Top 10 Life Insurance Companies in Nigeria [2023 Updated List]

Top 10 Life Insurance Companies in Nigeria [2023 Updated List]

Top 10 Life Insurance Companies in Nigeria [2021 Updated List]

Benefits Of Buying Insurance

One of the reasons Nigerians buy insurance majorly is to protect themselves and their properties against unforeseen circumstances.

These unforeseen circumstances can take up a large chunk of their finances, and they would want to avoid such. Hence, the need for buying insurance.

What Is Insurance?

Insurance helps individuals and companies safeguard their properties and investments against potential risks that could eventually make them lose everything.

There are top life insurance companies in Nigeria that help individuals who are looking to secure their future from such misfortune. However, you have to know what exactly you are looking for, how the insurance agency operates, and choose the right one. In order to do that, there are several factors to take into consideration before choosing an insurance company.

These factors are important to avoid being swayed by some fancy branding.

7 Types of Insurance – What You Must Know

Important Factors to Consider Before Choosing an Insurer

1. The Company’s Image

You should dive into the internet for reviews and top news about the brand. This is because the company’s track record should give you an insight about their strengths and capabilities.

2. Legal Accreditation

The insurance company you are planning to go with must be legally accredited and certified by the Nigerian government.

3. The Coverage

This is a vital and important factor in selecting an insurance company. Select the coverage that best suits your needs. For instance, if the insurance company does not cover some certain circumstances like business ideas you would require, that’s a no-go area and a sign to take your business somewhere else.

4. Financial Strength and Price Factor

It’s important to make research on how the insurance company stands and fares during a bad economy and how that can affect you. Check through stock ratings and business resources to get the needed information you are searching for.

You may also want to consider looking at the price factor when searching and eventually choosing your insurance company. In other words, if the price is affordable, go for it. If it’s not, go elsewhere.

The Top Life 10 Insurance Companies in Nigeria

1. AIICO Insurance Plc
Top 10 Insurance Companies in Nigeria [2021 Updated List]

AIICO Insurance Plc is an insurance, pensions management, and asset management Group founded in 1963. It is one the top insurance companies present in the country. It focuses mainly on, General insurance and special risks, Life assurance and annuity, Health insurance, Asset management, and Pension management.

They offer the following policies:

• Income investment plan

• Three payment plan

• Travel insurance

• corporate saving plan

• Education investment plan

• Flexible endowment plan

• Term assurance plan

• Electronics equipment policy plan

2. Lead Way Assurance company
Top 10 Insurance Companies in Nigeria [2021 Updated List]

LEADWAY offers services in both Life and Pensions and General business insurance.

LEADWAY Assurance (founded in 1970) offers insurance services in General business insurance and Life & Pensions. The Company also offers allied financial services such as Secured Credit, Bond, Miscellaneous financial losses and Portfolio management.

They are very actively online, across various social media channels and have also computerised most of their operations to increase their effectiveness.

They offer the following policies:

• Family Benefit plan

• Lead way saving plan

• Term assurance plan

• Money policy plan.

• Educational saving plan

• Personal saving plan

• Deferred annuity plan

3. Custodian and Allied Insurance
Top 10 Insurance Companies in Nigeria [2021 Updated List]

Custodian and Allied insurance company provides a wide variety of insurance plans to choose from. Each plan is tailored to the needs of their clients.

They offer the following policies:

• Investment plus plan

• Immediate annuity plan

• Tuition protection plan

• Auto insurance plan

• Travel insurance plan

• Capital plan

4. Cornerstone Insurance Plc
Top 10 Insurance Companies in Nigeria [2021 Updated List]

Cornerstone Insurance company was incorporated as a private limited liability company on July 26, 1991. And later, it became a Public Limited Liability and was quoted on the Nigerian Stock Exchange(NSE) in 1997.

Since it began operation, Cornerstone Insurance has remained and proven dedicated, putting their client first and creating viable solutions that meet their needs.

It is licensed by NAICOM -the National Insurance Commission – to do both Life and General business insurance.

They offer the following policies:

• Motor insurance plan

• Gadget protection plan

• Investment plan

• Halal Takaful plan

• School fee guarantee plan

• Goods in transit plan

• Home insurance plan

• Life insurance plan

• Annuity plan

• Marine insurance plan

• Travel insurance plan

5. AXA Mansard Insurance
Top 10 Insurance Companies in Nigeria [2021 Updated List]

AXA Mansard is a member of the AXA Group. AXA Group is known to be a top player in insurance and in asset management. The group of companies serves 107 million clients in over 60 countries.

The Company also provides life insurance as well as on-life insurance solutions to individuals and organisations in the country.

