Top 100 insurance companies in Africa

Figures in millions

2021 rank	Companies	Class of business	Country	2021 turnover		2020 turnover		2020-2021 evolution ⁽¹⁾
2021 rank	Companies	Class of business	Country	In local currency	In USD	In local currency	In USD	2020-2021 evolution ⁽¹⁾
1	Sanlam	L	South Africa	107 571	6 741	95 645	6 526	12.47%
2	Old Mutual Life	L	South Africa	55 953	3 507	55 806	3 808	0.26%
3	Liberty Group	L	South Africa	43 801	2 745	38 339	2 616	14.25%
4	Santam	NL	South Africa	31 502	1 974	29 976	2 045	5.09%
5	MML Group Limited ⁽²⁾	L	South Africa	27 328	1 908	23 811	1 377	14.77%
6	Wafa Assurance	C	Morocco	9 089	973	8 374	930	8.53%
7	Guardrisk Insurance ⁽²⁾	NL	South Africa	12 091	844	11 113	643	8.80%
8	RMA	C	Morocco	7 681	822	6 876	763	11.70%
9	The Hollard Insurance ⁽²⁾	NL	South Africa	11 312	790	11 051	639	2.36%
10	Old Mutual Insure	NL	South Africa	11 031	691	10 644	726	3.64%
11	Mutuelle Taamine Chaabi	L	Morocco	6 308	675	5 787	643	9.00%
12	OUTsurance Insurance ⁽²⁾	NL	South Africa	9 407	657	8 856	512	6.22%
13	Misr Insurance ⁽²⁾	NL	Egypt	9 591	611	9 342	577	2.66%
14	Saham Assurance	C	Morocco	5 621	601	5 126	569	9.66%
15	Axa Assurance Maroc	C	Morocco	5 567	596	4 872	541	14.28%
16	AtlantaSanad	C	Morocco	5 401	578	4 938	548	9.38%
17	Guardrisk Life ⁽²⁾	L	South Africa	8 065	563	7 595	439	6.19%
18	Misr Life Insurance Company ⁽²⁾	L	Egypt	7 653	487	4 962	306	54.24%
19	Hollard Life Assurance ⁽²⁾	L	South Africa	6 855	479	6 942	402	-1.24%
20	AVBOB Mutual Assurance ⁽²⁾	L	South Africa	5 195	363	4 739	274	9.62%

