Top 100 insurance companies in Africa

Magazine Issue:

The insurance business in the post-Covid-19 era [3]

Magazine date:

Mar 2021

Figures in millions

2019 rank	Companies	Class of business	Country	2019 turnover		2018 turnover		2018-2019 evolution *
2019 rank	Companies	Class of business	Country	In local currency	In USD	In local currency	In USD	2018-2019 evolution *
1	Sanlam	L	South Africa	87 931	6 254	67 246	4 655	30.76%
2	Old Mutual Life	L	South Africa	55 324	3 935	53 920	3 733	2.60%
3	Liberty Group	L	South Africa	38 820	2 761	37 494	2 596	3.54%
4	Santam	NL	South Africa	28 431	2 022	26 361	1 825	7.85%
5	MML Group Limited ⁽¹⁾	L	South Africa	27 510	1 948	21 355	1 553	28.82%
6	Wafa Assurance	C	Morocco	8 853	912	8 371	875	5.76%
7	The Hollard Insurance ⁽¹⁾	NL	South Africa	11 326	802	11 179	813	1.31%
8	Old Mutual Insure	NL	South Africa	10 660	758	9 511	658	12.08%
9	Guardrisk Insurance ⁽¹⁾	NL	South Africa	9 984	707	8 201	596	21.75%
10	Royale Marocaine d'Assurance	C	Morocco	6 816	702	6 544	684	4.16%
11	OUTsurance Insurance	NV	South Africa	8 380	593	7 796	567	7.49%
12	Saham Assurance	C	Morocco	5 422	559	5 223	546	3.81%
13	Misr Insurance ⁽¹⁾	NL	Egypt	8 990	538	8 557	478	5.06%
14	Mutuelle Taamine Chaabi	L	Morocco	5 123	528	4 253	445	20.46%
15	The Hollard Life Assurance ⁽¹⁾	L	South Africa	7 448	527	6 498	473	14.62%
16	Guardrisk Life ⁽¹⁾	L	South Africa	7 408	524	6 790	494	9.09%
17	Axa Assurance Maroc	C	Morocco	4 645	479	4 231	442	9.79%
18	Professional Provident Society Insurance	L	South Africa	4 606	328	4 211	292	9.37%
19	Bryte Insurance Company	NL	South Africa	4 528	322	4 275	296	5.93%
20	AVBOB Mutual Assurance ⁽¹⁾	L	South Africa	4 158	294	3 636	264	14.37%

Read also | African insurance market [4]

