In recent months, Nigeria’s insurance sector has been in the spotlight, following the enactment of the new Nigerian Insurance Industry Reform Act (NIIRA) 2025.
The National Insurance Commission (NAICOM) will implement reforms aimed at attracting investments and boosting consumer confidence.
With rising awareness of financial protection, spurred by economic uncertainties, more Nigerians are beginning to ask which companies truly lead the pack.
Here’s a closer look at 10 insurance companies in Nigeria driving growth, reliability, and innovation today.
Top 10 insurance companies in Nigeria (2025 ranking)
Although there is no single official ranking agency for Nigerian insurance companies, this ranking is compiled based on various metrics, including premiums received and overall market performance.
The top insurance companies in Nigeria are:
- AIICO Insurance PLC
- AXA Mansard Insurance
- Cornerstone Insurance Plc
- Leadway Assurance Company Limited
- Custodian And Allied Insurance Plc
- Mutual Benefits Assurance
- Nem Insurance Plc
- Lasaco Assurance
- Sovereign Trust Insurance Plc
- Consolidated Hallmark Holdings
HOW WE RANKED:
- Premiums received: This metric measures customer engagement and serves as a primary source of revenue for insurance companies, making it a strong indicator of market share.
- Shareholders’ funds: A company’s equity position and capitalisation are key indicators of its financial stability and ability to meet future obligations.
- Profitability metrics, such as return on equity, indicate the efficiency of the insurance company in utilising capital to generate profits.
- NAICOM: This is the regulatory body for insurance in Nigeria. While it does not directly rank companies, its website provides lists of licensed insurers.
1. AIICO Insurance PLC
AIICO is a large composite insurer with a long business heritage and a fast-growing life and savings franchise.
AIICO Insurance PLC recorded ₦54.8 billion in gross written premiums for Q1 2025 and projects a total of ₦114.3 billion for the first half of 2025. The company’s unaudited H1 2025 report shows premiums written grew to ₦102.7 billion.
It’s strengths include scale in life savings and annuities, broad bancassurance and agency distribution, as well as well-developed retail motor and health products.
Key Offerings
AIICO Insurance PLC’s key offerings include a broad range of life and non-life insurance, asset management and pensions.
| Category | Products |
| Life and savings | Annuity / Retirement plans, Endowment and Anticipated plans, Individual life |
| Group and employee benefits | Group Life, Group Pension/Annuity, Employer-sponsored schemes |
| Health and risks | HMO arrangements, Hospital cash plans |
| Motor and travel | Comprehensive motor, Third-party, Travel insurance |
2. AXA Mansard Insurance
AXA Mansard mixes global AXA governance with an extensive Nigerian distribution network.
AXA Mansard did not publish 2025 premium figures. Still, the company’s Half Year 2025 (HY2025) results showed a 24% increase in insurance revenues driven by strong policy renewals and new business across all key verticals.
Where AXA Mansard excels is in HMO coverage depth, digital quoting, and consumer savings solutions, which are suitable for salaried customers and corporates who value a modern platform and transparent HMO networks.
Key Offerings
Apart from the usual offerings, they also provide Investment products, such as Money Market and Equity Income Funds, accessible through their website and the MyAXA Plus app, featuring 24/7 support and flexible payment options.
| Category | Products |
| Life and savings | Instant Plan, Life Savings, Education Plan, SmartLife |
| Health | HMO plans (multiple tiers), Corporate health schemes |
| Motor | AutoClassic, AutoGo (flexible payment options) |
| Property and casualty | Fire & Engineering, Aviation & Energy, SME packages |
3. Cornerstone Insurance Plc
Cornerstone is a mid-tier composite that leans on commercial lines and employee benefits.
In 2024, the company paid ₦3.8 billion in claims. For the first quarter ended March 31, 2025, Cornerstone Insurance reported insurance revenue of ₦11.19 billion.
The firm is known for tailored commercial underwriting and broker relationships rather than mass retail. If you’re a mid-size corporate that needs bespoke cover or a benefits manager looking for a reliable group-life partner, Cornerstone is worth a close look.
Key Offerings
| Category | Products |
| Commercial or corporate | Contractor’s All Risk, Employer’s Liability, Bonds, Business Interruption |
| Motor and fleet | Comprehensive motor, Fleet insurance |
| Life and health | Group Life, Corporate Health packages |
| Specialists | Marine, Cargo, and Engineering covers |
4. Leadway Assurance Company Limited
Leadway is one of the market anchors. The company is large, diversified, and increasingly life-heavy due to growth in annuities and savings.