They offer the following policies:

• Student protection plan

• Autoflex plan

• Equity income plan

• Auto classic plan

• Money market plan

• Easy care plan

• Life savings plan

• Instant plan

• Health plan

• Retirement savings plan

• General ( business/ tourism) protection plan

6. African Alliance Insurance Plc
Top 10 Insurance Companies in Nigeria [2021 Updated List]

African Alliance Insurance plc., was incorporated on May 6, 1960. The insurance Plc company has built a reputation on it's efficiencies and trustworthiness in Life Assurance. In addition, they personalise their insurance products tailored for each stage of their clients’ lives.

They offer the following policies:

• Annuity assurance plan

• Group life assurance plan

• Esusu plan

• Direct debit form plan

• Individual assurance plan

• Investment assurance plan

7. Goldlink Insurance Plc
Top 10 Insurance Companies in Nigeria [2021 Updated List]

This insurance company was incorporated as a Private Limited Liability Company on April 15, 1992, It later changed to a Public Liability Company on May 11, 2007, and was listed on the NSE by an introduction on February 12 2008.

Goldlink Insurance Plc has it's license to do both Life and General Businesses. These include plans such as Motor Insurance, Fire and Special Perils, Oil & Gas, Life & Pension, and Travel Insurance.

The insurance policies they offer include:

• Group Life Insurance plan

• School Safety plan

• Compulsory Insurance plan

• Oil & Gas plan

• Engineering Insurance

• General Accident plan

• Individual Life Insurance plan

• Reinsurance plan

• Liability Policies plan

• Marine & Aviation plan

• Motor Insurance plan

8. Continental Insurance
Top 10 Insurance Companies in Nigeria [2021 Updated List]

Continental Insurance is the private sector leader of the pan-African insurance industry. The Company makes provision for life and non-life insurance solutions to its clients across the whole continent.

They offer the following policies:

• Business Insurance plan

• Insurance plan

• Auto Insurance plan

• Home Insurance plan

• Pet Insurance plan

9. Industrial and General Insurance Plc
Top 10 Insurance Companies in Nigeria [2021 Updated List]

The insurance company was also incorporated as a private limited liability company on October 31, 1991. The Company got registered as a public limited liability company in 2007. Subsequently, they began operations in Life and General insurance, in addition to Pensions and Special Risks in January 1992.

Industrial and General Insurance Plc offer tailor-made insurance solutions to match their client’s unique needs.

The policies they offer are:

• Group Life Products plan

• Mobile Phone Insurance Plan

• Aviation Insurance plan

• Engineering Insurance plan

• General Business Insurance plan

• Health Insurance Plan

• Marine Insurance plan

• Oil & Energy


10. Lasaco Assurance Plc
Top 10 Insurance Companies in Nigeria [2021 Updated List]

Lasaco Assurance Plc was incorporated on December 20, 1979, under the Companies Decree of 1968.

At that time, the Company, was usually called Lagos State Assurance Company Limited. Eventually, they got License as an Insurer on July 7, 1980, and commenced operations on August 1 1980.

The insurance policies they offer include:

• Motor insurance plan

• Aviation insurance plan

• Marine insurance plan

• Professional indemnity insurance

• Fire and Special insurance plan

• Personal accident plan

• Bond insurance plan

• Money insurance

• Householder’s Insurance plan

The above-mentioned companies are some of the top 10 life insurance companies in Nigeria which are in no particular order. This implies that you can go with any of these companies, knowing you’re safe. Some others worthy of mention include Allianz Nigeria Insurance.

Frequently Asked Questions

What is the name of the first insurance company in Nigeria?

Royal Exchange Assurance Agency founded in 1918 was the first insurance company in the history of insurance in Nigeria. Meanwhile, Nigeria's oldest indigenous insurance company was called African Insurance Company Limited. It started providing services in 1958.

What are the types of insurance companies?

They include standard lines, excess lines, captives, direct sellers, domestic, alien, mutual companies, stock companies, Lloyds of London, and more.

How did insurance begin?

Insurance began in the 17th century as a coffeehouse patronized by merchants, bankers, and insurance underwriters.

Is there health insurance in Nigeria?

There is free health care provided. This is provided through a special health insurance scheme for government employees and also private firms entering contracts with private health care providers.

What is NHIS in Nigeria?

This is an acronym for National Health Insurance Scheme. It is a body established under Act 35 of the 1999 constitution by the Federal Government of Nigeria to subsidize health care for Nigerians.

When did NHIS enter Nigeria?

It was launched on the 6th of June, 2005. To date, the scheme has issued 4 million identity cards and registered and accredited 62 HMOs.

How can I register NHIS in Nigeria?

You can register online. Go to nhisonline.com.ng and click on ‘Register’. However, details such as surname, NHIS number, and date of birth are required in order to register online. That way, you will be able to manage your account and see the information of your dependants.

What is the role of NHIS?

It supports and protects families from the financial hardships of huge medical bills, limits the rise in the cost of health care services, and ensures equitable distribution of health care costs among different income groups.



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