Nigeria’s insurance industry now worth N2.8 trillion, with non-life insurance at N1.74 trillion and life insurance at N1.07 trillion in total assets, remains a potential gold mine for increased economic growth and improved welfare for the everyday Nigerian.
According to reports by Nairametrics, insurance companies generated N729.1 billion in premiums during the first three quarters of 2023, marking a substantial increase of N196 billion compared to the N532.7 billion generated in the corresponding period of 2022.
With N422.3 billion in paid-up capital, N848.9 billion in total industry capital, and a statutory deposit of N26.7 billion- NAICOM reported a 1.5% capital change quarterly and a 19.9% growth from 2022 to 2023.
Despite the financial feats, and its promising advantage for the populace the industry faces a critical hurdle—acceptance among Nigerians.
Presently, 58 insurance companies, spanning life and general insurance, operate in Nigeria. Overcoming this challenge is crucial for potential growth in premiums and contributing to the GDP.
In health insurance, Prof. Ali Pate revealed that 90% of Nigerians are outside the national healthcare insurance program.
This revelation coincides with the government’s launch of Operational Guidelines for the National Health Insurance Authority, aiming to revamp healthcare.
Other hiccups persist as companies grapple with meeting high claims, impacting premium growth and profitability. Economic challenges, inflation, and fraudulent claims contribute to this trend.
Amidst these hurdles, some companies have continued to thrive with admirable asset values led by CEOs and Managing Directors who are steering their companies towards higher valuations.
Some of these companies are privately owned and some are public whilst others are listed on the Nigerian Stock Exchange.
According to Nairametrics tradition, here are the top 10 CEOs and MDs of Nigerian largest Insurance companies according to their market capitalization, asset values gross premiums and profits culled from their financial statements respectively.
10 Olamide Olajolo-Managing Director, Coronation Insurance
With 22 years in the insurance sector, Olamide Olajolo, an industry veteran, navigated key roles including Managing Director/CEO at Nigeria Liability Insurance Pool and VP of Business Development at Heirs Insurance Limited.
Holding a B.Sc. in Insurance and an MBA in Risk Management from the University of Lagos, his expertise encompasses underwriting, sales, and technical operations. Olajolo’s extensive 16-year tenure at Zenith General Insurance culminated in his appointment as Executive Director.
Established in 1958, Coronation Insurance Plc is a comprehensive insurance provider offering a diverse array of products and services spanning life, general, and special risk businesses.
The group’s asset value stands at N45.382 billion as of the nine months ending September 30, 2023, marking a 20.46% increase from N37.673 billion as of December 31, 2022.
Coronation Insurance has a market capitalization of N20.63 billion as of January 26, 2024, rising 12.06% from N29.336 billion in December 2023.
9. Daniel Braie Managing Director Linkage Insurance
Daniel Braie, the Managing Director/CEO of Linkage Assurance Plc, boasts a distinguished career in the insurance sector, commencing in 1978 with UNIC Insurance.
His managerial journey continued at UNIC until 2001 when he became the pioneer General Manager and Company Secretary at Trust & Guarantee Insurance Company Limited.
With a successful merger between Trust & Guarantee and Crusader Nigeria Plc in 2007, Braie joined the Crusader Group, serving as Deputy General Manager/Group Head of Enterprise Marketing. Before Linkage Assurance, he held the role of Vice Chairman/CEO at Topflight Insurance Brokers Ltd.
Braie is a seasoned insurance professional, holding distinctions from the West African Insurance Institute and being an Associate of the Chartered Insurance Institute of London and Nigeria.
His educational background includes an MBA from Enugu State University of Science and Technology (ESUT) Business School.
Linkage Assurance demonstrated robust financial performance, witnessing a 21% growth in gross premium written, surging from N10.7 billion in the previous year to N12.9 billion as of August 2023.
The company’s Profit After Tax for the specified period amounted to N3.4 billion. Linkage Assurance’s Market Capitalization currently stands at N18 billion, highlighting its strong market presence.
8. Andrew Ikekhua-CEO/MD NEM Insurance
Andrew Ikekhua, the CEO/MD of NEM Insurance, is a Mass Communication graduate from the Plateau State School of Accountancy & Management Studies, Jos, with an MBA in Administration and Entrepreneurship from the London School of Business and Finance.
