Ranking of the Top 10 African Insurance Companies in 2025

In the dynamic landscape of the African insurance market, several key players are making significant strides, contributing to the continent's robust growth.

Old Mutual Limited, a pan-African powerhouse founded in 1845, reported a 32% increase in revenue in 2022, underscoring its ongoing success. Operating in multiple African countries, Old Mutual specialises in insurance, asset management, and banking services.

One of the standout performers in the general insurance sector is Sunu Assurances. This specialist insurer reported 58.2 billion Naira in premiums, catering to industries like construction, transportation, and agriculture.

The global AXA Group's subsidiary, AXA Mansard Insurance, also made headlines with a 34.86% year-over-year increase in premiums, totalling 138.5 billion Naira in FY 2024.

AIICO Insurance Plc, a leading Nigerian insurance company, also reported impressive growth, recording 156.1 billion Naira in premiums for FY 2024, a 45.54% increase from the previous year.

Santam Limited, South Africa's largest short-term insurer, reported R49.6 billion in revenue in 2022, demonstrating the country's dominance in the African insurance market, which holds over 70% of the premiums.

Britam, a leading diversified financial services group in East Africa, offers insurance, investment, and property services across countries like Kenya, Uganda, Tanzania, Rwanda, South Sudan, Mozambique, and Malawi.

Jubilee Holdings, East Africa's largest insurance group, operates in Kenya, Uganda, Tanzania, Burundi, and Mauritius.

Notably, the North Africa region also holds a significant market share in the African insurance market. Allianz Africa, recognised among the top insurers in the CIMA zone, has a substantial presence in countries like Cote d'Ivoire and Senegal.

The African insurance market generated over $70 billion in gross premiums in 2022, representing about 1% of global premiums. This figure underscores the industry's growing importance in the continent's economic development.

The industry is playing an increasingly pivotal role in supporting economic growth, mitigating risk, and fostering financial inclusion. With many Africans embracing insurance, the sector is poised for continued expansion.

In 2018, Sanlam Group's acquisition of SAHAM Finances significantly expanded its footprint across the continent. Sanlam Group, based in South Africa, stands as Africa's largest non-banking financial services group, operating in over 30 countries, including Morocco, Nigeria, Kenya, and Cote d'Ivoire.

While the three largest insurance companies in Africa in 2025 are not explicitly named, the market features significant presence from major global and regional players like Talanx. The top African insurers for 2025 would require further targeted data.

Leadway Assurance Company Limited, established in 1970, is one of Nigeria's largest insurance firms, offering a comprehensive range of insurance products, including life, health, and general insurance.

In conclusion, the African insurance market is a burgeoning sector, with key players like Old Mutual, Sunu Assurances, AXA Mansard Insurance, AIICO Insurance Plc, Santam Limited, Britam, Jubilee Holdings, Allianz Africa, Sanlam Group, and Leadway Assurance Company Limited leading the charge. As more Africans embrace insurance, the industry is expected to continue its significant contribution to capital markets, employment generation, and long-term investments in both urban and rural economies.