Top 20 insurance companies in Nigeria - 2022

Figures in thousands

Rank	Companies	2022 Turnover ⁽¹⁾		2021 Turnover		2021-2022 Evolution ⁽²⁾
Rank	Companies	NGN	USD	NGN	USD	2021-2022 Evolution ⁽²⁾
1	Leadway Assurance	92 529 579	206 341	70 624 353	171 617	30.97%
2	AIICO Insurance	88 323 333	196 961	71 646 427	174 101	23.28%
3	Custodian and Allied Insurance	74 032 988	165 094	66 228 179	160 934	11.78%
4	AXA Mansard Insurance	68 980 044	153 826	60 197 851	146 281	14.59%
5	Mutual Benefits Assurance	33 785 822	75 342	29 299 247	71 197	15.31%
6	N.E.M. Insurance	33 369 049	74 413	27 875 088	67 736	19.71%
7	Cornerstone Insurance	22 281 791	49 688	20 920 553	50 837	6.51%
8	Coronation Insurance	19 835 299	44 233	14 130 020	34 336	40.38%
9	Sovereign Trust Insurance	15 228 771	33 960	12 718 526	30 906	19.74%
10	Lasaco Assurance	13 908 476	31 016	13 282 516	32 276	4.71%
11	Linkage Assurance	12 979 789	28 945	11 161 499	27 122	16.29%
12	Consolidated Hallmark Insurance	12 815 006	28 577	10 500 388	25 516	22.04%
13	Prestige Assurance	12 443 817	27 750	9 274 005	22 536	34.18%
14	Sunu Assurances Nigeria	6 687 387	14 913	6 146 093	14 935	8.81%
15	Universal Insurance	5 666 321	12 636	3 701 938	8 996	53.06%
16	Regency Alliance Insurance	5 572 455	12 427	5 118 468	12 438	8.87%
17	Veritas Kapital Assurance	4 668 741	10 411	6 318 949	15 355	-26.12%
18	Guinea Insurance	1 359 246	3 031	2 125 000	5 164	-36.04%
19	International Energy Insurance	870 981	1 942	687 076	1 670	26.77%
20	Royal Exchange Assurance Nigeria	-650 477	-1 451	2 843 067	6 909	-122.88%
Total		524 688 418	1 170 055	444 799 243	1 080 862	17.95%
Rest of the market ⁽³⁾		201 511 582	449 371	171 800 757	417 476	17.31%
Grand total		726 200 000	1 619 426	616 600 000	1 498 338	17.77%

* This ranking covers the main Nigerian insurance companies listed on the stock exchange.
⁽¹⁾ Unaudited financial statements
⁽²⁾ Evolution in current currency
⁽³⁾ 31 companies
Exchange rate as at 31/12/2022 : 1 NGN = 0.00223 USD ; as at 31/12/2021 : 1 NGN = 0.00243 USD
Sources : Companies Reports, African Financials

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Mon, 05/06/2023 - 11:12

Top 20 insurance companies in Nigeria - 2022

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