The Nigerian insurance landscape saw remarkable growth in 2024, with total premiums from 15 of the 16 listed insurers on the Nigerian Exchange reaching N557.5 billion, up sharply from N356.2 billion in 2023.

This 56.5% increase highlights stronger consumer engagement and growing trust in the sector, as premiums remain a primary revenue driver and a key indicator of customer confidence in insurance products.

— AIICO Insurance Plc
Leading the pack is AIICO Insurance Plc, which received N156.1 billion in premiums, marking a 45.54% rise year-over-year from N107.3 billion. The company also posted a pre-tax profit of N15.8 billion, up 26.27% from the previous year, while settling N90.5 billion in claims, significantly higher than the N68.4 billion paid in 2023. With a market capitalization of N57.1 billion, AIICO ranks third by market cap but first in customer engagement by premium volume.

— AXA Mansard Insurance
Close behind is AXA Mansard Insurance, reporting N138.5 billion in premiums, a 34.86% increase over the prior year. The company also doubled its pre-tax profit to N31.6 billion, up by 100.94%, while claims paid reached N63.2 billion, compared to N49.8 billion in 2023. AXA Mansard leads the market in capitalization at N71.9 billion.

—  Coronation Insurance Plc
Coronation Insurance Plc came in third with N44.8 billion in premiums, reflecting a 74.85% surge from the previous year. Pre-tax profit rose to N13.2 billion, a nearly fivefold increase of 495.46%, and claims paid climbed to N6.8 billion from N5.3 billion. Its market value stands at N52.3 billion, ranking it fourth by capitalization.

— Sovereign Trust Insurance Plc
Sovereign Trust Insurance Plc took fourth place, generating N42.09 billion in premiums, an increase of 115.92% over the previous year. The company also reported a 144.74% jump in pre-tax profit to N3.4 billion and paid out N21.3 billion in claims, almost triple its 2023 figure of N7.3 billion. Yet, its market cap remains relatively modest at N12.6 billion.

— Cornerstone Insurance Plc
Cornerstone Insurance Plc ranks fifth with N38.9 billion in premiums, representing an 18.40% year-over-year rise. Despite this growth, the company recorded a loss of N1.3 billion, down from a profit of N125.9 million in the prior year. Claims paid amounted to N8.5 billion, a decrease from N11.4 billion. Cornerstone’s market capitalization stands strong at N47.05 billion.

— Consolidated Hallmark Holdings Plc
Consolidated Hallmark Holdings Plc followed in sixth with N29.7 billion in premiums for the year. The company turned in a robust pre-tax profit of N23.2 billion while paying N9.06 billion in claims. Its market value of N30.3 billion places it seventh among peers.

— Linkage Assurance Plc
Seventh place went to Linkage Assurance Plc, which posted N24.04 billion in premiums, a 48.25% increase from 2023. The company reported a pre-tax profit of N5.2 billion, slightly down by 3.02%, and paid out N4.5 billion in claims. Its market capitalization is N18.7 billion, positioning it eighth overall.

— Veritas Kapital Assurance
Veritas Kapital Assurance placed eighth with N23.4 billion in premiums, an extraordinary 210.35% increase from N7.5 billion the previous year. Despite this growth, it recorded a pre-tax loss of N623.7 million, largely due to rising insurance and reinsurance expenses. Claims rose marginally to N2.3 billion, and the firm holds a market cap of N13.8 billion, ranking ninth by size.

— Prestige Assurance Plc
Prestige Assurance Plc came in ninth with N20.2 billion in premiums, up 37.49% from 2023. Pre-tax profit more than doubled to N3.3 billion, an increase of 136.48%, while claims paid surged to N11.03 billion from N7.2 billion. The company’s market capitalization sits at N13.1 billion.

— Sunu Assurances Nigeria Plc
Rounding out the top 10 is Sunu Assurances Nigeria Plc, which collected N15.4 billion in premiums, showing a 50.78% increase from the prior year. The company posted a pre-tax profit of N4.2 billion, up 51.74%, and paid N4.8 billion in claims compared to N3.2 billion in 2023. With a market cap of N29.05 billion, Sunu ranks sixth by that measure.

These rankings, based solely on premiums received, reflect not just financial performance but also a broader signal of rising consumer trust in insurance as a protective and wealth-preserving tool.

In a country where insurance penetration remains relatively low, the substantial uptick in premiums across nearly all listed firms suggests a sector on the rise, buoyed by product innovation, improved customer service, and increasing awareness among Nigerians about the value of risk management.