AIICO Insurance Plc has emerged as Nigeria’s leading insurance company based on premiums received in the 2024 financial year, according to data from the Nigerian Exchange (NGX). The report, which ranked 15 of the 16 listed insurance firms by gross premium income, revealed that the industry collectively generated N557.5 billion in policyholder premiums, a 56.5% increase from N356.2 billion in 2023.
AIICO led the industry with N156.1 billion in received premiums, reflecting a 45.54% year-on-year growth. It also reported a pre-tax profit of N15.8 billion and paid out N90.5 billion in claims. The firm is currently the third-largest by market capitalization at N57.1 billion.
AXA Mansard Insurance followed closely with N138.5 billion in premiums, representing a 34.86% increase from the previous year. Its pre-tax profit doubled to N31.6 billion, while claims paid climbed to N63.2 billion. With a market cap of N71.9 billion, AXA Mansard is the largest insurer by equity value.
Coronation Insurance Plc secured the third spot with N44.8 billion in premiums and recorded a massive 495.46% surge in pre-tax profit to N13.2 billion. Sovereign Trust Insurance Plc came in fourth, with N42.09 billion in premiums—a 115.92% rise—while Cornerstone Insurance Plc rounded out the top five with N38.9 billion.
Other notable performers include Consolidated Hallmark Holdings (N29.7 billion), Linkage Assurance (N24.04 billion), and Veritas Kapital Assurance (N23.4 billion), although Veritas reported a pre-tax loss of N623.7 million despite a 210% increase in premiums.
At the lower end of the top 10 were Prestige Assurance (N20.2 billion) and Sunu Assurances (N15.4 billion), both recording significant growth in premium income and profitability.
The rankings, based solely on premiums received, highlight increasing consumer confidence and engagement with insurance products. Analysts say rising premiums are indicative of strong customer demand, service quality, and product appeal in a market still largely underpenetrated.
With a combined market capitalization of N434.6 billion, the 16 listed insurance companies continue to play a growing role in Nigeria’s financial ecosystem.