In 2024, Leadway Assurance Company Limited reported ₦173.2 billion in insurance revenue and paid ₦117 billion in claims. The total claims payout increased significantly from ₦70.4 billion in 2023 to ₦117 billion in 2024, with the non-life segment accounting for ₦49.5 billion, life business for ₦23.2 billion, and annuity payouts for ₦44.9 billion of the total.
Factors such as a deep capital base, a high market share in specific lines, and improved reinsurance coverage are the strengths of Leadway Assurance Company.
The trade-off is product concentration (annuities), which can create earnings volatility; however, for corporate pensions, long-term savings, and complex risk placements, Leadway remains a top choice.
Key Offerings
Leadway Assurance offers a wide range of life, general, and health insurance products for both individuals and businesses.
| Category | Products |
| Life and savings | Annuities, Education Savings, Term & Whole Life |
| Non-life | Motor, Householder, Goods in Transit, Contractors All Risk |
| Investment | Savings & investment products, Structured savings plans |
| Corporate Solutions | Group Life, Pension/Retirement solutions |
5. Custodian Investment Plc
Custodian Investment Plc is a professionally managed composite insurer with access to group balance-sheet strength and asset management synergies.
For the half-year ended 30th June 2025, Custodian Investment Plc achieved gross revenue of ₦124.28 billion, up from ₦82.76 billion in the same period of 2024. Profit before taxation reached ₦30.48 billion (2024: ₦25.75 billion), resulting in a profit for the period of ₦26.39 billion (2024: ₦22.40 billion).
The parent/group integration (trusteeship, asset management, property) is a practical differentiator for corporate buyers who want a one-stop financial partner.
Key Offerings
| Category | Products |
| General Insurance | Motor, Fire & Special Perils, Marine cargo/hull |
| Life and Pensions | Savings plans, Annuities, Group Life |
| Speciality or corporate | Oil & Gas cover, Bond/Guarantee, Trusteeship/advisory |
| Value-adds | Integrated wealth and trusteeship services via group affiliates |
6. Mutual Benefits Assurance
Mutual Benefits Assurance offers a wide range of products including General Insurance like Fire and Special Perils, Motor, and Burglary policies, and Life Assurance, such as Whole Life, Term Assurance, and Children’s Education Plans.
The company has disbursed claims totalling ₦34.54 billion in the full year 2024. They reported a profit after tax of ₦11.59 billion for the half-year ended June 30, 2025, representing a 374% increase from the ₦2.45 billion recorded in the corresponding period of 2024.
The company’s strategy combines affinity distribution, agency networks, and micro-product lines (small savings and education plans).
Key Offerings
Mutual Benefits is competitive on price and reach. It is suitable for informal-sector clients and SMEs.
They provide specialised products, including Travel Health Insurance, Investment Plans, and Group Life Assurance, for individuals, businesses, and families.
| Category | Products |
| Life and savings | Term assurance, Anticipated endowment, Mortgage protection |
| Retail general | Motor, Householder, Travel, Burglary |
| Corporate | Group Life, Employee benefit schemes, Bond & Fidelity |
| Niche | School fee guarantee schemes, Micro pension options |
7. Nem Insurance Plc
NEM Insurance Plc offers a wide range of personal, corporate, and SME insurance products, including motor, marine, aviation, oil & gas, engineering, fire and special perils.
In Q2 2025, NEM Insurance recorded ₦75.41 billion in insurance revenue, up from ₦45.47 billion in the prior year’s quarter. Direct claims paid reached ₦41.98 billion, a significant increase from ₦20.56 billion in the same period in 2024.
The company’s gross premium written in Q2 2025 was ₦96.88 billion, a significant increase from ₦66.06 billion in the same quarter a year prior, indicating substantial growth in its premium generation.
The insurance company is a heavyweight in non-life: motor, marine, and engineering are core.
Key Offerings
| Category | Products |
| Motor | Comprehensive motor, Fleet schemes |
| Marine and Cargo | Hull, Cargo, Marine liability |
| Energy and engineering | Oil & Gas coverage, Contractors All Risk, Machinery breakdown |
| Commercial Lines | Fire & Special Perils, Bond, Public Liability |
8. Lasaco Assurance
Lasaco is a veteran local insurer with a balanced mix of life and non-life insurance and a reputation for steady underwriting.
The company’s offerings include life and general insurance products, such as motor, fire, burglary, aviation, marine, contractors-all-risk, bond, engineering, and oil and gas insurance.
As of 30 June 2025, LASACO Assurance PLC reported a revenue of ₦16.89 billion, a 47% increase compared to ₦11.47 billion in 2024.
However, increased insurance service expenses (up 67% to ₦13.08 billion) and net expenses from reinsurance contracts (up 47% to ₦2.68 billion) contributed to a decrease in insurance service results.
Lasaco’s selling points are its legacy relationships in corporate Nigeria and expertise in oil and gas project development; it is smaller than the top national franchises, so expect a boutique-style of underwriting and personal service.
