Top 10 Insurance Companies in Nigeria 2025

What “top” means in insurance company ranking

Before naming the companies, it’s good to understand what we mean by “top”. Different ways to measure include:

• Premiums received: how much money customers paid in total for policies. More premiums = more customers and trust.

• Shareholders’ funds / equity / net assets: how strong financially the company is; ability to pay out claims.

• Claims paid: how much the company has already paid to customers. This shows how reliable it is.

• Profitability: pre‑tax or after‑tax profits. A company might have many premiums but lose money.

• Market capitalization / size / brand reputation: how big, known, trusted the company is.

• Customer satisfaction / claims processing speed / product variety: non‑financial metrics but very important for you, the user.

The rankings in 2025 for Nigeria use a mix of these, particularly premiums received and shareholders’ funds.

Criteria used to rank insurance companies in Nigeria 2025

In making this top‑10 list, these criteria were used:

• Gross premiums received for the financial year 2024: shows how many people buy policies from the company.

• Shareholders’ funds / equity / capital base: shows financial health and the ability to handle big claims.

• Profitability and growth year‑on‑year: is the company growing, or shrinking? Are profits increasing?

• Claims paid: does the company pay what it owes? How much in claims was paid versus premiums.

• Market capitalization / brand strength / reputation: how well known is the company, how trusted by public.

Using those, here are the top 10 insurance companies in Nigeria 2025.

Top 10 Insurance Companies in Nigeria 2025 — Overview

Here are the top 10 insurance companies by performance in 2025 (based largely on 2024 financial data). They are listed roughly from strongest to less strong in that group, but all are among the best.

Company Profiles: Strengths, Special Areas, Pros & Cons

In this section, each company is described: what they are best at, why they made the top‑10, what they may not be so strong in (for some users), and examples of when you might like them.

AIICO Insurance Plc

Strengths & What It Does Well

• AIICO is leader by premiums received in 2024; it got N156.1 billion in premiums.

• It has strong shareholders’ funds: it topped listed insurers with about N67.71 billion in equity in 2024.

• It paid large amounts in claims. It is considered reliable in paying.

Special Areas

• Good general business insurance: motor, fire, property, life, health.

• Has a large market base and brand awareness.

Pros

• Strong financial strength, so better chance claims are paid without long delay.

• Wide product variety.

• Many locations / offices, so you likely can find service centres or agents near you.

Cons

• Because of size and popularity, premiums may be higher than some smaller insurers for some policies.

• Being large can mean bureaucratic delays for some non‑urgent tasks (e.g. small claims).

Good for you if

• You want strong guarantee and stability, for example insuring your car, home, or you want life insurance.

• You don’t mind paying a bit more for reliability.

AXA Mansard Insurance Plc

Strengths & What It Does Well

• AXA Mansard had about N138.5 billion in premiums in 2024.

• It has very strong capital base: shareholders’ funds rose to about N52.64 billion in 2024, increasing further in Q1 2025.

• High profitability, good claim payment record.

Special Areas

• Health / HMO services are strong. They also do life, motor, property, etc.

• Usually good customer service and brand backing from international AXA group helps.

Pros

• Good combination of financial strength + good product variety.

• Often offer good hospital networks (for health insurance).

• Innovation and digital tools tend to be better than some smaller insurers.

Cons

• Premiums may be steep, especially for certain plans or for riders.

• If hospital is not in network or location is far, service may be less useful.

Good for you if

• You want solid health insurance or life insurance, or you prefer a reputable brand.

• If you are in a city where their offices / hospital partners are near.

NEM Insurance Plc

Strengths & What It Does Well

• Very good shareholders’ equity in 2024: approx N65.44 billion.

• Growing profit and growth rates are high.

• Good product offerings in non‑life sectors (such as motor, property).

Special Areas

• Good for people needing general insurance (motor, fire, etc.).

Pros

• Solid financial strength, meaning claims likely to be paid.

• Maybe more affordable in some lines compared with the very top ones.

Cons

• Might not have as large hospital network or life / health offerings as AXA or AIICO for some plans.

• In some areas, service may not be as modern.

Good for you if

• You are looking for non‑life insurance (car, property) and want a relatively strong insurer.

• You care about financial strength but also want reasonable cost.

Cornerstone Insurance Plc

Strengths & What It Does Well

• Good growth in premiums: got N38.9 billion in premiums in 2024.

