Prime Business Africa
The top five companies with the largest market share in the insurance industry are AXA Mansard, NEM Insurance, Custodian Investment, AIICO Insurance, and Mutual Benefit.
According to the analysis, 12 insurance companies saw an increase in their market share, which was determined by their revenue contribution to the industry, while six insurers recorded a decline in their market share.
Join our WhatsApp ChannelThe revenue generated by the insurance industry between January and December 2025 increased to N1.01 trillion, compared to the N819.24 billion generated in 2024, representing a 23.67 percent growth.
Prime Business Africa (PBA) analysed the 2025 unaudited financial statements of 18 insurance companies listed on the Nigerian Exchange (NGX) to determine the industry revenue.
Insurance Companies With Largest Market Share
AXA Mansard
AXA Mansard has the largest market share in the insurance industry in Nigeria after recording N160.56 billion revenue in 2025, surpassing the N131.66 billion generated in the previous year.
- The company retained the top position last year, despite its market share decreasing from the 16.07 percent recorded in 2024 to 15.84 percent in 2025, according to Prime Business Africa’s analysis.
- AXA Mansard generated the revenue after expending N113.68 billion to make its services available last year, compared to the N84.52 billion incurred in 2024.
- With the company’s expenses rising by 34.49 percent, surpassing that of revenue, which was 21.94 percent, AXA Mansard suffered an 80.67 percent year-on-year decline in its profit before tax, which dropped from N31.69 billion to N6.12 billion.
NEM Insurance
NEM Insurance accounted for 14.42 percent market share in the insurance market in 2025, making the company the second largest among its peers, compared to the 11.79 percent market share held in the previous year.
- The company’s market share increased due to a 51.24 percent growth in its revenue, which surged to N146.17 billion during the period under review, exceeding the N96.64 billion recorded in 2024.
- NEM Insurance’s service expenses also grew by twofold, after rising to N84.77 billion in 2025, compared to the N60.12 billion incurred in the year before, representing a 40.99 percent increase.
- Regardless, the company’s profit before tax (PBT) decreased to N27.92 billion between the first quarter and the fourth quarter of last year, down by 16.69 percent when compared to the N33.52 billion earned in 2024.
Custodian Investment
Custodian Investment held the third largest market share of 13.94 percent during the period under review, rising from 11.74 percent, after the company’s turnover increased by 46.78 percent.
- According to the company’s financial statement, revenue surged to N141.25 billion between January and December 2025, surpassing the N96.22 billion grossed during the corresponding period in 2024.
- In addition, the company saw a 12.59 percent growth in service expenses, which increased to N77 billion in 2025, compared to the N68.39 billion sustained in the year before.
- With revenue outstripping expenses, Custodian Investment recorded a 25.20 percent growth in its bottom line, after profit before tax soared to N75.96 billion last year, overshadowing the N60.67 billion posted in 2024.
AIICO Insurance
Thanks to its revenue rising by 26 percent last year, AIICO Insurance had the fourth largest market share in the industry, as it accounted for 13.52 percent of the industry’s turnover, rising from 13.22 percent recorded in 2024.
- Prime Business Africa gathered that AIICO generated N137.02 billion as revenue between the first quarter and the fourth quarter of 2025, compared to the N108.35 billion generated in 2024.
- Also, the company’s service expenses recorded a double-digit growth, rising from N86.63 billion in 2024 to N95.18 billion last year, representing an increase of 10 percent.
- Additionally, AIICO’s profit before tax skyrocketed by 53 percent during the period under review, as the company reported N24.35 billion as pretax profit between January and December 2025, up from N15.92 billion in 2024.
Mutual Benefits
Occupying the fifth position is Mutual Benefits, with a 7.93 percent market share last year, down from 8.16 percent recorded in 2024, according to analysis by Prime Business Africa.
- Analysis showed that Mutual Benefits’ market share dropped despite a 20 percent increase in its revenue, which grew from N66.91 billion in 2024 to N80.41 billion during the period under review.
- However, while revenue increased, service expenses decreased by 10 percent, as Mutual Benefits incurred N61.47 billion expenses in 2025, compared to the N68.14 billion sustained in the previous year.
- As a result, the company saw its profit before tax increase to N215.53 billion during the period under review, up from N12.04 billion in 2024, indicating an increase of 79 percent.
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Prime Business Africa is a business, economy and policy news platform founded in 2021 by veteran journalist and media scholar, Dr Marcel Mbamalu, after he left The Guardian as Editor.
Dr Mbamalu, who serves as Founder and Publisher, set up Prime Business Africa to deliver sharp, data-driven reporting on Nigeria’s markets, trade, investment, and governance trends for decision-makers, entrepreneurs, and policy leaders.
He also writes The Bottom Line, a backpage column for Punch Newspaper every Thursday.
Under his leadership, Prime Business Africa combines deep newsroom experience with a focus on accountability journalism, aiming to bridge information gaps between Africa’s private sector and the global economy.
