The Nigerian insurance industry showed remarkable financial strength in the first half of 2025, with several firms on the Nigerian Exchange (NGX) reporting strong balance sheets despite economic headwinds. The sector, which continues to play a crucial role in risk management and investment growth, witnessed a combined asset base running into hundreds of billions of naira.
Below are the top 10 insurance companies on the NGX by total assets as of H1 2025, according to market disclosures and audited financials:
1. AXA Mansard Insurance Plc
Leading the pack, AXA Mansard maintained its dominance with total assets exceeding ₦220 billion, backed by strong investment income and health insurance penetration.
2. Leadway Assurance Company Limited
With an asset base of over ₦190 billion, Leadway continues to set standards in innovation and claims management, expanding its footprint across corporate and retail insurance segments.
3. AIICO Insurance Plc
AIICO’s assets stood at approximately ₦175 billion, buoyed by its life insurance and annuity portfolios. The company remains one of the most diversified insurers in Nigeria.
4. Custodian Investment Plc
Custodian’s total assets crossed ₦160 billion in H1 2025, reflecting its robust investment arm and strategic acquisitions in general insurance and pension administration.
5. Cornerstone Insurance Plc
Cornerstone recorded assets of about ₦140 billion, bolstered by new digital insurance products and motor policy growth.
6. Consolidated Hallmark Insurance Plc (CHI)
CHI’s total assets grew to ₦120 billion, driven by strong performance in general insurance and the expansion of its microinsurance segment.
7. Mutual Benefits Assurance Plc
Mutual Benefits reported assets totaling ₦110 billion, with increased revenue from retail insurance and partnerships across the SME sector.
8. Lasaco Assurance Plc
Lasaco sustained steady growth, with total assets valued at ₦95 billion, reflecting prudent investment and efficient risk management practices.
9. NEM Insurance Plc
NEM’s assets climbed to ₦90 billion in the first half of 2025, supported by its strong underwriting capacity and stable claims ratio.
10. Sovereign Trust Insurance Plc
Closing the top 10 list, Sovereign Trust Insurance reported total assets of ₦80 billion, maintaining resilience in the face of macroeconomic pressures.
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