AIICO Insurance has retained its place as the country’s largest insurance company by revenue when ranked by half-year 2021 gross premiums income, following growth of 18.45 percent during the period.
Based on research data from MoneyCentral, AIICO recorded life and non-life gross premium income (GPI) of N34.43 billion as at June 2021.
For AIICO, Gross Premium Written (GWP) of almost N37.48 billion occurred alongside net life & non-life reinsurance premiums of more than N36.18 billion, consolidating its position in the industry.
The second on the rung of the ladder is Custodian Investment, with gross premium income (GPI) and net premium income (NPI) of N32.95 billion and N20.51 billion.
In both 2018 and 2019, Custodian Investment sat atop the table, with GWP and NWP of N26.41 billion and N23.40 billion.
AIICO and Custodian Investment will likely continue to occupy the top two spots on the list, as together they account for 37 percent of the top 23 GPW in the second quarter of 2021.
In third sits AXA Mansard with GPI of N25.92 billion and NWP of N17.24 billion, followed by NEM Insurance in fourth position with GPI of N15.43 billion and NWP of N10.92 billion, and then Mutual Benefit Assurance with GPI of N13.50 billion and NWP of N11.97 billion.
AIICO, Custodian, AXA Mansard, Mutual, and Cornerstone collectively realized N62.34 billion from Life premium income, while non-life stood at N55.16 billion.
Premium incomes for insurers have been growing on the back of the relaxation of the social distancing measures that underpinned economic activities.
Also, Analysts attribute the steady growth in revenue in the last few years to gradual increase in acceptance of insurance at both the formal and informal sectors of the economy.
The top 17 public Nigerian insurance companies reported aggregate revenue of N175.10 billion in the first six months of 2021, a year on year increase of about 21.85 percent, according to data gathered by MoneyCentral.