List of Top Insurance Companies in Nigeria Licensed by NAICOM.

Top Insurance Firms in 2022 to Operate in Nigeria, including Life Insurance, Travel Insurance, and Personal Insurance, etc. 

NLP Nigeria Limited has extensively researched Insurance Companies in Nigeria, Ghana, and West Africa. By virtue of our work with insurance companies as their training partner and digital consultant to rank them on Google, we conduct mass surveys to understand how customers perceive insurance agents, insurance agencies, companies, and their financial advisors. 

That is how we'll delve into life insurance, explore different policy types, compare top insurers, and help you make informed decisions to secure your financial future. Whether you're looking for term life, whole life, or universal life insurance, this guide covers you.

We at NLP Nigeria strongly support Life Insurance, Education Insurance Policies, and other traditional life insurance products because they can ensure your standard of living and your children's education. We encourage you to buy life insurance; it may be individual life insurance, and your life insurance premium may be as small as possible.

NLP on Insurance Companies in Nigeria

NLP Nigeria is a capacity-building, sales, and digital consulting organization helping insurance companies increase their market share. We are ranked among Global Gurus and Best Global Trainers for Sales and NLP.: 

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We help companies develop their agents and managers with a new mindset and take desired actions. With the MARK Model, you will learn to create powerful habits through repetition and innovation of new knowledge. NLP Global Guru Rajiv Sharma manages the program design and delivery. He is listed among the world's Top 10 Best Global Sales Trainers.

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Type of Life Insurance Policies with Insurance Companies

Understanding the various types of policies available is crucial when exploring insurance options. Life insurance policies can generally be categorized into three main types: term life insurance, whole life insurance, and universal life insurance. Each type offers unique features and benefits tailored to different financial objectives and needs. Let's delve into each type in detail:

a. Term Life Policies with Insurance Companies

Term life insurance provides coverage for a specified period, typically ranging from 10 to 30 years. Here are some key features of term life insurance policies:

  • Affordability: Term life insurance tends to be more affordable than permanent life insurance policies.
  • Fixed Premiums: Premiums remain level throughout the policy term, providing predictability for budgeting purposes.
  • Death Benefit: If the insured individual passes away during the policy term, the beneficiary receives the death benefit payout.
  • No Cash Value: Unlike permanent life insurance policies, term life insurance does not accumulate cash over time.
  • Renewable and Convertible: Many term life policies offer the option to renew or convert to a permanent policy at the end of the term. 

Term Life Insurance: Is It Right for You?

Term life insurance offers coverage for a specific period, typically 10 to 30 years. It's a popular choice for those seeking affordable protection for a set period, such as when children are young or when paying off a mortgage. 

Term life insurance is ideal for individuals seeking temporary coverage to protect against specific financial obligations, such as mortgage payments, education expenses, or income replacement during the working years.

b. Best Whole Life Insurance Policies:

Whole life insurance provides lifelong coverage and a cash value component that grows over time. Here are the key features of whole life insurance policies:

  • Lifetime Coverage: Whole life insurance offers coverage for the insured's entire life as long as premiums are paid.
  • Cash Value Accumulation: A portion of each premium payment goes towards building cash value, which grows on a tax-deferred basis.
  • Guaranteed Death Benefit: The death benefit is guaranteed and remains in force as long as premiums are paid.
  • Fixed Premiums: Premiums typically remain level throughout the policy's life.
  • Policy Loans and Withdrawals: Policyholders can access the cash value through loans or withdrawals, providing liquidity for financial needs.

Whole Life Insurance: Providing Lifelong Security

Unlike term life insurance, whole life insurance covers your entire life. It also includes a cash value component, which grows over time and can be accessed through policy loans or withdrawals. We'll explore the advantages of whole life insurance, its role in estate planning, and how to determine if it's the right choice for you.

Whole life insurance is suitable for individuals seeking permanent coverage with the added benefit of cash value accumulation and financial stability for beneficiaries.

c. Best Universal Life Insurance Policies:

Universal life insurance offers flexibility in premium payments, death benefit options, and the potential for cash value growth. Here are the key features of universal life insurance policies:

  • Flexible Premiums: Policyholders can adjust the amount and frequency of premium payments within certain limits.
  • Adjustable Death Benefit: The death benefit can be modified to accommodate changing needs.
  • Cash Value Accumulation: Like whole life insurance, universal life policies accumulate cash value over time, which can be accessed through loans or withdrawals.
  • Interest Rate Sensitivity: Cash value growth is influenced by prevailing interest rates, offering the potential for higher returns but also the risk of lower growth during periods of economic downturns.
  • Indexed and Variable Options: Some universal life policies offer indexed or variable investment options, allowing policyholders to participate in market gains while providing downside protection.

