5 Leading Insurance Companies in Nigeria

 

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The  list of five leading insurance firms in Nigeria is based on insurance firms quoted on the floor of the Nigerian Stock Exchange, and ranked by gross premiums based on their published financial statements, and also by percentage growth.

These Nigeria’s leading insurance companies earned sum of N139.440 billion as revenue in the half year of 2022, against their earnings of N115.530 billion in the corresponding period of 2021, representing a whopping 20.70% growth in premiums.

The premium growth recorded by the companies is outstanding, considering economic disruptions in the global economy triggered by the ripple effect on energy, power, and food cost, amongst others, caused by the Russia-Ukraine war and the inflationary pressure on the household wallets, not also forgetting the lingering effects of COVID-19.

The five insurance companies include NEM Insurance Plc, Coronation Insurance Plc, Custodian and Allied Investment Plc, AIICO Insurance Plc, AXA Mansard Plc; with Coronation Insurance Plc topping the list.

List of 5 Best Performing Insurance Companies in Nigeria in 2022

  1. Coronation Insurance Plc
  2. NEM Insurance Plc
  3. AXA-Mansard Plc
  4. Custodian and Allied Investment Plc
  5. AIICO Insurance Plc

Coronation Insurance Plc – N9.290 billion

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Coronation Insurance Plc gained a 32.75% increase in gross premium during the review period. The company recorded a premium of N9.290 billion in half year 2022 from N6.998 billion in 2021, accounting for an increase of 32.75%.

The insurance firm closed its last trading day (Tuesday, August 30, 2022) at 38 kobo per share on the Nigerian Stock Exchange (NGX). Coronation began the year with a share price of 56 kobo but has since lost 32.1% off that price valuation, ranking it 151st on the NGX in terms of year-to-date performance.

NEM Insurance Plc – N18.339 billion

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NEM Insurance Plc posted gross premium of N18.339 billion for the first half of the year 2022 from N15.237 billion in 2021, accounting for an increase of 20.36 as the firm also grew premium despite rising cost of operations occasioned by inflation and the Russia-Ukraine war.

NEM closed its last trading day at N5.00 per share on the Nigerian Stock Exchange (NGX). The insurance firm began the year with a share price of N4.50 and has since gained 11.1% on that price valuation, ranking it 41st on the NGX in terms of year-to-date performance.

AXA- Mansard Plc – N34.717 billion

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AXA-Mansard Plc sustained a positive trajectory during the half year ended June 30, 2022, with 33.92% growth in gross premium. The company reported a premium of N34.717 billion in its half-year 2022 gross premium from N25.923 billion a year ago, taking advantage of the rise in risk environment due to operational headwinds in the first half of the year.

Mansard closed its last trading day (Tuesday, August 30, 2022) at N1.80 per share on the Nigerian Stock Exchange (NGX), recording a 2.7% drop from its previous closing price of N1.85. AXA Mansard began the year with a share price of N2.32 but has since lost 22.4% off that price valuation, ranking it 144th on the NGX in terms of year-to-date performance.

Custodian and Allied Investment Plc – N36.521 billion

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Despite financial and operational headwinds in the first half of the year, Custodian and Allied Investment Plc reported a 10.88% growth in gross premium for the first half of the year 2022 to N36.521 billion as against N32.936 billion in 2021.

Custodian and Allied closed its last trading day of Tuesday, August 30, 2022, at N6.50 per share on the Nigerian Stock Exchange (NGX). Custodian & Allied began the year with a share price of N7.90 but has since lost 17.7% off that price valuation, ranking it 134th on the NGX in terms of year-to-date performance.

AIICO Insurance Plc – N40.574 billion

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AIICO Insurance Plc reported an increase of 17.82% in gross premium during the half year as it remained resilient in the operational environment amid volatility in the economy. AIICO reported premium of N40.574 billion during the half year of 2022 as against N34.436 billion representing a growth of 17.82%.

AIICO closed its last trading day at 53 kobo per share on the Nigerian Stock Exchange (NGX). AIICO began the year with a share price of 70 kobo but has since lost 24.3% off that price valuation, ranking it 150th on the NGX in terms of year-to-date performance.

Read also: Top 10 Pension Companies in Nigeria

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