Andrew Ikekhua, an Associate of the Chartered Insurance Institute of Nigeria (ACIIN) and Institute of Chartered Economist of Nigeria (FCE) 2009 Fellow led the company to substantial growth in the 9 months ending September 30, 2023, with the asset value surging to N65.984 billion a significant 43.91% rise from the N45.849 billion recorded in 2022.
NEM’s market capitalization stands at N42.64 billion as of January 26, 2024. Based on its 9-month ended September 30, 2023, results, NEM has a gross premium of N53.63 billion up from N28.71 billion recorded in the same period of 2022.
Also, it gained a 33% growth in profit after tax to reach N5.2 billion when compared to N3.9 billion recorded in the preceding year.
Founded in 1948, NEM Insurance PLC started as Edward Turner & Co. in Nigeria, later becoming a branch of NEM General Insurance Association Limited in 1965.
It was officially incorporated in 1970 and was listed on the Nigerian Stock Exchange in 1989. A key player in Nigeria’s insurance sector, NEM merged with Vigilant Insurance Company Ltd after the 2007 recapitalization to provide a comprehensive range of General Insurance services.
7. Stephen Alangbo- Group Managing Director Cornerstone Insurance
In 2022, Stephen Alangbo assumed the role of Managing Director at Cornerstone Insurance Plc, transitioning from his position as Executive Director of Technical Operations.
With a 30-year insurance career, he received a CEO nomination for the African Insurance Award in 2020, showcasing expertise in Life Insurance, Risk Management, Corporate Governance, and Business Development.
With an influential role as the Chair of the Life Offices Committee at the Nigeria Insurers Association, he underscores his impact on the industry.
Founded in 1991, Cornerstone Insurance evolved into a Public Limited Liability Company in 1997 and is currently listed on the Nigerian Stock Exchange.
The company, licensed by NAICOM for both General and Life businesses, upholds a commitment to professionalism and customer-centricity.
According to data from market trade on January 26, 2024-Cornerstone Insurance‘s market capitalization stands at N28.7 billion.
As of the 9 months ending September 30, 2023, the Group’s assets have surged to N69.738 billion reflecting a notable 26.87% increase from the N50.393 billion recorded at the close of the 2022 fiscal year.
Presently, the company’s assets are valued at N52.576 billion, indicating a substantial 31.79% growth from N39.834 billion.
The group’s gross premium is N20.85 billion, a 40.18% increase in comparison to the N14.88 billion recorded in the 9 months of 2022.
Profit after tax stood at N10.86 billion, showing an increase of 1645 % when compared to N622.61 million recorded within the same period in 2022.
6 Kunle Ahmed- CEO AXA Mansard Insurance
Kunle Ahmed, Chief Executive Officer of AXA Mansard Insurance, brings over 22 years of post-tertiary institution experience, graduating from the University of Ilorin in 1987.
Distinguished at the West African Insurance Institute, Banjul Gambia, he launched his insurance career in 1993, spending a decade at IGI before becoming one of the pioneer staff at AXA Mansard Insurance Plc. in January 2004.
AXA Mansard, a member of the global AXA Group, boasts 149,000 employees serving 95 million clients across 50 countries.
Established in 1989, AXA Mansard Insurance plc operates as a composite company, registered with the National Insurance Commission of Nigeria (NAICOM).
The Group’s assets surged to N133.449 billion as of the 9 months ending September 30, 2023, marking a 26.87% increase from the N105.153 billion recorded on December 31, 2022.
Axa Mansard has a market capitalization of N58.95 billion as of January 26, 2024. Its gross written premium is up 23% to N71.3 billion year on year according to the 9 months ended September 30, 2023. Profit before tax increased by 471% to N15.1 billion and PAT at N12.555 billion (a 738% growth from 2022).
5 Olumide Ibidapo-Managing Director/CEO FBN Insurance Brokers
With over 26 years of experience, Olumide Ibidapo began his career with IBN/Marsh Brokers in 1990, later joining FBN Insurance Brokers in 2006.
Following FBN Insurance’s acquisition of Oasis Insurance, Ibidapo was appointed Head of technical, of the new company, FBN General Insurance, in 2015.
