AIICO Insurance, AXA Mansard Insurance, Cornerstone Insurance, and seven others emerged as the insurance firms in Nigeria with the most significant net asset value as of the first half of 2023.
Net asset value is used to represent the value of an insurance firm if it ceases to exist and becomes wholly liquidated.
For an insurance firm, net asset value, which is also referred to as shareholders fund or book value, is a solid measure of most of its balance sheet, which consists of bonds, stocks, and other securities that can be relied on for their value, given an active market for them.
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According to BusinessDay’s findings, AIICO Insurance tops the list with a net asset value of N45.53 billion as of the first half of 2023, followed closely by AXA Mansard Insurance with N41.43 billion, and Cornerstone Insurance with N33.29 billion.
The others are NEM Insurance, Linkage Assurance, Mutual Benefit Assurance, Coronation Insurance, Prestige Assurance, Veritas Kapital Assurance and LASACO Assurance.
The top 10 insurance firms recorded an aggregate net asset value of N268.03 billion in H1 2023, an 18.8 per cent increase from N225.68 billion in 2022.
AIICO Insurance
AIICO Insurance shareholders fund stood at N45.53 billion in H1 2023, up from N41.81 billion in the same period of 2022.
Its total assets grew to N261.49 billion from N248.32 billion, while total liabilities rose to N215.96 billion from N206.52 billion.
AIICO is a non-banking financial services provider for health, Life, motor, travel, health insurance, and investment needs.
AXA Mansard Insurance
AXA Mansard’s shareholders fund increased to N41.43 billion in H1 2023 from N31.26 billion in the same period of 2022.
Its total assets grew to N140.84 billion from N119.78 billion, while total liabilities increased to N95.01 billion from N84.16 billion.
AXA Mansard Insurance is an insurance and asset management company engaged in providing Life and general business risk management solutions and financial services to corporate and retail customers.
The Company’s segments include non-life business, life business, investment management, property development, and health maintenance. The Company’s property-casualty business consists of the insurance of personal property (cars, homes) and liability (personal or professional).
Cornerstone Insurance
Cornerstone Insurance’s shareholders fund amounted to N33.29 billion in H1 2023, up from N20.53 billion in the same period of 2022.
Its total assets grew to N70.32 billion from N48.28 billion, while total liabilities increased to N37.03 billion from N27.45 billion.
Cornerstone Insurance offers motor vehicle insurance, travel insurance, aviation, marine, engineering ,all risks, and assets, among others.
NEM Insurance
NEM Insurance shareholders fund increased to N29.16 billion in H1 2023 from N27.7 billion in the same period of 2022.
Its tosets grew to N63.8 billion from N45.85 billion, while total liabilities increased to N34.64 billion from N18.68 billion.
NEM Insurance Plc is a Nigeria-based general insurance company engaged in tprovidingnon-life insurance services for borporate and individual customers. The Company’s segments include General Accident, Fire, Marine, Motor, Oil and Gas, and Agriculture. The Company’s products include corporat, personals, and small and medium-sized enterprises (SMEs) products.
Linkage Assurance
Linkage Assurance saw its shareholder’s fund roririseo N27.79 billion at the end of H1 2023 from N26.52 billion in th22.
Its total assets grew to N47.19 billion from N44.51 billion, while total liabilities increased to N19.4 billion from N17.99 billion.
Linkage Assurance provides insurance services, offering individual and group life insurance products and non-life insurance products such as motor and casualty insurance.
Mutual Benefits Assurance
Mutual Benefits Assurance’s total shareholders fund amounted to N27.64 billion in H1 2023, up from N21.95 in the same period of 2022.
Its tosets grew to N103.9 billion from N89.64 billion, while total liabilities jumped to N74.58 billion from N66.3 billion.
Mutual Benefits Assurance is engaged in general and life insurance underwriting, risk management, financial services, microfinance banking, and real estate. The Company operates through three segments: assurance business, real estate, and microfinance bank. The assurance business segment covers the protection of customers’ assets and indemnification of other parties that have suffered damage asdue toustomers’ accidents.
Coronation Insurance
Coronation Insurance’s shareholders fund grew to N22.39 billion in H1 2023 from N20.69 billion in the same period of 2022.
Its tssets rose to N50.5 billion from N43.99 billion, while total liabilities increased to N28.11 billion from N23.3 billion.
Coronation Insurance offers aiverse rroducts and services covering Life, general, and unique risk businesses. Founded in 1958, the insurance company was licensed to underwrite all classes of insurance, such as fire and special perils, goods-in-transit, all risk insurance, etc.
Prestige Assurance
Prestige Assurance saw its shareholders fund increase to N13.77 billion in H1 2023 from N13.61 billion in the same period of 2022.
Its tssets dropped to N22.99 billion from N23.36 billion, while total liabilities fell to N9.21 billion from N9.75 billion.
Prestige Assurance is engaged in the non-life insurance business. It prcovers all insurance classesmainly non-life treaty and facultative insurance, backed by reinsurers in the London and African reinsurance markets.
Veritas Kapital Assurance
Veritas Kapital Assurance’s shareholders fund grew to N13.55 billion in H1 2023 from N10.74 billion in the same period of 2022.
Its tssets increased to N21.43 billion from N16.37 billion, while total liabilities jumped to N7.88 billion from N5.62 billion.
Veritas Kapital Assurance is an insurance company engaged in thderwriting ofn-life insurance risks. It offers non-life insurance products and services to individuals and institutions across Nigeria. Its segments include non-life business, pension administration, and healthcare.
LASACO Assurance
LASACO’s shareholders’ funds amounted to N13.48 billion in H1 2023, up from N11.4 billion in the same period of 2022.
Its total assets increased to N27.76 billion from N26.05 billion ,while total liabilities dropped to N14.27 billion from N14.64 billion.
LASACO Assurance is an insurance and financial services company engaged in thprovidingarious classes of insurance, such as general accident, fire, motor, engineering, marine, bond insurance, and life assurance businesses. It also transacts aviation, oil and gas insurance business, and other unique risks.
It operates through two segments: non-life, which covers the protection of customers’ assets and indemnification of other parties; ,nd Life, which covers the safety of the Company’s customers against the risk of premature death, disability, critical illness, and other accidents.
