Life Insurance Companies in Nigeria (2022 Update)

Top 10 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, and secure their money and properties.

Since nobody can predict the future, insurance helps and serve as a guard for individuals and their companies against inevitable hazards.

No doubt, the benefit of insurance companies cannot be overstated. That notwithstanding, there are many you must consider when seeking for an insurance company.

In this article, I will show you the factors to consider when seeking an insurance company, and also the top 10 insurance companies in Nigeria, that you could choose from.

Read: Motor Insurance Policy Terms You should Know

Factors To Consider When Choosing an Insurance Companies 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 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.

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.

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.

Company Reputation

Do not be too quick to commit to any insurance company unless you have carefully investigated them.

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 out 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.


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 lesser coverage and vice versa.

Also, that may not be the case. Hence, you must also examine this carefully.


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.

2022 List of Top 15 Insurance Companies in Nigeria

Custodian and Allied insurance

Custodian and Allied Insurance company is an insurance company that is concerned with satisfying their customers with the best innovative insurance products and services. The company has many insurance plans to customers can choose from.

LEAD WAY Assurance company.

The LEAD way is another great Life insurance company in Nigeria. The company is founded in 1970. The company offers both life and pensions and general business.

Aiico Insurance Plc

Alico Insurance Plc is established in 1963 is an insurance, pensions, and asset management group in Nigeria. The company specializes in Life assurance and annuity, General insurance, and special risk, etc.

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.

Cornerstone insurance company which was incorporated in July 1991 as a private liability company is a customer-focused company with great values.

AXA MANSARD insurance company

If you know a little about insurance, then you must have about Axa Mansard insurance company. The company is a member of the AXA Group.

Axa group which is a worldwide leader in insurance and asset management offers life and non-life insurance products and services to individuals and institutions across Nigeria.

It also offers asset/investment management services, health management services, and pension fund administration through its three subsidiaries AXA Mansard Investments Limited, AXA Mansard Health Limited, and AXA Mansard Pensions Limited.

Goldlink Insurance plc

Goldlink Insurance plc is a company whose services include but not limited to life assurance, fire and special perils, motor, life and pension, oil and gas insurances, etc.

The company which was incorporated in April 1992 as a Private Limited Liability Company, has good policies that meet the needs of all her customers.

Continental Insurance

Continental insurance company engage in services that include both life and non-life insurances. Their policies will meet their customer’s needs. Continental Insurance was incorporated in Nigeria in1985.

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, so as to meet the need of their 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 relationship, 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. The company was launched in 1969 in collaboration with Nigeria Exchange Insurance Company Limited. The company has undergone several transformations over the years.

Mutual Benefits Assurance

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 sectors. 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.

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 assurances 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.


That’s all for Insurance Companies in Nigeria. I hope this article on Life Insurance Companies in Nigeria helps?

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