What are the top life insurance companies in Nigeria?
Life insurance companies are companies that help insure people’s money and properties from unforeseen events.
In Nigeria, there are many life insurance companies that individuals can apply to and secure their money and properties.
Since nobody can predict the future, insurance helps and serves as a guard for individuals and their companies against inevitable hazards.
No doubt, the benefits of insurance companies cannot be overstated. That notwithstanding, there are many things you must consider when seeking an insurance company.
In this article, I will show you the factors to consider when seeking an insurance company and also the top life insurance companies in Nigeria that you could choose from.
Read:Â Motor Insurance Policy Terms You Should Know
The insurance industry in Nigeria is regulated by the National Insurance Commission (NAICOM), ensuring transparency, accountability, and customer protection.
This article provides an updated list of life insurance companies operating in Nigeria, their services, and what makes each unique.
What is life insurance?
Life insurance is a contract between a policyholder and an insurance company, where the insurer guarantees a sum of money to beneficiaries upon the death of the insured or after a set period. It offers peace of mind, ensuring that dependents are financially secure even after the policyholder’s demise.
Types of Life Insurance in Nigeria
Term Life Insurance:Â Provides coverage for a specific period.
Whole Life Insurance: Lifelong coverage with a savings component.
Endowment Plans:Â Combines life cover with investment/savings benefits.
Group Life Insurance: Offered by employers for their employees.
Education Plans: Helps secure children’s future education expenses.
Micro Life Insurance:Â Affordable policies for low-income earners.
Factors to Consider When Choosing an Insurance Company in Nigeria
There are many life insurance companies in Nigeria. Hence, you could get confused as to which to choose from.
Selecting the best insurance company is one important thing you want to do. You do not want to make mistakes in it.
Hence, it is better to take the time and choose the right insurance company. In doing this, there are several factors you must consider. Below are some of the factors you must consider when choosing a life insurance company.
1. Legal Accreditation
When selecting an insurance company, you want to ensure the company has Government accreditation. A company without government accreditation may not be bound by rules, policies, and insurance guidelines.
2. Financial Strength
Ensure you find out about the company’s financial strength before you get involved with the company. Remember, you definitely do not want to commit to a company that has no financial stability.
3. Company Reputation
Do not be too quick to commit to any insurance company unless you have carefully investigated it.
You want to make certain that the company you want to get involved with has no issues, especially when it comes to compensation. One of the places to look for such information is on the net.
You could simply look up the company on Google and see individual reviews concerning the company. Please avoid any company with negative reviews.
4. PriceÂ
One factor you cannot overlook in your search for an insurance company is the price factor.
It matters a lot to make certain that the company you are going for offers affordable pricing that perfectly complements your financial plan.
While that is said, you must also note that many times, the pricing determines the insurance coverage. For instance, lower pricing could mean less coverage and vice versa.
Also, that may not be the case. Hence, you must also examine this carefully.
5. Coverage
You must also have a good knowledge of what the insurance company you want to commit to offers.
Most insurance offers various types of insurance coverage; however, they may not be suitable for your needs. Hence, it is highly important you consider the insurance company coverage before committing to them.
List of Top Insurance Companies in Nigeria
Below are NAICOM-licensed life insurance providers as of 2025:
1. AIICO Insurance Plc
Alico Insurance Plc was established in 1963, is an insurance, pensions, and asset management group in Nigeria. The company specializes in Life assurance and annuity, General insurance, special risk, etc.
Founded: 1963
Head Office: Victoria Island, Lagos
Services: Life insurance, annuities, pensions, and health plans
Notable Products: AIICO WealthBuilder Plan, AIICO Education Plan
Website: aiicoplc.com
2. Leadway Assurance Company Ltd
Founded: 1970
Head Office: Iponri, Lagos
Services: Life, term, group, and investment-linked insurance
Notable Products: Leadway Family Benefit Plan, Education Savings Plan
Website: leadway.com
3. Custodian Life Assurance Ltd
Custodian and Allied Insurance Company is an insurance company that is concerned with satisfying its customers with the best innovative insurance products and services. The company has many insurance plans for customers to choose from.
Parent Company: Custodian Investment Plc
Head Office: Ikoyi, Lagos
Services: Individual and group life policies, pensions
Notable Products: Custodian Gold Plan, Investment Plus
Website: custodianplc.com.ng
4. AXA Mansard Life Ltd
If you’re familiar with insurance in Nigeria, you’ve likely heard of AXA Mansard Insurance. The company is part of the globally renowned AXA Group.
The AXA Group is a leading international provider of insurance and asset management services, offering both life and non-life insurance products to individuals and organizations across Nigeria.
In addition to insurance, AXA Mansard also provides asset and investment management, health management, and pension fund administration through its three subsidiaries: AXA Mansard Investments Limited, AXA Mansard Health Limited, and AXA Mansard Pensions Limited.
Affiliation: AXA Group (Global Insurance Leader)
Head Office: Victoria Island, Lagos
Services: Life, health, and pension plans
Popular Plans: Family Income Protection Plan, Retirement Savings Plan
Website: axamansard.com
5. FBN Insurance Ltd (now Sanlam Life Insurance Nigeria Ltd)
Transitioned: Acquired and rebranded by Sanlam Group
Head Office: Marina, Lagos
Services: Life, term, education, retirement, and investment plans
Website: firstbanknigeria.com/personal/bancassurance/sanlam-life-insurance/
6. Mutual Benefits Assurance Plc
Over time, Mutual Benefits Assurance has grown into a multinational conglomerate that is made up of numerous value-added firms with various commercial interests in the Nigerian financial sector. In today’s rapidly changing insurance industry, MUTUAL BENEFITS has become one of the market leaders. Currently, it has over 3,000 employees and marketing executives. The company boasts a staff of experienced and talented individuals, an established Board, and a viable place in the international insurance industry.
