Top 5 Insurance Companies in Nigeria by Market Capitalization


According to NAICOM, there are currently 58 insurance companies in Nigeria, which are categorized under Life and General insurance businesses. However, the Nigerian insurance industry is still struggling for acceptance among the general population, a situation that, if reversed, will lead to premium growth and contribute to the gross domestic product (GDP) of the economy.

Despite the challenges, some insurance companies in Nigeria are leaders in terms of market capitalization. Market capitalization is the value of a company on the open market or simply, the current price of the shares multiplied by the total number of shares outstanding.

These are the top 5 insurance companies in terms of market capitalization, according to the Nigerian Exchange (NGX) as of 31st October 2022.

NEM Insurance Plc – N20.065 billion: NEM insurance began 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 went public 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 Auto Insurance (Corporate), Marine Insurance, Aviation Insurance, Oil & Gas, Engineering Insurance, Personal Products and SMB Products. Mr. Fidelis Ayebae is the President, while Mr. Tope Smart is the MD/CEO.

AICO Insurance – N20.132 trillion: AICO 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 following the Federal Government of Nigeria’s acquisition of a 60% stake and was later listed on the Nigerian Stock Exchange in 1990.

AICO is involved in key business lines, namely insurance, health maintenance and asset management.

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 a CEO, MD and Director of AIICO Insurance Plc.

AXA Mansard – N14.49 billion: AXA Mansard Insurance Plc was founded in 1989 and Kunle Ahmed became CEO in 2017. The company offers insurance and asset management services, commercial, auto, home, life, travel, education and business insurance services, as well as financial advice, portfolio and risk management. management and investment consulting services. The company’s main services are health insurance, automobile, SME travel, personal insurance, etc.

Mr. Olusola Adeeyo is the President, while Mr. Kunle Ahmed is the MD/CEO of AXA Mansard.

Cornerstone Insurance – N9.083 trillion: Cornerstone Insurance was incorporated on 26 July 1991 as a private limited liability company and became a public limited liability company, listed on the Nigerian Stock Exchange in 1997. Cornerstone Insurance Plc is the first insurance company in Nigeria which offers clients an online platform for insurance transactions and was awarded “2016 Best Tech-Using Insurance Company” by the Nigerian Technology Awards.

The Company is authorized and recertified by the National Insurance Commission (NAICOM) to do both general and life business and the classes of insurance business currently carried out include the following: Motor Vehicles, Aviation, Marine, Engineering All Risk, Protection of Assets, Third Party Liability, Oil & Gas, Group Life, Credit Life, Mortgage Protection, Term Guarantee, Wealth Creation Products, and Takaful (Islamic Insurance)

The subsidiaries are Cornerstone Takaful, Cornerstone Financial Services and Cornerstone Leasing & Investments Ltd. Mr. Segun Adebanji is the President, while Mr. Ganiyu Musa is the GMD/CEO.

Coronation Insurance – N8.637 trillion: Coronation insurance plc. is a full-line insurance company that offers a wide range of products and services covering business life, general and special risks. It was founded in 1958 and is authorized to take out all kinds of insurance such as fire and special risks, goods in transit, all risk insurance, etc. Coronation insurance offers Life Insurance, Personal Insurance and Bancassurance. Its affiliates include:

  • Crown Asset Management
  • coronation insurance
  • coronation life insurance
  • coronation values
  • Coronation Capital
  • coronation recorders
  • coronation trustees
  • Triumph
  • coronation insurance in ghana

Mr. Mutiu Sunmonu, NOC is the President while Mr. Olamide Olajolo is the Managing Director.

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