Insurance

Top insurance companies in Nigeria based on market share

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Chuks Udo Okonta

Amid the economic challenges, some insurance companies have continued to make significant progress, as revealed by their gross premium income and market share.

According to the Nigerian Insurers Association (NIA) Insurance industry’s report for 2017, Leadway Assurance Limited, has continued to lead the way with a gross premium income of N84.19 billion and a controlling market share of 23.08 per cent.

Leadway Assurance Limited in the year under review, had shareholders’ fund amounting to N47.06 billion; total assets of N271.95 billion, a net profit of N12.79 billion and paid claims of N28.10 billion.

The NIA report, showed that AIICO Insurance Plc, occupies the second position with a gross premium income of N30.41 billion and market share of 8.34 per cent. Its shareholders’ fund stood at N10.32 billion; assets, N89.80 billion, net profit, N1.47 billion and claims, N21.55 billion.

Axa mansard Insurance Plc took the third position with N20.60 billion gross premium and 5.65 per cent market share. Custodian & Allied Insurance Limited had N20.06 billion gross premium and 5.50 per cent market share. FBNInsurance Limited, had N19.58 billion gross premium with 5.37 per cent market share.

NEM Insurance Plc, hd N13.41 billion gross premium, 3.68 market share; Custodian Life Assurance Limited, N12.16 billion, 3.33 per cent share; Zenith General Insurance Company Limited, N10.15 billion premium, 2.78 per cent share; Royal Exchange General Insurance Company Limited, N9.69 billion premium, 2.66 per cent share; Niger Insurance Plc, N8.58 billion, 2.35 per cent share and Sovereign Trust Insurance Plc, N8.51 billion, 2.33 per cent share.

Others are, Cornerstone Insurance Plc, N7.90 billion, 2.17 per cent share; Allianz Insurance Plc, N7.67 billion, 2.10 share; Mutual Benefits Assurance Limited, N7.29 billion, 2.00 per cent share and NSIA Insurance Limited, N5.47 billion, 1.50 per cent share.
It was also learnt the 19 underwriting firms have less than one per cent market share while details of nine firms were not captured.

Managing Director, Lancelot Ventures Limited, Adebayo Adeleke, who is also a shareholder in many of the insurance firms said the market share owned by companies help investors understand how their firms are doing.

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