AIICO, AXA Mansard and Mutual Benefit led the pack of insurance companies with the highest gross premium incomes in 2022, according to findings by BusinessDay.
AIICO Insurance emerged as number one with N85.3 billion gross premium income, followed by AXA Mansard (N69.5 billion) and Mutual Benefits Assurance (N33.1 billion).
The top 10 insurance firms by gross premium income recorded a combined gross premium income of N307.1 billion last year, a 22 percent increase from N252.6 billion in 2021.
Others are NEM Insurance, Cornerstone Insurance, Coronation Insurance, LASACO Assurance, Linkage Assurance, Consolidated Hallmark Insurance and Prestige Assurance.
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AIICO Insurance led with the highest gross premium income of N85.3 billion in 2022, up from N70 billion in 2021. Its total assets increased to N244.0 billion from N186.6 billion, while its profit after tax grew to N4.02 billion from N1.96 billion.
AXA Mansard Insurance saw its gross premium income rise to N69.5 billion from N55.72 billion.
Its total assets climbed to N106.2 billion from N104.1 billion, while profit after tax dipped to N2.43 billion from N3.74 billion.
Mutual Benefit Assurance recorded gross premium income of N33.1 billion, up from N26.1 billion. Its total assets grew to N92.9 billion from N83.8 billion, while profit after tax amounted to N3.14 billion as against a loss of N5.42 billion.
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NEM Insurance’s gross premium income surged to N31.4 billion from N26.6 billion. Its total assets increased to N45.9 billion from N38.3 billion, while profit after tax increased to N5.44 billion from N4.43 billion.
Cornerstone Insurance recorded a gross premium income of N20.6 billion, up from N17.8 billion. Its total assets stood unchanged at N49.3 billion, while profit after tax fell to N3 billion from N3.5 billion.
Coronation Insurance saw its gross premium income grow to N18.2 billion from N14.1 billion. Its total assets declined to N37.7 billion from N39.8 billion, while profit after tax rose to N8.72 billion from N3.81 billion.
LASACO Assurance recorded a gross premium income of N13.2 billion, up from N12.6 billion. Its total assets grew to N24.9 billion from N23.9 billion, while profit after tax jumped to N588.6 million from N261.4 million.
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Linkage Assurance recorded a gross premium income of N12.5 billion, up from N10.5 billion. Its total assets increased to N40 billion from N38.7 billion, while profit after tax amounted to N2.57 billion, compared to a loss after tax of N3.99 billion.
Consolidated Hallmark Insurance recorded gross premium income of N11.7 billion, up from N10.3 billion in 2021. Its total assets increased to N18.5 billion from N15.7 billion, while profit after tax grew to N1.02 billion from N790.6 million.
Prestige Assurance recorded a gross premium income of N11.6 billion, up N8.96 billion. Its total assets increased to N21.7 billion from N19.4 billion, while profit after tax fell to N452.5 million from N688.3 million.
