Top 5 Insurance Companies In Nigeria

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Top 5 Insurance Companies In Nigeria
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1) LEADWAY ASSURANCE COMPANY

Leadway Assurance Company, also known as Leadway, is a Nigerian insurance corporation headquartered in Lagos, Nigeria. It is one of Nigeria’s largest insurance companies. Leadway provides commercial and personal property and casualty insurance, travel insurance and life insurance.

Leadway was established in 1970 by Sir Hassan O. Odukale. It commenced business in 1971 and started out as a direct motor insurer. It expanded into other areas of general business until it became a composite company underwriting both life and general insurance business. The company’s financial capacity grew over time, and can now underwrite risks of very high magnitude as regards heavy industries, such as Oil and Gas and big manufacturing concerns. It also offers subsidiary financial services like Bond, Secured Credit, Miscellaneous financial losses and Fund/Portfolio management.

2) CUSTODIAN INSURANCE

Custodian Investment Plc. is an investment company with a significant holding in companies and brands.

These include Custodian and Allied Insurance Limited, Custodian Life Assurance Limited, Custodian Trustees and Crusader Sterling Pensions Limited all rendering top in class services in their respective spheres.

As one of the top insurance companies in Nigeria, they offer products like General insurance products and Life assurance products.

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Services under the General insurance products on offer entails Auto insurance, Travel insurance, Home insurance, Safety plus while Life assurance products include Savings and investments, Endowment Policies, Protection and Annuities.

3) AIICO INSURANCE

Established in 1963, AIICO Insurance Plc (NSE Ticker: “AIICO”) is a financial services group with market-leading positions in its key business lines; Insurance, Health Maintenance and Asset Management.

  1. Life assurance and annuity
  2. General insurance and special risks
  3. Health insurance and
  4. Asset management.

4) AXA MANSARD

AXA Mansard is a member of the AXA Group, a leading global insurer, with 160,000 employees serving 108 million clients in 57 countries. The group is a conglomerate of independently run businesses, operated according to the laws and regulations of many different countries. Despite being written in upper case, “AXA” is not an acronym, the name was chosen because it is short and can be pronounced easily the same way in every language. AXA is present in geographically diverse markets, with operations concentrated in Europe, North America and Asia Pacific. AXA is also present in Central and South America, Middle East and in Africa via operations in Cameroon, Gabon, Ivory Coast, Morocco, Senegal and Algeria. AXA has more than over 20 year’s continuous presence in Africa. In 2019, IFRS revenues amounted to Euro 103.5 billion and underlying earnings to Euro 6.5 billion. AXA had Euro 974 billion in assets under management as of December 31, 2019.

AXA Mansard was incorporated in 1989 as a private limited liability company and is registered as a composite company with the National Insurance Commission of Nigeria (NAICOM). The Company offers life and non-life insurance products and services to individuals and institutions across Nigeria whilst also offering asset/investment management services and health management services through its wholly owned subsidiaries, AXA Mansard Investments Limited and AXA Mansard Health Limited respectively.

5) NEM INSURANCE

NEM INSURANCE PLC started insurance business in Nigeria in 1948 through the agency of Edward Turner & Co. It became a Nigerian branch of NEM General Insurance Association Limited of London in 1965 and incorporated in 1970 as a Nigerian company in compliance with the Companies Decree of 1968. The company became quoted on the Nigerian Stock Exchange in 1989 following the privatisation by the Federal Government of Nigeria. The company, which has contributed immensely towards the growth of Insurance Industry in Nigeria, was into Life and Non- Life business but following the recapitalization exercise in 2007, the company merged with Vigilant Insurance Company Ltd to transact all classes of General Insurance.

The company has expanded its operations into the West African Sub region, with the successful registration and commencement of business of its subsidiary, NEM Asset Management was added to the Brand in March, 2016. REGENCYNEM INSURANCE (GHANA) LIMITED, an associate company was also added in September, 2016.

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