Nigeria’s largest insurance companies have combined total assets of N2.89 trillion as of the Half Year (H1) period that ended June 2025, according to data compiled by MoneyCentral.
The largest Insurer by Total assets is Leadway Assurance at N799 billion (data for FY 2023), followed by Custodian at N456.3 billion and IICO at N456.2 billion.
Relatively young newcomer Heirs Insurance makes the top 10 at N92.9 billion.
Nigeria’s Largest Insurance Companies have been growing steadily on the back of regulatory efforts by the Nigerian Insurance Commission (NAICOM) to position the sector to leverage technology.
For instance, the sector exceeded the N1 trillion mark in gross premiums written in 2023, with NAICOM estimating the market to reach N2.50 trillion in 2025.
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The new Insurance reform bill
It is expected that the new Industry Reform Bill, which was signed by President Bola Tinubu, will transform the sector into a larger more consolidated industry that contributes a greater share to the economy.
The Nigerian Insurance Industry Reform Bill, 2025, mandates a substantial increase in minimum capital requirements, with the minimum for Composite Insurers set at N25.0 billion up 400% from the previous N5.0 billion levels.
This largely affects composite Insurers like AXA Mansard, AIICO Insurance, Cornerstone, LASACO and Mutual Benefit, among others.
A composite insurer is an insurance company that provides both life insurance (such as term life or group life cover) and non-life (general) insurance policies (such as property, motor, or travel insurance). This allows the insurer to offer a broader range of insurance products and cover multiple types of risks under one company.
Other new minimum capital thresholds are: Life Insurance: N10.0 billion from N2.0 billion previously, Non-life Insurance: N15.0 billion from N3.0 billion previously, and Reinsurance: N35.0 billion from N10.0 billion, previously.
Insurers would be required to comply with the new capital requirements within 12 months of the law’s commencement, as stipulated by the National Assembly.
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