• Strong shareholders’ funds: ~N53.999 billion in equity in 2024.

• Good reputation among customers.

Special Areas

• They do general insurance, property, motor, etc.

• They may have some strengths in smaller risk policies (for individuals).

Pros

• Balanced cost vs strength.

• Likely to give you good service with fewer frills, meaning value for money for many working class people.

Cons

• Possibly less flexibility in very fancy riders or high end life/health benefit plans.

• If you need a large corporate policy, might have fewer options than a giant insurer.

Good for you if

• You want insurance for your car or home, but don’t need top premium features.

• You are working class and cost matters a lot.

Sovereign Trust Insurance Plc

Strengths & What It Does Well

• High growth in premiums: fourth place with N42.09 billion for FY 2024.

• Good profit growth.

Special Areas

• General accident, motor, property.

Pros

• Strong enough, but possibly lower cost than top‑2 or 3 for some products.

• It may serve customers who want service + reliability without the highest premium.

Cons

• Some claims may process slower than very top ones.

• May have less product variety in life or health compared to big brands.

Good for you if

• You need general insurance (motor, property).

• You want a mid‑range insurer: good enough, not the cheapest, not the most expensive.

Linkage Assurance Plc

Strengths & What It Does Well

• Strong shareholders’ funds (approx N42.85 billion at end 2024).

• Steady growth in premiums.

Special Areas

• Motor, fire, marine, etc.

Pros

• Decent strength and acceptable cost.

• Often more reachable or more local presence in certain areas.

Cons

• Lower return on equity compared to some top ones, meaning they may be less efficient or slower to expand.

• Maybe fewer international or high‑end options.

Good for you if

• You want insurance for car or property and want a balance between price and strength.

• You are okay with less fancy extras.

Consolidated Hallmark Holdings Plc

Strengths & What It Does Well

• Noted for big growth; had premiums N29.7 billion in 2024.

• Increasing shareholders’ funds (around N34.96 billion in 2024).

Special Areas

• General insurance lines; perhaps smaller risks or policies for individuals.

Pros

• Good growth, getting stronger; might be more affordable.

• For some products, may be more flexible.

Cons

• Because still growing, maybe fewer branches or network hospital / repair shops in some areas.

• Possibly slower claim processing vs larger brands.

Good for you if

• You want value, maybe cheaper premium, and you are comfortable with slightly lower brand visibility.

Prestige Assurance Plc

Strengths & What It Does Well

• Premiums about N20.2 billion in 2024.

• Good year‑on‑year growth in some metrics.

Special Areas

• General insurance.

Pros

• For smaller or moderate policies, may offer decent cost.

• Could be easier to deal with for smaller claims (less bureaucracy).

Cons

• May have less financial cushion for very big or unusual claims.

• Sometimes less known; fewer branches.

Good for you if

• You want insurance for a smaller car, small property, things where cost is very important.

Sunu Assurances Plc

Strengths & What It Does Well

• Sunu Assurances recorded N15.4 billion in premiums in 2024.

• Showed growth.

Special Areas

• General insurance; some life or health options depending on policy.

Pros

• May be more affordable for smaller customers.

• Might offer simpler, more straightforward policy options.

Cons

• Possibly less network, fewer large‑scale products.

• Claim may take longer or need more document work.

Good for you if

• You are a student, or working class, needing insurance for car, belongings, etc., and want cheaper cost.

Veritas Kapital Assurance Plc

Strengths & What It Does Well

• Veritas Kapital had very strong growth in its premiums (210% increase year‑on‑year) though it recorded a pre‑tax loss of about N623.7 million.

• It shows strong effort and public engagement.

Special Areas

• Could be useful for people wanting risk‑taking insurers or ones which grow fast.

Pros

• Possible savings in cost if promotion or competitive pricing.

• Good if you accept more risk, maybe simpler covers, or you don’t need large sums assured.

Cons

• Loss in profit means risk if claim is large.

• Need to check carefully how strong its financial backing is and how reliable its claims processes are.

Good for you if

• You want something affordable and are okay if there’s risk.

• You want to try a younger insurer.

Comparison of Key Metrics: Premiums, Shareholders’ Funds, Claims Paid, Market Cap

To help you compare, here are some key numbers for these insurance companies in 2024 (and early 2025). These are approximate, from public sources.