Founded: 1995
Head Office: Ikorodu Road, Lagos
Services: Group life, credit life, term assurance
Highlights: Offers both individual and SME-targeted life products
Website: mutualng.com
7. ARM Life Plc (Now merged with Tangerine Life Insurance)
Merged: With Tangerine in 2020
Services: Individual life, group life, and savings plans
Website: tangerine.africa
8. NSIA Insurance Ltd
Ownership: Part of the NSIA Group (Francophone Africa)
Head Office: Lagos
Services: Group life, term insurance, mortgage protection
Website: nsia.com.ng
9. Coronation Life Assurance Ltd
Group: Coronation Group
Focus: Digital life insurance products for millennials and SMEs
Website: coronation.ng
10. Heirs Life Assurance Ltd
Founded: 2021 (part of Heirs Holdings)
Chairman: Tony Elumelu
Services: Affordable life insurance plans with a strong digital focus
Popular Product: Heirs Life Protect Plan
Website: heirslifeassurance.com
Other Life Insurance Companies in Nigeria
LEAD WAY Assurance Company.
Lead Way is another great life insurance company in Nigeria. The company was founded in 1970. The company offers both life and pensions and general business.
CORNERSTONE Insurance plc
Cornerstone Insurance Company is a licensed insurance company by the National Insurance Commission (NAICOM) to engage in both general and life insurance services.
The company was incorporated in July 1991 as a private limited liability company and is a customer-focused company with great values.
Goldlink Insurance plc
Goldlink Insurance plc is a company whose services include, but are not limited to, life assurance, fire and special perils, motor, life and pension, oil and gas insurance, etc.
The company, which was incorporated in April 1992 as a Private Limited Liability Company, has good policies that meet the needs of all its customers.
Continental Insurance
Continental Insurance Company engages in services that include both life and non-life insurance. Their policies will meet their customers’ needs. Continental Insurance was incorporated in Nigeria in 1985.
Lasaco Assurance Plc
Lasaco Assurance Plc is a composite insurance and financial services company incorporated on the 20th of December 1979 under the Companies Decree of 1968.
The Company, then known as Lagos State Assurance Company Limited, obtained its License as an Insurer on 7th July 1980 and began business operations on the 1st of August 1980.
African Alliance Insurance Plc
African Alliance Insurance plc is another top life insurance company in Nigeria that was incorporated on May 6, 1960.
The company is a well-recognized company for its efficiency and trustworthiness in insurance. The company has a personalized insurance service that is suited for all its customers.
Industrial and General Insurance Plc
Industrial and General Insurance Plc, which was registered as a Public Limited liability company in 2007, was first incorporated as a private limited liability company in October 1991. This company offers tailor-made insurance solutions for its customers to meet the needs of its customers.
Guinea Insurance PLC
Guinea Insurance PLC, which began operations in 1958, established itself as a risk management solution provider for both non-life and special risks. The company developed an early reputation for excellence in customer relationships, quality, and innovative thinking.
International Energy Insurance
The company began operations as Nigeria’s first energy-focused insurance provider with expertise in insurance services for maritime and inland risks, and also general insurance. International Energy Insurance was launched in 1969 in collaboration with the Nigeria Exchange Insurance Company Limited. The company has undergone several transformations over the years.
Niger Insurance
Niger Insurance is a major force in the insurance market in Nigeria and deals in all kinds of insurance products, from life insurance to non-life insurance.
The company’s management team comprises highly trained, seasoned, and knowledgeable specialists who are very well versed in management and technical matters.
Sovereign Trust Insurance
In January 1995, following the reorganization and recapitalization of the old Grand Union Assurance Limited, Sovereign Trust Insurance began operations. The company has branch offices located around the country, with the head office located along Adetokunbo Ademola Street, VI, Lagos. The Federal Government has licensed the Sovereign Trust Insurance as an insurer, giving it the power to underwrite all types of non-life insurance.
Life Insurance Penetration in Nigeria (2025 Outlook)
Despite increasing awareness, Nigeria’s life insurance penetration remains under 1% of GDP. However, trends show:
Rising use of digital channels for policy purchase and claims.
Increased microinsurance targeting the informal sector.
Enhanced regulatory measures by NAICOM to ensure customer protection.
How to Choose a Life Insurance Company in Nigeria
When selecting a life insurer, consider:
NAICOM registration and license
Financial stability and claim settlement history
Product offerings and flexibility
Premium affordability
Customer support and digital accessibility
Final Thoughts
Life insurance is not just a policy—it’s a promise of security and love for your family. Whether you’re looking for long-term investment-linked policies, education plans for your kids, or affordable protection as an SME worker, Nigeria has a range of trusted life insurance providers to choose from in 2025.
As awareness grows, the future of life insurance in Nigeria looks promising, with technology, customer-centered products, and financial inclusion driving progress.
Need Help?
If you’re unsure where to start, speak with a licensed insurance broker or visit the NAICOM website to verify licensed operators.
That’s all for Insurance Companies in Nigeria. I hope this article on Life Insurance Companies in Nigeria helps.
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