When it comes to protecting your assets, health, and future financial stability, insurance plays a vital role. In Nigeria, the insurance industry is growing rapidly, offering a wide range of services to cater to the diverse needs of individuals and businesses.

In this article, we will delve into the top insurance companies in Nigeria, highlighting their strengths, coverage options, and reliability. Whether you’re searching for life insurance, health insurance, auto insurance, or any other type of coverage, this guide will assist you in making an informed decision.

1. Leadway Assurance Company Limited:

With over five decades of experience in the Nigerian insurance market, Leadway Assurance Company Limited is a prominent player known for its exceptional services. Leadway provides various insurance products, including life insurance, education plans, motor insurance, travel insurance, and more. The company’s solid financial stability, efficient claims settlement process, and extensive network of branches across Nigeria make it a popular choice.

2. AIICO Insurance Plc:

AIICO Insurance Plc is a leading composite insurer in Nigeria, offering a comprehensive range of insurance solutions. The company provides life insurance, health insurance, general insurance, and investment management services. AIICO boasts a strong capital base and a robust network of branches nationwide, ensuring prompt service delivery and seamless claims processing.

3. AXA Mansard Insurance Plc:

AXA Mansard Insurance Plc is a member of the AXA Group, a global leader in insurance and asset management. With a solid reputation for innovation and customer-centric solutions, AXA Mansard offers various insurance products tailored to meet the needs of individuals and businesses. Their services include life insurance, health insurance, motor insurance, travel insurance, and pension plans.

4. Custodian and Allied Insurance Limited:

Custodian and Allied Insurance Limited is a reliable insurance company that has been operating in Nigeria for over 60 years. The company offers a wide range of insurance products, including general insurance, life insurance, health insurance, and asset management services. Custodian and Allied Insurance has earned a reputation for its strong financial stability, prompt claims settlement, and excellent customer service.

5. FBNInsurance Limited:

FBNInsurance Limited is a subsidiary of FBN Holdings Plc, one of the largest financial services groups in Nigeria. The company offers life insurance, annuity, and health insurance products to cater to the diverse needs of individuals, families, and businesses. FBNInsurance focuses on delivering innovative insurance solutions and has a solid track record of excellent customer service.

Conclusion:

Choosing the right insurance company is essential to protect your assets, health, and financial well-being. The insurance companies mentioned above represent some of the top players in Nigeria’s insurance industry. While this article provides an overview of their offerings and strengths, it is crucial to conduct further research and seek professional advice before making a final decision. Remember to consider factors such as coverage options, financial stability, claims settlement process, and customer feedback when selecting an insurance company in Nigeria. With the right insurance coverage in place, you can have peace of mind knowing that your future is secured.

Despite rising economic uncertainties and the challenging business environment experienced in 2021, Prudential Zenith Life Insurance Limited grew profit after tax by a whopping 75% to ₦1.13 billion, up from ₦646 million recorded in 2020.

The company disclosed this in its audited financial statement for the period ended December 31, 2021, and obtained by Investors King on Monday.

In the financial statement approved by the National Insurance Commission (NAICOM), Gross Written Premium (GWP) and Annualized Premium Equivalent (APE) expanded by 16.3% and 9.3%, respectively. This was a result of the 27% growth recorded in new business acquisition for Group Life written during the period.

Similarly, investment income grew by 30% year-on-year due to a significant increase in the interest-generating assets of the company, and commission income also increased by 43% during the period.

The financial performance is a testament to the continued focus on investments, as the company remains committed to building a strong market-leading position in Nigeria by enhancing its capabilities, strengthening its digitally enabled multi-channel distribution network, and broadening the range of products and services that are available to customers in order to meet their needs.

Despite the challenges experienced during the Covid-19 pandemic in 2020, Prudential Zenith was able to achieve this strong growth in 2021 and is poised to continue improving its performance in the upcoming financial years. Prudential Zenith will continue to develop and launch unique products to meet customers’ needs, leveraging technology and its core corporate governance structure to deliver faster claims settlement. The company will also continue to prioritize the health, safety, and welfare of customers, who subscribe to its unique insurance product offerings.

Prudential Zenith Life Insurance Ltd (PZL) is a subsidiary of Prudential Plc., established in 2017 when Prudential Plc acquired a 51% holding in Zenith Life Insurance. PZL is one of the most capitalized companies in the Nigerian insurance industry with a wide range of individual products including savings & investments-linked products, endowment, and protection products designed to meet the needs of individuals and their families.  For corporate clients, the company’s product offerings include Group Life, Key-Man Assurance, Credit Life, School Fees Protection, and Mortgage Protection, ensuring that the welfare of clients’ staff and families are met.

Prudential Plc provides life and health insurance, and asset management in Africa and Asia, helping people get the most out of life by making healthcare affordable and accessible and by promoting financial inclusion. Prudential protects people’s wealth, helps them grow their assets, and empowers them to save for their goals. It has more than 19 million life customers and is listed on stock exchanges in London (PRU), Hong Kong (2378), Singapore (K6S), and New York (PUK).

Prudential Plc has insurance operations in eight countries in Africa: Nigeria, Cameroon, Cote d’Ivoire, Ghana, Kenya, Togo Uganda, and Zambia.  With over 1 million customers, Prudential Africa works with over 11,000 agents and six exclusive bank partnerships, with access to over 600 branches to bring value-added insurance solutions to its customers.

AIICO Insurance Plc has projected a gross written premium of N63.333 billion from January to September 2022.

Investors King observed from the company’s earnings forecast signed by the Managing Director (MD), Babatunde Fajemirokun, that the leading insurance company expected to generate a net premium income of N51.938 billion, while the commission received is estimated at N1.747 billion, bringing the total insurance income to N53.685 billion.

AIICO forecasts net claims incurred to be N34.096 billion, while the underwriting expense (commission and maintenance) is estimated to be N7.190 billion. Change in life fund on the other hand would peak at N12.092 billion, according to this projection.

For underwriting costs, the company expected to spend a total of  N53.378 billion in the period.

Profit before tax was estimated at N3.177 billion while the profit after tax for the 9 months prediction is N2.995 billion.

AIICO further estimates Profit from discontinued operations at N3.389 billion while profit after discontinued operations would be N6.385 billion.

The insurance firm explains that the Non-Life business represents 28% of the stated GWP while the Ordinary Life, Group Life and Annuity businesses represent 53%, 11% and 8% respectively.

Further, investment income will be driven mainly by bond investments and investments in other short-term financial assets.

Likewise, the reinsurance expenses is projected at an average of 12% of the projected gross written premium.

AIICO’s further estimations include:

• Cash and cash equivalents – Opening N25,490 billion
• Cash and cash equivalents – Closing N25,495 billion