AGENDA
18th Carthage Insurance and Reinsurance RDV
African Sustainable Insurance Summit
50th FANAF General Assembly
Silk Road Insurance Forum
Beirut Rendez-Vous: 2026 edition
MOST VIEWED
reinsurance africa

Special Report

The African reinsurance market
Company Statistics

Top 5 Nigerian insurers according to turnover in 2019

February 15, 2021
Nigeria
nigeria
Figures in thousands
RankCompagnies2019 turnover2018 turnover2018-2019 evolution *2019 shares
NGNUSDNGNUSD
1
Leadway Assurance
90 596 192248 23487 519 720239 8043.52%18.05%
2
AIICO Insurance
50 138 467137 37937 665 507103 20333.12%9.99%
3
Custodian & Allied 
47 203 260129 33736 722 146100 61928.54%9.40%
4
AXA Mansard Insurance
43 620 265119 52033 923 94992 95228.58%8.69%
5
Mutual Benefits Assurance
18 697 83951 23215 840 69743 40318.04%3.72%
Total top 5 companies250 256 023685 702211 672 019579 98118.23%49.85%
Rest of the market**251 785 977689 893214 538 911587 83717.36%50.15%
Total market502 042 0001 375 595426 210 9301 167 81817.79%100%

* Evolution in local currency
** 53 companies in 2018
Sources: NAICOM, Swiss Re and company reports

Exchange rate as at 31 December 2019 : 1 NGN = 0.00274 USD | as at 31 December 2018 : 1 NGN = 0.00274 USD

Read also | Insurance market in Nigeria

nigeria
Figures in thousands
RankCompagnies2019 turnover2018 turnover2018-2019 evolution *2019 shares
NGNUSDNGNUSD
1
Leadway Assurance
90 596 192248 23487 519 720239 8043.52%18.05%
2
AIICO Insurance
50 138 467137 37937 665 507103 20333.12%9.99%
3
Custodian & Allied 
47 203 260129 33736 722 146100 61928.54%9.40%
4
AXA Mansard Insurance
43 620 265119 52033 923 94992 95228.58%8.69%
5
Mutual Benefits Assurance
18 697 83951 23215 840 69743 40318.04%3.72%
Total top 5 companies250 256 023685 702211 672 019579 98118.23%49.85%
Rest of the market**251 785 977689 893214 538 911587 83717.36%50.15%
Total market502 042 0001 375 595426 210 9301 167 81817.79%100%

* Evolution in local currency
** 53 companies in 2018
Sources: NAICOM, Swiss Re and company reports

Exchange rate as at 31 December 2019 : 1 NGN = 0.00274 USD | as at 31 December 2018 : 1 NGN = 0.00274 USD

Read also | Insurance market in Nigeria

nigeria
LATEST NEWS
Middle East
Atlas Reinsurance Reports - Middle East 2026
Tunisia
El Amana Takaful changes its name
Kuwait
Creation of the Sharia Supervisory Committee in Kuwait
United States
AI: American insurers may stop covering certain risks
Algeria
Tahar Bala, former CEO of GIG Algeria, passes away
Bahrain
GIG Bahrain appoints Mohamed Salah AlMaraj as new General Manager for Bahrain operations
Mauritius
Shawn Kriedemann, new Chief Underwriting Officer at SanlamAllianz Re
Tunisia
18th Carthage Insurance and Reinsurance Rendez-vous Program
Japan
Japan's aging population: a testing ground for insurers
Egypt
Moustafa El Kamash, new Executive Managing Director of Misr Life Insurance
Côte d'Ivoire
Dayo Group opens subsidiary in Côte d'Ivoire
United Kingdom
Atradius to establish Lloyd's syndicate
United Arab Emirates
Sukoon Insurance forecasts for UAE insurance market in 2025 and 2026
Morocco
3rd Cyber Risk & Insurance Conference
United Arab Emirates
Walter Jopp returns to Zurich Middle East Life

© 2025. All Rights Reserved. Groupe Atlas
HEADER STYLE
Sticky Menu
COLOR SKINS
COLOR SCHEMES
Combo 1
Combo 2
Combo 3
Combo 4
Combo 5
Combo 6
Combo 7
Combo 8
Combo 9
Combo 10