Chairman, Nigerian Insurers Association, Tope Smart
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Chuks Udo Okonta
Gross Premium Written N413.8 billion
Gross Claims Paid N193.5 billion
Reinsurance Paid N118.4 billion
Net Premium Income N287.8 billion
Total Underwriting Profit N56.6 billion
Profit Before Tax N40.2 billion
Profit After Tax N31.5 billion
Shareholders’ Fund N378.3 billion
Total Assets N1.2 trillion
Management Expenses N88.9 billion
Number of Companies 58
Number of Offices 854
Number of Employees 6,731 (Male 60%, Female 40%)
Insurance Penetration 1.6%
Contribution to GDP 0.34%
10yr CAGR of Gross Premium 8.75%
Source: 2018 Nigeria Insurance Digest, produced by the Nigerian Insurers Association
