Top 10 insurance firms Leadway, AIICO Etc - Nairarul

Report has ranked Leadway Assurance Plc and AIICO Insurance Plc, as the best in terms of assets, Gross Premium Income
(GPI) and Profit Before Tax (PBT) in 2015 financial year. They both operate life and non-life business out of the 56 existing insurance companies in the country
Besides, out of 41 non-life companies, Leadway also emerged as number one with highest GPI of N15.43 billion and has the highest market share of 8.65 per cent in 2015 financial year.
The report, obtained by The Nation, was published in the 2015 Nigeria Insurance Digest, an annual publication of the Nigeria Insurers Association (NIA) – the umbrella body of insurance companies.
Under the non-life category, Custodian and Allied Insurance Plc and AXA Mansard Insurance Plc were ranked number two and three with GPI of N14.36 billion and N11.37 billion and market share of 8.04 per cent and 6.37 per cent respectively.

According to the report, other companies in the top 10 included Mutual Benefits Assurance Plc with a record of N10.5 billion and N 5.91 per cent market share, NEM Insurance Plc with N10.3 billion GPI and 5.8  per cent market share. 

AIICO General Insurance Company Limited has N8.19 billion GPI and 4.59 per cent market share, Zenith General Insurance Company Limited has N8.17 GPI and 4.58 per cent market share, Sovereign Trust Insurance Plc (STI) has N7.1 billion GPI and four per cent market share, Royal Exchange General Insurance Company Limited has N6.8 billion GPI and 3.86 per cent market share and Consolidated Hallmark Insurance Plc with N6 billion and 3.38 per cent market share.
The report showed the bottom 10 companies in ranking order as Investment and Allied Insurance Plc, with the least GPI of N4.4 million and no market share. Others are Universal Insurance Plc with N728 million GPI and 0.41 per cent market share, Fin Insurance Company Limited with N757 million GPI and 0.42 per cent market share, Guinea Insurance Plc – N870 million GPI and 0.49 per cent market, NICON Insurance Plc has N947 million GPI and market share of 0.53 per cent, Nigerian Agricultural Insurance Corporation (NAIC) has N1 billion GPI and 0.58 per cent market share, Great Nigeria Insurance Plc has N1.4 billion GPI and 0.79 per cent market share, Ensure Insurance Plc, formerly Union Assurance, has N1.5 billion GPI and 0.85 per cent market share, and KBL Insurance Limited with N1.8 billion GPI and 1.01 per cent market share.
The report further showed that Leadwayhas the highest assets to the tune of N44 billion and was  followed by Custodian with N27 billion, Zenith N25 billion, AXA N23 billion, Wapic N20 billion, Royal Exchange N18 billion, Linkage N17 billion, Mutual N15.7 billion, Industrial and General Insurance Plc (IGI) N15.2 billion and AIICO N13 billion assets.
In the life business category, out of the 27 existing companies, Leadway again emerged as number one with N31.2 billion GPI and 23.28 per cent market share, followed by AIICO with N24.2 billion GPI and 18.09 market share, FBN Life N10.3 billion GPI and 7.69 per cent market share, African Alliance N10.1 billion and 7.56 per cent market share, and Niger Insurance Plc N7.8 billion GPI and N5.89 per cent market share.
The bottom five are Spring Life, which is under regulatory intervention with N32 million GPI and 0.02 per cent market share, NICON with N92 million GPI and 0.07 per cent market share, Unic Insurance Plc has N259 million GPI and 0.19 per cent market share, Goldlink Life, under regulatory intervention, also has N757 million GPI and 0.56 per cent market share, while Wapic Life has N1.2 billion GPI and 0.91 per cent market share.