21	Absa Life	L	South Africa	4 085	291	3 780	262	8.07%
22	Atlanta	C	Morocco	2 664	275	2 433	254	9.52%
23	Misr Life Insurance Company ⁽¹⁾	L	Egypt	4 403	263	3 974	222	10.79%
24	Leadway Assurance	C	Nigeria	90 596	248	87 520	240	3.52%
25	Botswana Life Insurance	L	Botswana	2 651	246	2 397	219	10.57%
26	Assupol Holdings ⁽¹⁾	L	South Africa	3 458	245	2 987	217	15.76%
27	SAA	NL	Algeria	29 117	243	27 679	232	5.20%
28	Britam Life	L	Kenya	23 942	234	20 619	201	16.12%
29	Marocaine Vie	L	Morocco	2 268	234	1 826	191	24.22%
30	Mutual & Federal Risk Financing	NL	South Africa	3 221	229	2 847	197	13.15%
31	Sanad	C	Morocco	2 176	224	2 022	211	7.61%
32	Absa Insurance	NL	South Africa	3 093	220	2 567	178	20.52%
33	Auto and General Insurance ⁽¹⁾	NL	South Africa	2 993	212	3 592	261	-16.68%
34	CAAT	NL	Algeria	24 589	206	24 126	202	1.92%
35	Standard Insurance	NL	South Africa	2 759	196	2 659	184	3.74%
36	Escap(2)	NL	South Africa	2 722	187	3 341	282	-18.54%
37	Allianz Life Egypt ⁽¹⁾	L	Egypt	3 120	187	1 978	110	57.76%
38	Metlife Egypt ⁽¹⁾	L	Egypt	2 855	171	2 374	132	20.24%
39	MCMA	C	Morocco	1 541	159	1 419	148	8.65%
40	Nedgroup Life Assurance	L	South Africa	2 172	154	2 006	139	8.25%
41	Allianz Assurance Maroc	L	Morocco	1 480	153	1 367	143	8.25%
42	Sasria ⁽²⁾	NL	South Africa	2 169	149	1 994	168	8.76%
43	Renasa Insurance ⁽¹⁾	NL	South Africa	2 045	145	1 405	102	45.51%
44	Lombard Insurance ⁽¹⁾	NL	South Africa	2 019	143	1 813	132	11.31%
45	Jubilee Insurance	L	Kenya	14 134	138	12 653	123	11.70%
46	AIICO Insurance	C	Nigeria	50 138	137	37 666	103	33.12%
47	STAR	C	Tunisia	375	134	359	119	4.50%
48	ENSA seguros de Angola	C	Angola	63 796	131	47 697	154	33.75%
49	Budget Insurance ⁽¹⁾	NL	South Africa	1 828	129	1 749	127	4.51%
50	Custodian & Allied	C	Nigeria	47 203	129	36 722	101	28.54%
51	Clientele Life ⁽¹⁾	L	South Africa	1 826	129	1 792	130	1.91%
52	CAAR	NL	Algeria	15 365	128	15 195	127	1.12%
53	SWAN Life	L	Mauritius	4 821	128	4 395	125	9.70%
54	ICEA Lion Life	L	Kenya	13 041	128	12 114	118	7.65%
55	Alexander Forbes Insurance ⁽²⁾	NL	South Africa	1 776	122	1 695	143	4.77%
56	CNMA	NL	Algeria	14 312	120	14 025	117	2.05%
57	AXA Life Egypt ⁽¹⁾	L	Egypt	2 000	120	1 599	89	25.13%
58	AXA Mansard Insurance	C	Nigeria	43 620	120	33 924	93	28.58%
59	King Price Insurance ⁽¹⁾	NL	South Africa	1 612	114	1 173	85	37.38%
60	Mamda	NL	Morocco	1 035	107	1 001	105	3.39%
61	Compass Insurance	NL	South Africa	1 496	106	1 411	98	6.03%
62	Ethiopian Insurance Corporation ⁽¹⁾	C	Ethiopia	3 117	106	2 842	102	9.69%
63	CASH Assurances	NL	Algeria	12 676	106	9 499	80	33.45%
64	CIC General	NL	Kenya	10 537	103	10 090	98	4.43%
65	Hollard Specialist Insurance ⁽¹⁾	NL	South Africa	1 434	101	1 396	102	2.70%
66	1 Life ⁽¹⁾	L	South Africa	1 387	98	1 334	97	3.98%
67	SAHAM Assurance CI	NL	Côte d'Ivoire	56 771	97	52 017	91	9.14%
68	APA Insurance	NL	Kenya	9 337	91	9 559	93	-2.32%
69	UAP Insurance	NL	Kenya	9 279	91	9 150	89	1.40%
70	SUNU Assurances Vie	L	Côte d'Ivoire	50 682	87	48 904	85	3.63%
71	Nedgroup Insurance	NL	South Africa	1 180	84	1 175	81	0.46%
72	CIAR	NL	Algeria	9 866	82	10 099	85	-2.31%
73	Old Mutual Alternative Risk Transfer	L	South Africa	1 145	81	1 007	70	13.68%
74	SWAN	NL	Mauritius	3 060	81	2 882	82	6.19%
75	Britam	NL	Kenya	8 209	80	8 049	79	1.99%
76	Infiniti Insurance ⁽²⁾	NL	South Africa	1 155	80	1 123	95	2.85%
77	Allianz Global Corporate	NL	South Africa	1 117	79	985	68	13.39%
78	Jubilee Health	NL	Kenya	7 884	77	-	-	-
79	Enterprise Life	L	Ghana	437	76	360	74	21.23%
80	COMAR	C	Tunisia	212	76	208	69	1.97%
81	CAT	NL	Morocco	693	71	689	72	0.61%
82	First for Women Insurance ⁽¹⁾	NL	South Africa	952	67	936	68	1.78%
83	GIG Egypt ⁽¹⁾	NL	Egypt	1 110	66	971	54	14.28%
84	Bupa Egypt ⁽¹⁾	NL	Egypt	1 086	65	967	54	12.30%
85	GA Insurance	NL	Kenya	6 520	64	5 977	58	9.08%
86	SICOM Life	L	Mauritius	2 382	63	6 384	181	-62.69%
87	Mauritius Union Assurance	NL	Mauritius	2 350	62	2 253	64	4.30%
88	AXA Insurance⁽¹⁾	NL	Egypt	1 043	62	589	33	77.04%
89	Momentum Short Term Insurance ⁽¹⁾	NL	South Africa	881	62	747	54	17.86%
90	SIC Life	L	Ghana	355	62	305	63	16.44%
91	GAT	NL	Tunisia	171	61	175	58	-2.05%
92	The Federated Employers Mutual Assurance Company	NL	South Africa	857	61	957	66	-10.45%
93	MAGHREBIA	NL	Tunisia	170	61	159	53	6.44%
94	Suez Canal Insurance ⁽¹⁾	NL	Egypt	1 007	60	938	52	7.32%
95	ASTREE	C	Tunisia	168	60	155	52	8.40%
96	CIC Life	L	Kenya	6 072	59	6 074	59	-0.04%
97	Maroc Assistance Internationale	NL	Morocco	568	59	542	57	4.87%
98	Dial Direct Insurance ⁽¹⁾	NL	South Africa	825	58	899	65	-8.32%
99	AMI	C	Tunisia	161	58	168	56	-4.17%
100	AAR Insurance	NL	Kenya	5 862	57	5 609	55	4.51%

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

Top 100 insurance companies in Africa - 2019