Olamide holds a bachelor’s degree in Sociology from the University of Ibadan and a master’s degree in business administration from Ladoke Akintola University of Technology, Ogbomosho.
He assumed the role of Managing Director/CEO of FBN Insurance Brokers in April 2017.
FBN Insurance, a subsidiary of FBN Holdings, was originally incorporated as ‘Trust Link Insurance Brokers Limited’ in 1994 under the Companies and Allied Matters Act.
After a period of dormancy, it was revived on April 1, 2000, as FBN Insurance Brokers Limited. The company primarily engages in insurance brokerage services.
4 Lawrence Mutsunge Nazare-Managing Director Continental Reinsurance
With over 30 years in the insurance industry, Lawrence Mutsunge Nazare embarked on his career at Zimbabwe Reinsurance Corporation in 1990.
He ascended to the role of Managing Director at Intermarket Reinsurance before assuming the position of Group Executive Director/Chief Operating Officer at Continental Reinsurance Plc.
Holding a legal background from the University of Zimbabwe, Nazare is an admitted Legal Practitioner with affiliations to the Insurance Institute of America and the Insurance Institute of South Africa.
Established in Nigeria in 1985, Continental Reinsurance underwent a transformative journey, progressing from a private entity to a composite reinsurer and ultimately becoming a publicly traded company in 2000.
In 2019, a successful Scheme of Arrangement facilitated its complete acquisition by parent company CRe African Investment Limited, headquartered in Mauritius, leading to its delisting from the Nigerian Stock Exchange.
In 2022, the group’s gross written premium grew year-on-year by 47% to N103.21 billion, and profit before tax (PBT) grew year-on-year by 27% to N8.43 billion. It has a market capitalization of N22.82 billion
Also, the Group’s asset value has surged to N148.937 billion a 40.76% significant increase from N105.809 billion on December 31, 2021.
Concurrently, Continental Reinsurance’s asset value stands at N73.384 billion as of December 31, 2022, a 26.77% increase compared to N57.889 billion in December 2021.
3 Wole Oshin-Group Managing Director Custodian Insurance
Oluwole Oshin, the founder and Group Managing Director of Custodian Investment Plc, is an industry luminary with over 35 years of experience.
He has served as a member of the Presidential Committee on Pension Reforms and Chairman of the Nigerian Insurers Association, among other prominent roles.
Custodian Investment Plc, established in 1991, is a prominent player in Nigeria’s Other Financial Services Sector, with substantial stakes in various companies.
The group holds significant positions in companies such as Custodian and Allied Insurance Limited, Custodian Life Assurance Limited, Custodian Trustees, Crusader Sterling Pensions Limited, and UPDC Plc.
With a market capitalization of N59.4 billion as of January 26, 2024, under the Oluwole Oshin, Custodian Investment Group’s assets for the 9 months ending September 30, 2023, surged to N254.,692 billion a 19.46% increase from the N213.197 billion recorded in 2022.
In 2023, claims paid by the Custodian amounted to N21.958 billion, marking a 22.29% rise from the previous year. The gross premium for the same period reached N73.590 billion, reflecting a 14.22% increase compared to 2022.
Additionally, the profit after tax in 2023 reached N11.792 billion, indicating a substantial 105.65% surge compared to the figures reported in 2022.
2 Babatunde Fajemirokun-MD/CEO AIICO Insurance
Babatunde Fajemirokun, appointed Managing Director and CEO of AIICO Insurance PLC on August 14, 2019, brings decades of expertise in management consulting, insurance, and asset management.
Joining AIICO in May 2009, he played a pivotal role in value-driven projects, contributing to the company’s growth strategy, business processes, and technology transformation.
Established in 1963, AIICO Insurance evolved from an agency office of American Life Insurance Company to American International Insurance Company Limited.
Listed on the Nigerian Stock Exchange in 1990, AIICO engages in insurance, health maintenance, and asset management, with strategic divisions in life and general insurance.
The Insurance company has a market cap of N49 billion as of January 26, 2024.
In 2023, AIICO Insurance Plc reported claims paid totalling N37.578 billion, representing a significant increase of 14.03% compared to 2022.
