Prime Business AfricaThe value of the insurance industry fell by N61.08 billion or 10.07 percent in the first quarter (Q1) of 2025, according to an analysis of the market valuation of 20 publicly listed insurers.
The list was compiled using the companies’ stock market valuations.
Join our WhatsApp ChannelPrime Business Africa’s analysis showed that the total valuation dropped to N544.97 billion at the end of the first quarter, from N606.06 billion at the start of the period.
The decline was driven by 13 insurance companies: Guinea Insurance, International Energy Insurance, Lasaco Assurance, AXA Mansard Insurance, Prestige Assurance Company, Regency Alliance Insurance, and Sovereign Trust Insurance.
The list also includes Sunu Assurances Nigeria Plc, Universal Insurance Company, Veritas Kapital Assurance Plc, Wapic (Coronation) Insurance, Consolidated Hallmark Holdings, and Cornerstone Insurance Company.
Five largest insurance companies in Nigeria
AXA Mansard Insurance
AXA Mansard is the most valuable insurance company in Nigeria, with a N77.4 billion market valuation at the end of the reviewed period, despite recording a decline.
The insurer was valued at N81.18 billion at the beginning of the quarter in review, however, it fell by N3.78 billion due to the company’s share price nosediving.
AXA Mansard shares were sold at N9.02 per share on January 2, but at the end of March, it was valued at N8.60 kobo, as the price dropped by 4.65 percent, indicating low demand for the company’s shares during the period.
The decline was not enough for AXA Mansard to lose its position as the most valuable company in the insurance industry.
NEM Insurance
NEM Insurance rose two places on the list of the most valuable companies to grab the second spot, as the insurer’s market valuation increased by N7.52 billion.
According to analysis, NEM Insurance started the year in the fourth position with N60.19 billion market capitalisation, but the company’s valuation jumped to N67.72 billion by March 28.
The surge was on the back of a 12.5 percent increase in NEM Insurance’s share price, which moved marginally from N12 to N13.50 kobo between January and March.
Cornerstone Insurance
Cornerstone Insurance ended the first quarter as the third most valuable insurance company behind AXA Mansard Insurance and NEM Insurance.
The company dropped from the second position to the third spot after the insurer’s share price declined by N15.40 kobo from N3.96 kobo to N3.35 kobo.
Findings showed that the depreciation in Cornerstone Insurance’s share price pulled down the company’s market valuation from N71.93 billion to N60.85 billion – costing the insurer the second spot.
Aiico Insurance
Aiico Insurance was ranked fourth on the list of the most valuable insurance companies with a N58.56 billion market value, thanks to a 1.91 percent appreciation in its share price.
The company moved up the ladder from the sixth position it occupied on January 2, after Aiico Insurance shares appreciated slightly from N1.57 kobo per share to N1.60 kobo.
This raised Aiico Insurance’s market valuation from N57.47 billion to N58.56 billion, pushing Sunu Assurances out of the top five list, according to Prime Business Africa’s findings.
Wapic Insurance
Wapic Insurance ended the quarter as the fifth most valuable insurer in Q1 2025, the same position the company was in earlier this year.
The insurer maintained its position despite losing N6.95 billion in its market valuation, which dwindled from N59.25 billion to N52.30 billion within three months.
Wapic Insurance’s market valuation dropped by 11.74 percent following a decline in the company’s share value, as it fell from N2.47 kobo to N2.18 kobo.
Key takeaways
Companies below the top five
- Consolidated Hallmark Holdings (N38.80 billion) was ranked sixth, up from seventh position.
- Sunu Assurances took the seventh spot with N38.64 billion market valuation, falling from the third position.
- Lasaco Assurance (N28.81 billion) retained its position as the eighth most valuable company.
- Linkage Assurance, with N22.02 billion, rose to the ninth position, from 10th.
- Mutual Benefits Assurance, previously ranked 13th in Q1, rose to the 10th position after its market valuation increased to N21.06 billion.
Performance
- Only four insurers recorded growth in their market valuation: Aiico Insurance, Linkage Assurance, Mutual Benefits Assurance and N.E.M. Insurance Company.
- Three companies did not record any movement in their market valuation: Standard Trust Assurance, Standard Alliance Insurance and African Alliance Insurance.
- 11 companies remained in the same spot: AXA Mansard Insurance (1st), Wapic Insurance (5th). Lasaco Assurance (8th), Sovereign Trust Insurance (12th), Universal Insurance Company (14th), Regency Alliance Insurance (15th), Guinea Insurance (16th), Standard Trust Assurance (17th), African Alliance Insurance (18th), Standard Alliance Insurance (19th) and International Energy Insurance (20th).
- Only five companies moved up the ladder: N.E.M. Insurance Company (2nd from 4th), Aiico Insurance Plc (4th from 6th), Consolidated Hallmark Holdings (6th from 7th), Linkage Assurance (9th from 10th), and Mutual Benefits Assurance (10th from 13th).
- Four companies dropped on the list: Cornerstone Insurance (3rd from 2nd), Sunu Assurances (7th from 3rd), Veritas Kapital Assurance (11th from 9th), and Prestige Assurance (13th from 11th).
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