Figures in thousands
See Also
New Minimum Capital Requirement For Nigerian Insurance Companies: What You Should Know - Reinsurance - InsuranceThe new National Health Insurance Act of Nigeria: How it
will insure the poor and ensure universal health coverageNigerian insurance market structureLicensed insurance companies rise to 67 – NAICOM| Rank | Companies | 2023 turnover | 2022 turnover | 2022-2023 evolution (1) | 2023 shares | ||
|---|---|---|---|---|---|---|---|
| NGN | USD | NGN | USD | ||||
| 1 | AIICO Insurance | 110 119 382 | 122 233 | 88 275 920 | 196 855 | 24.74% | 10.98% |
| 2 | Leadway Assurance | 104 400 000 | 115 884 | 92 529 579 | 206 341 | 12.83% | 10.41% |
| 3 | Custodian and Allied Insurance | 98 840 784 | 109 713 | 84 416 502 | 188 249 | 17.09% | 9.85% |
| 4 | AXA Mansard Insurance | 86 847 270 | 96 400 | 68 980 045 | 153 825 | 25.90% | 8.66% |
| 5 | NEM Insurance | 62 708 320 | 69 606 | 33 369 050 | 74 413 | 87.92% | 6.25% |
| 6 | Mutual Benefits Assurance | 44 579 730 | 49 483 | 33 481 296 | 74 663 | 33.15% | 4.45% |
| 7 | Cornerstone Insurance | 30 626 889 | 33 996 | 22 246 121 | 49 609 | 37.67% | 3.05% |
| 8 | Coronation Insurance | 26 409 637 | 29 315 | 19 835 299 | 44 233 | 33.14% | 2.63% |
| 9 | Sovereign Trust Insurance | 19 319 200 | 21 444 | 15 194 428 | 33 884 | 27.15% | 1.93% |
| 10 | Lasaco Assurance | 18 181 820 | 20 182 | 13 908 476 | 31 016 | 30.72% | 1.81% |
| Total | 602 033 032 | 668 256 | 472 236 716 | 1 053 088 | 27.49% | 60.02% | |
| Rest of the market (2) | 401 166 968 | 445 296 | 253 963 284 | 566 338 | 57.96% | 39.98% | |
| Grand total | 1 003 200 000 | 1 113 552 | 726 200 000 | 1 619 426 | 38.14% | 100% | |
(1) Growth rate in local currency
(2) 57 companies
Exchange rate as at 31 December 2023: 1 NGN = 0.00111 USD ; as at 31 December 2022: 1 NGN = 0.00223 USD
Sources : Companies Reports
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