Universal Life Insurance: Flexibility and Growth Potential

Universal life insurance offers both death benefit protection and a savings component. Policyholders can adjust their premiums and death benefits over time, making it a versatile option for those seeking long-term coverage with potential investment growth. 

We'll delve into the features of universal life insurance, including indexed and variable universal life policies, and discuss their suitability for different financial objectives.

Universal life insurance suits individuals seeking flexibility in premium payments, death benefit options, and the potential for cash value growth and investment opportunities.

You choose the type of insurance you need. Speak to your financial advisor because the life insurance market is dynamic, and insurance policies offer different rates.

Many companies sell life and universal life policies. You choose depending on your life requirements and budget. Life insurance companies in 2024 have different life insurance rates.

Top Insurance Companies in Nigeria

We at NLP Nigeria have trained financial advisors or insurance agents and managers of Leadway, AIICO Insurance Plc, Custodian, New York Life, Cornerstone Insurance Plc, African Alliance Insurance, NEM Insurance Plc, and Massachusetts Mutual Life Insurance co for life cover, life assurance, life insurance study policies, life insurance for seniors, etc. These companies are licensed by National Insurance Commission of Nigeria. 

We train for Reinsurance Companies, Auto Insurance Products companies, General Insurance companies, whole and term life insurance, whole life policies, universal and variable universal life, a wide range of life insurance policies, etc. Those who offer whole life insurance, offer term life, type of permanent life insurance, life offers, whole life companies, forms of permanent life insurance, etc. 

The best life insurance company overall is the one that provides life insurance customer satisfaction. Choose a life insurance company that gives you the life insurance policy types, and type of life insurance coverage you want. 

4. Comparing Life Insurance Policies: What to Consider in Life Insurance Companies 

With many life insurance policies available, choosing the right one can be daunting. We'll comprehensively compare term, whole, and universal life insurance, considering cost, coverage duration, cash value accumulation, and flexibility. With this knowledge, you'll be better equipped to select the policy that meets your needs.

5. Top Life Insurance Companies for 2024: Who Made the Cut?

In this section, we'll highlight the best life insurance companies of 2024 based on various criteria, including financial strength ratings, customer satisfaction scores, and product offerings. Whether you prioritize stability, affordability, or innovative features, we'll help you identify insurers that meet your requirements.

Check the table after 10th point.

6. Examining Policy Options, Life Insurance Plan, and Life Insurance Premium

Understanding the intricacies of life insurance policies and premiums is essential for making informed decisions. We'll break down the components of a life insurance policy, explain how premiums are calculated, and offer tips for optimizing coverage while staying within your budget.

7. Navigating the Landscape of Insurance Companies: Tips for Choosing the Best Insurer

Choosing the right life insurance company is paramount to your financial security. We'll discuss factors to consider when evaluating insurers, such as financial stability, customer service reputation, claims processing efficiency, and product innovation. You can confidently select an insurer that meets your needs by conducting thorough research and due diligence.

8. Ensuring Peace of Mind for Your Loved Ones - Which Insurance Companies? 

Life insurance provides financial protection and peace of mind for your loved ones. Whether starting a family, planning for retirement, or safeguarding your legacy, having the right life insurance coverage is crucial. We'll discuss the importance of regularly reviewing your policy to ensure it aligns with your evolving life circumstances.

9. Planning for the Future: Securing Your Legacy

Beyond providing for your family's immediate needs, life insurance can also play a vital role in estate planning and wealth transfer. We'll explore strategies for maximizing life insurance benefits, such as using trusts, minimizing tax implications, and ensuring a seamless transition of assets to future generations.

10. Taking the Next Steps: Empowering Your Financial Journey

In conclusion, navigating the world of life insurance requires careful consideration and informed decision-making. Whether you're a first-time buyer or seeking to optimize your existing coverage, our guide equips you with the knowledge and tools to navigate the insurance landscape confidently. 

Amidst the bustling landscape of the insurance industry, some top insurance companies emerge as stalwart guardians of financial security. With a legacy of trust and reliability,  these companies' life insurance plans offer comprehensive coverage tailored to diverse needs.