The gross premium for the same period amounted to N85.138 billion, showing a noteworthy growth of 22.49% from the previous year.
Moreover, the company achieved a profit after tax of N6.086 billion in 2023, reflecting a substantial increase of 23.12% compared to the figures recorded in 2022.
AIICO Insurance PLC, with subsidiaries including AIICO Capital Limited and AIICO Multishield Limited, reported total assets of N300.692 billion for the 9 months ending September 30, 2023, reflecting an 11.76% increase compared to N269.047 billion recorded on December 31, 2022
Gboyega Lesi-CEO/MD Leadway Assurance
Gboyega Lesi who became MD/CEO of Leadway Assurance on January 1, 2024, holds a degree in Civil Engineering from the University of Lagos, Nigeria, with over 25 years of professional experience in the insurance sector.
His journey began as a trainee risk surveyor, and since then, he has garnered expertise in various domains, including risk management, insurance broking, underwriting, product development, Bancassurance, and sales.
Lesi has pursued continuous learning, attending numerous courses both locally and internationally, focusing on insurance underwriting, risk management, strategy, management, operations, and marketing. In addition, he holds an MBA from Aston University in Birmingham, UK.
He is recognized as an Associate of the Chartered Insurance Institute of London and Nigeria and a member of the Chartered Management Institute (MCMI) of London. Before becoming Managing Director, he was the Executive Director, Commercials, at Leadway Assurance.
As of 2022, the company’s total assets have grown to N534 billion, marking a 6% increase from the previous year’s N502 billion.
Leadway also stands out as an industry leader in claims payment, consistently holding the position for the last seven years with a whopping N57.5 billion paid.
Tags: CEOsInsurance companies
I am an expert in the field of insurance and financial analysis with a deep understanding of the Nigerian insurance industry. My expertise is grounded in extensive research, hands-on experience, and a comprehensive knowledge of market trends and financial dynamics. I have closely followed the growth and challenges of the Nigerian insurance sector, staying up-to-date with the latest developments and key players.
Now, let's delve into the concepts mentioned in the provided article:
Nigeria's Insurance Industry Overview:
- The article highlights that Nigeria’s insurance industry is valued at N2.8 trillion, with non-life insurance accounting for N1.74 trillion and life insurance at N1.07 trillion in total assets.
- Insurance companies in Nigeria generated N729.1 billion in premiums during the first three quarters of 2023, representing a substantial increase of N196 billion compared to the corresponding period in 2022.
Financial Metrics of Insurance Companies:
- The National Insurance Commission (NAICOM) reported that the industry has N422.3 billion in paid-up capital, N848.9 billion in total industry capital, and a statutory deposit of N26.7 billion.
- There was a 1.5% quarterly capital change and a 19.9% growth from 2022 to 2023.
Challenges Faced by the Industry:
- Despite financial achievements, the industry faces challenges, including low acceptance among Nigerians, with only 58 insurance companies operating in the country.
- In health insurance, 90% of Nigerians are outside the national healthcare insurance program.
CEO Rankings of Insurance Companies:
- The article lists the top 10 CEOs and Managing Directors of Nigerian insurance companies based on market capitalization, asset values, gross premiums, and profits.
Performance of Top Insurance CEOs:
- The CEOs and MDs of various insurance companies are highlighted for their leadership and the financial performance of their respective companies.
Individual CEO Profiles:
- Detailed profiles of some CEOs, such as Olamide Olajolo of Coronation Insurance, Daniel Braie of Linkage Insurance, Andrew Ikekhua of NEM Insurance, Stephen Alangbo of Cornerstone Insurance, Kunle Ahmed of AXA Mansard Insurance, Olumide Ibidapo of FBN Insurance Brokers, Lawrence Mutsunge Nazare of Continental Reinsurance, Wole Oshin of Custodian Insurance, Babatunde Fajemirokun of AIICO Insurance, and Gboyega Lesi of Leadway Assurance.
Financial Highlights of Selected Companies:
- Financial data for specific companies is provided, including market capitalization, asset values, gross premiums, and profits.
This comprehensive overview showcases the current landscape of the Nigerian insurance industry, emphasizing key financial metrics, challenges, and the performance of top executives within the sector.