According to NAICOM, there are presently 58 insurance companies in Nigeria, which are classified into life and general insurance businesses. However, the Nigerian insurance industry is still struggling with acceptance among the general population, a situation, if reversed, will lead to the growth of premiums and contribute to the gross domestic product (GDP) of the economy.
Despite the challenges, some insurance companies in Nigeria are leading in terms of market capitalization. Market capitalization is the value of a company on the open market or simply, the stock’s current price multiplied by the total number of outstanding shares.
Here are the top 5 insurances companies in terms of market capitalization, according to Nigerian Exchange (NGX) as of 3 1st October 2022.
NEM Insurance Plc – N20.065 billion: NEM insurance started in Nigeria in 1948 through the agency of Edward Turner & Co. It became a Nigerian branch of NEM General Insurance Association Limited of London in 1965. The company was incorporated in 1970 as a Nigerian company and became quoted on the Nigerian Stock Exchange in 1989 following the privatization exercise by the Federal Government of Nigeria. Following the recapitalization exercise in 2007, the company merged with Vigilant Insurance Company Ltd to transact all classes of general insurance.
The company covers all aspects of insurance such as motor insurance (Corporate), marine insurance, aviation insurance, oil and gas, engineering insurance, personal products and SME products. Mr. Fidelis Ayebae is the chairman while Mr. Tope Smart is the MD/CEO.
AIICO Insurance – N20.132 billion: AIICO Insurance was established in 1963 as an agency office of American Life Insurance Company, a subsidiary of American International Group (“AIG”). The company was renamed American International Insurance Company Limited upon the acquisition of a 60% stake by the Federal Government of Nigeria and later listed on the Nigerian Stock Exchange in 1990.
AIICO is involved in key business lines namely: insurance, health maintenance, and asset management.
The strategic business divisions within the company are life and general insurance. The company also has these subsidiaries: AIICO Capital Limited, AIICO Multishield Limited – a health maintenance organization.
Babatunde Fajemirokun is the chief executive officer, MD, and director at AIICO Insurance Plc.
AXA Mansard – N14.49 billion: AXA Mansard Insurance Plc was founded in 1989 and Kunle Ahmed became the CEO in 2017. The company offers insurance and asset management services, motor, home, life, travel, education, and commercial insurance services, as well as financial advisory, portfolio and risk management, and investment consulting services. The company’s major services are in health insurance, motor, travel SME, personal insurance, etc.
Mr. Olusola Adeeyo is the chairman while Mr. Kunle Ahmed is the MD/CEO of AXA Mansard.
Cornerstone Insurance – N9.083 billion: Cornerstone Insurance was incorporated on 26th July 1991 as a private limited liability company and became a public limited liability company, quoted on the Nigerian Stock Exchange in 1997. Cornerstone Insurance Plc Is the first insurance company in Nigeria to provide customers with an online platform for insurance transactions and was adjudged the ‘Best Use of Technology Insurance Company 2016′ by Nigerian Technology Awards.
The Company is licensed and re-certified by the National Insurance Commission (NAICOM) to do both general and Llfe businesses and the classes of insurance business currently undertaken 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)
Subsidiaries are Cornerstone Takaful, Cornerstone Financial Services, and Cornerstone Leasing & Investments Ltd. Mr. Segun Adebanji is the chairman while Mr. Ganiyu Musa is the GMD/CEO.
Coronation Insurance – N8.637 billion: Coronation Insurance plc. is a full-line insurance company offering a diverse range of products and services covering life, general and special risk businesses. It was founded in 1958 and licensed to underwrite all classes of insurance such as fire and special perils, goods-in-transit, all risk insurance, etc. Coronation insurance offers Life Assurance, Personal Insurance, and Bancassurance. Its affiliates include:
- Coronation Asset Management
- Coronation Insurance
- Coronation Life Assurance
- Coronation Securities
- Coronation Capital
- Coronation Registrars
- Coronation Trustees
- Coronation Insurance Ghana
Mr. Mutiu Sunmonu, CON is the Chairman while Mr. Olamide Olajolo is the managing director.
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