List of top 20 Insurance Companies in 2022 Licensed by NAICOM


Companies (Figures in Thousands)

2021-2022 Evolution (2)
Turnover (1)

Leadway Assurance

92 529 579
206 341
70 624 353
171 617

AIICO Insurance Plc 

88 323 333
196 961
71 646 427
174 101

Custodian and Allied Insurance

74 032 988
165 094
66 228 179
160 934

AXA Mansard Insurance Plc

68 980 044
153 826
60 197 851
146 281

Mutual Benefits Assurance

33 785 822
75 342
29 299 247
71 197

NEM Insurance Plc

33 369 049
74 413
27 875 088
67 736

Cornerstone Insurance

22 281 791
49 688
20 920 553
50 837

Coronation Insurance

19 835 299
44 233
14 130 020
34 336

Sovereign Trust Insurance

15 228 771
33 960
12 718 526
30 906

Lasaco Assurance

13 908 476
31 016
13 282 516
32 276

Linkage Assurance Plc

12 979 789
28 945
11 161 499
27 122

Consolidated Hallmark Insurance

12 815 006
28 577
10 500 388
25 516

Prestige Assurance Company

12 443 817
27 750
9 274 005
22 536

Sunu Assurances Nigeria

6 687 387
14 913
6 146 093
14 935

Universal Insurance

5 666 321
12 636
3 701 938
8 996
Regency Alliance Insurance
5 572 455
12 427
5 118 468
12 438
Veritas Kapital Assurance
4 668 741
10 411
6 318 949
15 355
Guinea Insurance
1 359 246
3 031
2 125 000
5 164
International Energy Insurance
870 981
1 942
687 076
1 670
Royal Exchange Assurance Nigeria
-650 477
-1 451
2 843 067
6 909
524 688 418
1 170 055
444 799 243
1 080 862
Rest of the market (3)
201 511 582
449 371
171 800 757
417 476
Grand total
726 200 000
1 619 426
616 600 000
1 498 338

This ranking covers the main Nigerian insurance companies listed on the Nigerian stock exchange.

(1) Unaudited financial statements

(2) Evolution in current currency

(3) 31 companies: general insurance company, african alliance insurance plc, niger insurance plc, unic insurance, etc.

(4) Insurance Sector Products and Services: life and general insurance, motor insurance, general business, health insurance, non-life insurance, takaful, insurance services, 

Exchange rate as at 31/12/2022 : 1 NGN = 0.00223 USD ; as at 31/12/2021 : 1 NGN = 0.00243 USD

Sources: Companies Reports, African Financials

Best Life Insurance Company Overall

Recognized by the National Association of Insurance Commissioners as one of the largest life insurers in the market, the top 10 companies follow the standard for excellence in the industry. 

Whether you're seeking the flexibility of variable universal life insurance or the stability of whole-life policies, these companies provide a range of options to suit your preferences.

From competitive life insurance quotes to a wide array of products, including term and permanent life insurance, these companies stand as a beacon of stability in the ever-evolving insurance market.

Focusing on the best financial strength and customer satisfaction, these companies ensure peace of mind for policyholders, offering a guaranteed issue whole-life option for seniors and individuals seeking simplicity and security.

As you navigate the maze of insurance options, insurance company limited remains a trusted ally, ready to guide you toward a secure financial future.

African Exam life insurance companies - New York Life Subsidiary operates in Nigeria.

National Insurance Commission Range of products: Takaful, Personal Insurance, Composite, General Business, Asset Management, Permanent life insurance


In Lagos, the heart of Nigeria's economic activity, Insurance Company Ltd, a subsidiary of a public limited liability company, leads the market with its comprehensive range of financial services and insurance products. Under the astute leadership of managing director Edward Turner, the company's prowess in risk management and asset management is evident, reflected in its robust financial performance, boasting substantial gross premiums and total assets. Specializing in personal insurance, including travel insurance and health maintenance, the company caters to the diverse needs of Nigerian insurers, offering a diverse array of non-life insurance products tailored to mitigate risks across various sectors, such as aviation and oil and gas. With a legacy dating back to 1958, the company has evolved into a composite insurer, seamlessly merging general and life insurance under one roof. By underwriting policies against fire and special perils, special risks, and other contingencies, the company ensures comprehensive coverage for its clientele, including those seeking coverage for special risk businesses. Through strategic alliances, such as its branch of Nem General Insurance and merger with Vigilant Insurance Company, the company expands its reach and reinforces its commitment to excellence in insurance underwriting and risk insurance. 

Insurance’s role as a Non-Banking Financial Services Provider

In the pivotal period of 2022, Insurance’s role as a non-banking financial services provider proved exclusive in meeting the investment needs of shareholders. With an asset value in the billions, the insurance industry played a pivotal role in the financial landscape, offering solutions for pension and healthcare concerns. As a reinsurer and provider of assurance’s, its operational expertise and professionalism were evident, adhering to strict guidelines and regulations set forth by expert bodies. Since 1963, the domain of insurance has expanded beyond traditional realms, encompassing engineering and other sectors. The expression of confidence in insurance's ability to manage risks and provide tailored solutions remained unwavering, with an update in its offerings to meet evolving market demands. Liquidate assets and streamline operations were strategies employed to enhance efficiency and ensure sustainable growth. In this ever-changing landscape, insurance continues to be an indispensable component of the global economy, safeguarding assets and providing reassurance to stakeholders.


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