Top 10 insurance companies based on premiums received in FY 2024 

As publicly traded entities, these companies are required to publish their interim and full-year financial statements for public access.

For the fiscal year ended 31 December 2024, 15 out of the 16 companies disclosed their financial statements reporting a combined N557.5 billion in premiums received from policyholders.

Notably, Consolidated Hallmark did not provide a 2023 figure, but the overall results represent an increase from the cumulative premium value of N356.2 billion recorded in 2023.

While various metrics such as market capitalization, claims paid, pre-tax profit, and assets under management could be used to rank these insurance companies, this analysis focuses on ‘’received premiums”.

This choice reflects the level of customer engagement with an insurance company’s products, as premiums are a primary source of revenue for the sector.

Therefore, an increase in premiums received not only indicates a growing base of policyholders but also suggests enhanced customer satisfaction and demand for the company’s offerings.

Here are the top 10 insurance companies listed on the Nigerian Exchange, ranked by received premiums: 

Sunu Assurances Nigeria Plc ranks 10th with a total premium of N15.4 billion received for the fiscal year 2024, reflecting an impressive year-over-year growth of 50.78%.

The company reported a pre-tax profit of N4.2 billion, an increase of 51.74%, while claims paid rose to N4.8 billion from N3.2 billion in the prior year.

With a market capitalization of N29.05 billion, Sunu is positioned as the 6th largest insurer by market cap.

In 9th place, Prestige Assurance Plc reported total premiums of N20.2 billion in FY 2024, marking a 37.49% increase from N14.7 billion in 2023.

The company’s pre-tax profit surged to N3.3 billion, reflecting an impressive growth of 136.48% compared to the previous year’s N1.4 billion.

Claims paid amounted to N11.03 billion, significantly up from N7.2 billion in 2023. Prestige Assurance holds a market cap of N13.1 billion, ranking as the 10th largest by market cap.

Veritas Kapital Assurance takes the 8th spot with N23.4 billion in premiums, showcasing a strong year-over-year surge of 210.35% from N7.5 billion in 2023.

However, the company reported a pre-tax loss of N623.7 million for FY 2024, a stark contrast to the prior year’s profit of N2.9 billion, attributed to insurance and reinsurance expenses.

However, the company reported a pre-tax loss of N623.7 million for FY 2024, a stark contrast to the prior year’s profit of N2.9 billion, attributed to insurance and reinsurance expenses.

Claims paid slightly increased to N2.3 billion from N2.2 billion the previous year. Veritas Kapital’s market cap stands at N13.8 billion, making it the 9th largest.

Linkage Assurance Plc ranks 7th with premiums received of N24.04 billion, reflecting a year-over-year growth of 48.25%.

The company reported a pre-tax profit of N5.2 billion, down by 3.02%, while claims paid increased to N4.5 billion from N4.4 billion in the prior year.

With a market capitalization of N18.7 billion, Linkage Assurance is the 8th largest insurer by market cap.

Coming in 6th, Consolidated Hallmark Holdings Plc received N29.7 billion in premiums for 2024.

The company reported a pre-tax profit of N23.2 billion and paid N9.06 billion in claims.

It ranks as the 7th largest insurer based on market capitalization, with a value of N30.3 billion.

Cornerstone Insurance Plc occupies the 5th position with total premiums of N38.9 billion in FY 2024, an 18.40% increase from N32.9 billion in 2023.

Despite this growth, the company incurred a loss of N1.3 billion compared to a profit of N125.9 million the previous year, with claims paid amounting to N8.5 billion against N11.4 billion in 2023.

Its market cap stands at N47.05 billion.

Sovereign Trust Insurance Plc is 4th with total premiums of N42.09 billion, marking a significant increase of 115.92% year-over-year.

The company reported a pre-tax profit of N3.4 billion, up by 144.74%, while claims paid rose to N21.3 billion from N7.3 billion in the previous year.

Sovereign Trust has a market capitalization of N12.6 billion, ranking 11th by equity cap.

Ranking 3rd, Coronation Insurance Plc reported premiums totaling N44.8 billion for FY 2024, representing a 74.85% growth.

The company’s pre-tax profit soared to N13.2 billion, an increase of 495.46%, while claims paid rose to N6.8 billion from N5.3 billion in the prior year.

Coronation Insurance boasts a market cap of N52.3 billion, making it the 4th largest by market cap.

AXA Mansard Insurance secures the 2nd position with premiums received of N138.5 billion in FY 2024, marking a 34.86% increase year-over-year.

The company reported a pre-tax profit of N31.6 billion, up by 100.94%, while claims paid amounted to N63.2 billion, compared to N49.8 billion in 2023.

AXA Mansard commands a market cap of N71.9 billion, making it the largest by market cap.

Leading the list is AIICO Insurance Plc, with a remarkable total premium of N156.1 billion for FY 2024, reflecting a 45.54% rise from N107.3 billion in 2023.

The company reported a pre-tax profit of N15.8 billion, an increase of 26.27% compared to the previous year, while total claims paid reached N90.5 billion, up from N68.4 billion.

AIICO Insurance ranks as the 3rd largest by market cap at N57.1 billion.