Nigerian Life Insurance Firms Posted N124.6bn Gross Premium in 2016

Life Assurance underwriting Companies in Nigeria generated a total of N124.6billion gross premium in the year 2016.
The companies ceded a total of N7.3billion to their reinsurers while retaining N117.2 billion as net premium. Gross claim paid by the life operators during the period stood at N67.2billion while net claims stood at N54.6billion.
Management expenses stood at N15.1billion, investment income stood at N20.1billion just as profit after tax stood at N4,823,76000

Out of the total N124.5billion gross premium, about 25.36 percent of the entire life market is controlled by the Leadway Insurance Company Ltd which during the year under review posted N31.5billion as its gross premium.
AIICO Insurance Plc which controlled 17.80 percent of the market was the next, with N22.1billion gross premium.

The results were contained in the annual balance sheet of insurance firms in Nigeria recently published by the National Insurance Commission (NAICOM).
The commission in the column titled Ranking and Market share of life insurance companies with gross premium income for 2016, said African Alliance Insurance Plc ranked third with N13.4billion to hold 10.77 percent share of the life insurance market.

Custodian Life Assurance Ltd took the fourth position in the race with N12.1billion gross premium to control 9.759 percent share of the market.
Also, FBNlife came fifth with N9.9billion premium controlling 7.96 percent of the entire market.
Mutual Benefit Life Assurance Ltd took the sixth position with gross premium income N4.1billion to control 3.31 percent of the entire market while AXA Mansard Insurance Plc took the seventh position posting N3,579,159000 to control 2.87 percent of the market. Royal Prudential life Assurance took the eighth position posting N3,4724000 to control 2.79 percent of the market,

Zenith Life Assurance Ltd followed with N3.3billion gross premium to have control of 2.68 percent of the market,

Niger Insurance Plc took the 10th position gathering N3.1billion gross premium to control 2.49 percent of the market.

Capital Express Assurance raised head as the 11th company in the race with gross premium of N2.8billion to control 2.37 percent of the market.
LASACO Assurance Plc emerged the 12th in the rank with N2.2billion to control 1.79 percent of the market

UBA Metropolitan Insurance Company occupied 13th position with gross premium of N2,097,038000 controlling 1.68 percent of the market.
Next to UBA is Standard Alliance Life Assurance Co Ltd with gross premium of N1,836,455000 controlling 1.47 percent of the entire life insurance market.

Cornerstone Insurance Plc ranked 15th position with 1,805,196000 gross premium to control 1.45 percent of the market

Industrial and General Insurance occupied the 16 the position with gross premium of N1,530,611000 to control 1.23 percent share of the market.

Ensure Insurance occupied the 17th position with N1.2billion gross premium holding just 1 percent share of the market. Wapic Life Assurance Ltd occupied 18th position being able to rake in N1.2billion gross premium to be in control of 0.99 percent share of the Market.

This was followed by Old Mutual Nigeria Life Assurance with N1,012,38100 gross premium to control 0.81 percent of the market, NSIA Insurance occupied 20th position with N856,106000 to control 0.69 share of the market.

ARM Life Assurance occupied 21st position with N827,718000 gross premium to be in control of 0.66 percent share of the market. Unic Insurance emerged the 22nd firm posting N155,929000 premium to control 0.13 percent.

The document also revealed that the following firms recorded zero premium against their names in the NAICOM’s publication Alliance and General life Assurance, Spring Life Assurance Plc, Goldlink Insurance company, Great Nigeria Insurance NICON Insurance Corporation, Continental Reinsurance, Nigerian Reinsurance corporation.

This article was earlier posted here

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