life and general insurance company offering insurance products and services to the corporate and individual sectors in Nigeria.
The company is licensed to underwrite both life and general classes which encompasses, among others, fire and special perils, motor insurance, life and pension, oil and gas, marine, aviation, and travel insurance.
Its product portfolio covers oil and gas constructions and operational activities; insurance of cargo, hull, and marine machinery; liability insurance; aviation insurance as well as a wide range of general insurance and life insurance products.
Goldlink Insurance Plc also offers engineering insurance products for machinery consequential loss, erection all risks, contractors all risk, plants all risk, machinery breakdown, boiler and pressure vessel, computer all risk, electronic equipment, bonds, indemnity of share certificate, counter indemnity and professional indemnity insurance.
The company was founded in 1992.
Its head office is in Lagos, Nigeria.
Continental Insurance started as a private insurance outfit in the year 1985. But in 1990 they became a full-fledged insurer.
They offer non-life and life insurance.
Continental Reinsurance: Image Source
Besides this, they have a well-diversified business mix and customer base.
It is their goal to become one of the most recognized insurers not only in Nigeria but in Africa.
Continental Reinsurance Plc offers reassurance services for life and non-life classes through service centers in Nigeria, Cameroon, Côte d’Ivoire, Kenya, Tunisia, and Botswana.
The company’s reinsurance offering covers fire and engineering; motor, liability and general accident; marine and aviation; oil and energy; and individual and group life risks.
Continental Reinsurance Plc also provides specialist advisory services for reinsurance structuring, actuarial and risk management and product development support.
Continental Property and Engineering Risk Services (CPERS) Limited in South Africa is a subsidiary of Continental Reinsurance Plc and operates as a technical referral competence with the Group.
The subsidiary company was established to meet the growing demand for specialist engineering insurance risk cover and advisory services.
Its core functions are underwriting, risk surveys, claims handling and training.
Continental Reinsurance Plc’s head office is in Lagos, Nigeria.
These insurance companies have made their mar in the insurance sector and have proven to be among the best insurance companies.
They have won several national and international awards, showing that they are equal to the task.
I hope you found this article educational as much as I found it interesting to write on.