How to Pick from These Top‑10: Matching Your Need

Just because one company is “top” doesn’t mean it is best for you. Here’s how to pick which of these ten is best depending on your needs.

If you want Health Insurance / HMO

• Consider companies with large hospital networks, good reputation for hospital claims. AXA Mansard is strong in health. AIICO also has good reach.

• Ask: does company have many hospital partners in your city? Are there waiting periods?

If you want Motor Insurance

• Important things: how many garages / repair shops they work with; speed of repair; how much they pay; whether they do comprehensive cover.

• Among top‑10, large ones like AIICO, AXA Mansard, NEM, Cornerstone may have better networks. Smaller ones may require you to use specific repair shops.

If you want Life Insurance or Savings / Investment Plans

• Need financial strength (so they don’t run out of funds). AIICO, AXA Mansard, Cornerstone are better here.

• Also, how returns or bonuses are paid, whether the policy includes savings/investment portion, how transparent it is.

If you want Property or Fire / Perils Insurance

• Again, claims history matters. How they handle disasters (fire outbreak, flood etc.). How fast they rebuild / replace.

• Check their branch presence, loss recovery records.

If your budget is tight (student / working class)

• You might need to accept smaller sum assured or fewer benefits. Pick the insurer which gives decent coverage at lower cost, good claim record, but maybe lower prestige. Among the top‑10, companies like Sunu, Prestige, and maybe Consolidated Hallmark might have less cost for smaller policies.

• But still steer clear of those with frequent losses or low equity, because risk of delayed or partial claim is higher.

Proximity and customer service

• If you are living outside Lagos or in smaller towns, insurer’s offices matter. Choose one with agent or office near you.

• Also, service via phone / WhatsApp / online should be easy.

Pros and Cons of Choosing a Top Insurer vs Smaller/Less Known Ones

Choosing one of the top‑10 has advantages and disadvantages:

Examples / Use‑Cases: Which Insurer May Be Best For You

Here are some made‑up, but realistic, scenarios to help you decide.

Scenario A: University Student with a Car & Phone

• You have a small car, some electronics, occasionally go to clinic. Budget is low.

• What matters: motor insurance (third party + theft), some gadget insurance, maybe health clinic coverage.

• Good choices: Sunu Assurances, Consolidated Hallmark, or maybe Linkage Assurance — cheaper premiums, acceptable networks. If you want more security and willing to pay more, AIICO or AXA Mansard.

Scenario B: Worker in Lagos with Family

• You have dependents, want health insurance, property insurance (house / apartment), life insurance for dependents. Want reliability.

• Good choices: AIICO, AXA Mansard, NEM. These have strong equity, strong reputation, broad network.

Scenario C: Business Owner / Trader

• You have a shop, goods, goods in transit, fire risk, maybe motor (delivery vehicles). Want general insurance, property, fire, goods in transit.

• Good choices: Sovereign Trust, Cornerstone, AIICO, NEM — companies that have good non‑life lines.

Scenario D: Low Income or in Rural Area

• You don’t have much cash, maybe informal job. Want minimum coverage, but want to reduce risk.

• Good choices: Sunu Assurances, Prestige Assurance, Consolidated Hallmark — they might offer lower cost policies or microinsurance. But you must check exclusion, network, claims process carefully.

Summary Table Before Conclusion

Here is a table summarizing top‑10 companies with their strongest features and cautions:

Conclusion

In 2025, Nigeria’s insurance industry is growing. Premiums are rising, companies’ shareholders’ funds are increasing, and more people are buying policies. The top insurers are earning more, paying more claims, and being more visible.

But for you (student, worker, business owner), the “best insurance company” is not always the one with the biggest name. You want one that fits your need, your budget, your location, and how fast/large claims are paid.

If you can, aim for one of the top‑3 or top‑5 (AIICO, AXA Mansard, NEM, Cornerstone, Sovereign Trust), because their financial strength means more reliability. But if cost or location is your challenge, some of the mid‑tier ones like Consolidated Hallmark, Sunu, Prestige may suit you better if you check carefully the terms (exclusions, network, claim process).

Make sure to compare the metrics (premium, claim payment, shareholders’ funds, reputation) before choosing. Read the policy, ask questions, check office or agent proximity. That way you get insurance that protects you when you need it, without losing money or dealing with headache.