Read also | African insurance market

21	Bryte Insurance Company	NL	South Africa	5 388	338	4 724	322	14.06%
22	Allianz Life Egypt ⁽²⁾	L	Egypt	5 043	321	4 217	260	19.59%
23	Discovery Insure Limited ⁽²⁾	NL	South Africa	4 385	306	3 706	214	18.32%
24	Assupol Holdings ⁽²⁾	L	South Africa	4 359	304	4 004	232	8.88%
25	Escap ⁽³⁾	NL	South Africa	4 359	292	3 162	176	37.85%
26	ABSA Life	L	South Africa	4 624	290	4 353	297	6.23%
27	Botswana Life Insurance Limited	L	Botswana	3 139	265	2 937	269	6.90%
28	Centriq Life Insurance	L	South Africa	4 175	262	2 595	177	60.93%
29	Metlife Egypt	L	Egypt	4 085	260	3 686	228	10.84%
30	La Marocaine Vie	L	Morocco	2 339	250	2 158	240	8.38%
31	Centriq Insurance Company	NL	South Africa	3 774	237	3 359	229	12.35%
32	Mutual & Federal Risk Financing	NL	South Africa	3 748	235	3 290	224	13.95%
33	Britam Life	L	Kenya	25 894	227	23 326	212	11.01%
34	MCMA	C	Morocco	2 067	221	1 798	200	14.96%
35	Auto and General Insurance ⁽²⁾	NL	South Africa	3 027	211	3 030	175	-0.10%
36	AXA Life Egypt ⁽²⁾	L	Egypt	3 308	211	2 530	156	30.78%
37	SAA	NL	Algeria	28 800	206	27 041	204	6.50%
38	ABSA Insurance	NL	South Africa	3 234	203	3 108	212	4.06%
39	Miway Insurance	NL	South Africa	3 171	199	2 913	199	8.85%
40	Momentum Insure Company ⁽²⁾	NL	South Africa	2 791	195	3 236	187	-13.75%
41	Standard Insurance	NL	South Africa	3 028	190	2 924	199	3.58%
42	Lombard Insurance ⁽²⁾	NL	South Africa	2 641	184	2 159	125	22.33%
43	CAAT	NL	Algeria	25 404	182	24 751	187	2.64%
44	ICEA Lion Life	L	Kenya	20 000	176	14 820	135	34.95%
45	King Price Insurance ⁽²⁾	NL	South Africa	2 512	175	2 101	122	19.53%
46	AIICO Insurance	C	Nigeria	71 646	174	61 980	162	15.60%
47	ENSA seguros de Angola	C	Angola	97 769	174	84 615	128	15.55%
48	Leadway Assurance	C	Nigeria	70 624	172	53 859	141	31.13%
49	Custodian & Allied	C	Nigeria	66 228	161	58 143	152	13.91%
50	Allianz Assurance Maroc	C	Morocco	1 427	153	1 572	175	-9.25%
51	Nedgroup Life Assurance	L	South Africa	2 383	149	2 258	154	5.54%
52	AXA Mansard Insurance	C	Nigeria	60 198	146	47 583	124	26.51%
53	STAR	C	Tunisia	368	128	361	133	1.88%
54	Clientele Life ⁽²⁾	L	South Africa	1 800	126	1 756	102	2.53%
55	MAMDA	NL	Morocco	1 172	125	1 093	121	7.29%
56	Budget Insurance ⁽²⁾	NL	South Africa	1 795	125	1 854	107	-3.19%
57	Ethiopian Insurance Coporation ⁽²⁾	C	Ethiopia	6 500	124	6 058	138	7.30%
58	Jubilee	L	Kenya	13 955	123	13 314	121	4.82%
59	CAAR	NL	Algeria	16 257	117	14 866	112	9.36%
60	UAP	NL	Kenya	13 183	116	10 605	97	24.31%
61	CASH Assurances	NL	Algeria	16 097	115	14 091	106	14.24%
62	SWAN Life	L	Mauritius	5 144	115	4 719	116	9.01%
63	AIG South Africa Limited ⁽⁴⁾	NL	South Africa	1 827	113	1 751	115	4.34%
64	Compass Insurance	NL	South Africa	1 801	113	1 639	112	9.89%
65	SUNU Vie	L	Côte d'Ivoire	60 684	105	55 017	103	10.30%
66	1 Life ⁽²⁾	L	South Africa	1 498	105	1 442	83	3.91%
67	AXA Insurance ⁽²⁾	NL	Egypt	1 593	101	1 581	98	0.75%
68	CIC General	NL	Kenya	11 422	100	10 197	93	12.02%
69	Enterprise Life Assurance	L	Ghana	609	99	521	89	16.79%
70	SANLAM	NL	Côte d'Ivoire	56 660	98	52 545	98	7.83%
71	Kenindia	L	Kenya	11 127	98	7 372	67	50.93%
72	GA Insurance	NL	Kenya	11 022	97	7 841	71	40.57%
73	APA Insurance	NL	Kenya	10 627	93	9 509	87	11.76%
74	GIG Egypt ⁽²⁾	NL	Egypt	1 463	93	1 315	81	11.29%
75	CNMA	NL	Algeria	12 643	91	13 055	98	-3.16%
76	Britam General	NL	Kenya	9 882	87	8 254	75	19.72%
77	Infiniti Insurance ⁽³⁾	NL	South Africa	1 283	86	1 289	72	-0.47%
78	Old Mutual Alternative Risk Transfer	L	South Africa	1 341	84	1 224	83	9.57%
79	CAT	NL	Morocco	780	83	694	77	12.35%
80	Jubilee Health	NL	Kenya	9 342	82	8 337	76	12.06%
81	Orient Takaful Insurance Co ⁽²⁾	NL	Egypt	1 284	82	974	60	31.81%
82	COMAR	C	Tunisia	233	81	223	82	4.62%
83	Allianz Insurance Egypt ⁽²⁾	NL	Egypt	1 237	79	1 140	70	8.58%
84	SIC Life Insurance	L	Ghana	476	77	402	68	18.52%
85	MATU	NL	Morocco	714	76	526	58	35.84%
86	GAT	C	Tunisia	218	76	189	70	15.80%
87	Sanlam Life	L	Kenya	8 524	75	5 910	54	44.22%
88	SWAN	NL	Mauritius	3 246	72	3 051	75	6.39%
89	Allianz Global Corporate	NL	South Africa	1 151	72	1 115	76	3.15%
90	Bupa Egypt ⁽²⁾	NL	Egypt	1 127	72	1 101	68	2.37%
91	Mutual Benefits Assurance	C	Nigeria	29 299	71	19 984	52	46.61%
92	NSIA Vie	L	Côte d'Ivoire	41 107	71	35 057	66	17.26%
93	Suez Canal Insurance ⁽²⁾	NL	Egypt	1 114	71	1 001	62	11.32%
94	Maghrebia	NL	Tunisia	203	70	186	69	9.05%
95	Nedgroup Insurance	NL	South Africa	1 111	70	1 104	75	0.64%
96	N.E.M Insurance	NL	Nigeria	27 875	68	22 036	58	26.50%
97	StarLife Assurance	L	Ghana	412	67	322	55	28.09%
98	Maroc Assistance Internationale	NL	Morocco	621	66	562	62	10.58%
99	First for Women Insurance ⁽²⁾	NL	South Africa	949	66	984	57	-3.48%
100	ASTREE	C	Tunisia	187	65	174	64	7.40%

⁽¹⁾ Evolution in local currency
⁽²⁾ The year ending June 30^th
⁽³⁾ The year ending March 31^th
⁽⁴⁾ The year ending November 30^th
L = Life
NL = Non life
C = Composite

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Tue, 21/03/2023 - 11:33

Top 100 insurance companies in Africa

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