It is also suitable for mid-caps and sectors that value relationship continuity.
Key Offerings
| Category | Products |
| Life and investment | Anticipated Plan, Education Plan, Term Insurance |
| Non-life | otor, Marine, Fire & Special Perils, Contractors All Risk |
| Corporate and project | Oil & Gas project cover, Bonds, Business interruption |
| Savings | Investment plans and small annuity products |
9. Sovereign Trust Insurance Plc
Sovereign Trust is primarily a non-life player with an expanding retail and SME footprint.
The company released its 2024 audited financial statements, which recorded a 109% increase in insurance revenue, closing the year at ₦40.4 billion. Additionally, its bottom line grew by 79%, closing at ₦2.3 billion.
Sovereign’s product set is deliberately broad (motor, family wellbeing, marine, travel, contractors), and it has invested in online quoting and claims intake for retail clients.
Key Offerings
Sovereign is a practical choice for SMEs and retail customers who want quick access and a modern buying experience. However, for very large or complex risks, you’ll likely favour the deeper balance sheets of the larger players.
| Category | Products |
| Motor and retail | Motor insurance, Family Wellbeing (retail) |
| Marine and cargo | Marine cargo certificates, Hull covers |
| Construction and projects | CAR (Contractors All Risk), Engineering |
| Specialty | Aviation, All-risk for valuables, Travel insurance |
10. Consolidated Hallmark Holdings (CHH)
CHH restructured into a non-operating holding company in 2023 with subsidiaries in general insurance, micro-insurance, HMO, and finance.
Consolidated Hallmark Holdings Plc received ₦29.7 billion in premiums for 2024. The company reported a pre-tax profit of ₦23.2 billion and paid N9.06 billion in claims.
The company appeals to retail clients, SMEs, and corporates in the aviation, oil and gas, and motor sectors, offering the added benefits of micro-insurance and health cover under its group structure.
It ranks as the 7th largest insurer based on market capitalisation, with a value of ₦30.3 billion.
Key Offerings
| Category | Products |
| General insurance | Motor (comprehensive/3rd-party), Marine cargo & hull, Aviation, Oil and Gas |
| Engineering and projects | Contractors All Risk, Plant and Machinery breakdown |
| Speciality and assets | Fire & Special Perils, Burglary, Bonds, Professional indemnity |
| Finance services | Loans, SME/corporate finance via Hallmark Finance |
Why these insurers lead the market
It isn’t just happenstance that AIICO, Leadway, AXA Mansard, Custodian Investment Plc, Mutual Benefits, NEM, and Sovereign Trust, among others, sit atop the Nigerian insurance market.
The common thread is financial resilience. AIICO, for example, leads with a remarkable total premium of N156.1 billion for FY 2024, reflecting a 45.54% rise from ₦107.3 billion in 2023.
Close behind, AXA Mansard received N138.5 billion in FY 2024, marking a 34.86% increase year-over-year. The company commands a market cap of ₦71.9 billion, making it the largest by market cap.
Around these titans, mutuals like Mutual Benefits and Sovereign Trust consistently pay robust claims, reinforcing reliability.
Beyond capital, digital adoption is a defining edge.
AXA’s MyAXA Plus and telemedicine suite usher insurance into smartphones; Leadway combines health apps, chatbots, and automation; AIICO’s WhatsApp-based AI engagements and ISO-grade digital operations create a seamless, trusted experience.
How to choose the right insurer for your needs
When choosing the right insurer for your needs, experts recommend starting by mapping what you’re trying to protect. It could be income, family, assets, or business continuity.
- Understand your real risk: Quantify likely losses (such as medical bills, repair costs, and lost revenue), not just worst-case fears. That gives you coverage targets and helps avoid over- or under-insuring.
- Prioritise insurer strength and reputation: Check ratings from local and international agencies, solvency ratios, and years of operating in Nigeria. An insurer with deep capital and a proven track record will pay claims in times of stress; a reputation for fair, timely settlements is gold.
- Match policy coverages and exclusions to your needs: Read the schedule and exclusions carefully, including named perils vs. all-risk, sum insured basis, sub-limits, and waiting periods. Cheap premiums often conceal narrow coverage or punitive exclusions.
- Assess claims process and customer service: Fast, transparent claims handling saves stress. Ask about average settlement times, required documentation, online portals, and whether they use third-party assessors.
- Value over price: Compare the total cost of ownership, including premiums, excess or deductible coverage, endorsements, and renewal loads. The cheapest quote is rarely best.
Confirm regulatory compliance with NAICOM, request sample policy documents, and get all promises in writing. If you are uncertain, use a licensed insurance broker for a tailored placement.
