Top 100 insurance companies in Africa (2024)

Figures in millions

2022 rank	Companies	Class of business	Country	2022 turnover		2021 turnover		2021-2022 evolution ⁽¹⁾
2022 rank	Companies	Class of business	Country	In local currency	In USD	In local currency	In USD	2021-2022 evolution ⁽¹⁾
1	Sanlam	V	South Africa	112 168	6 600	107 571	6 741	4.27%
2	Old Mutual Life	V	South Africa	54 313	3 196	55 953	3 507	-2.93%
3	Liberty Group	V	South Africa	48 485	2 853	43 801	2 745	10.69%
4	Santam	NV	South Africa	34 067	2 005	31 502	1 974	8.14%
5	MML Group Limited ⁽²⁾	V	South Africa	27 429	1 697	27 328	1 908	0.37%
6	Wafa Assurance	C	Morocco	10 425	983	9 089	973	14.70%
7	Guardrisk Insurance ⁽²⁾	NV	South Africa	13 251	820	12 091	844	9.59%
8	RMA	C	Morocco	8 076	761	7 681	822	5.15%
9	The Hollard Insurance ⁽²⁾	NV	South Africa	12 048	745	11 312	790	6.51%
10	Mutuelle Taamine Chaabi	V	Morocco	7 345	692	6 308	675	16.43%
11	Old Mutual Insure	NV	South Africa	11 657	686	11 031	691	5.67%
12	OUTsurance Insurance ⁽²⁾	NV	South Africa	10 253	634	9 407	657	8.99%
13	Guardrisk Life ⁽²⁾	V	South Africa	9 217	570	8 058	563	14.38%
14	Axa Assurance Morocco	C	Morocco	6 028	568	5 567	596	8.27%
15	Sanlam Assurance	C	Morocco	5 955	561	5 621	601	5.93%
16	Misr Insurance ⁽²⁾	NV	Egypt	10 388	552	9 591	611	8.31%
17	AtlantaSanad	C	Morocco	5 404	509	5 401	578	0.05%
18	Misr Life Insurance Company ⁽²⁾	V	Egypt	9 100	483	7 653	487	18.91%
19	Hollard Life Assurance ⁽²⁾	V	South Africa	7 013	434	6 855	479	2.30%
20	Centriq Insurance Company	NV	South Africa	6 429	378	3 774	237	70.34%
21	AVBOB Mutual Assurance ⁽²⁾	V	South Africa	5 739	355	5 195	363	10.48%
22	Bryte Insurance Company	NV	South Africa	5 934	349	5 388	338	10.14%
23	Centriq Life Insurance	V	South Africa	5 840	344	4 175	262	39.87%
24	Allianz Life Egypt ⁽²⁾	V	Egypt	6 119	325	5 043	321	21.34%
25	Discovery Insure Limited ⁽²⁾	NV	South Africa	5 195	321	4 385	306	18.47%
26	ABSA Life	V	South Africa	5 014	295	4 624	290	8.42%
27	Assupol Holdings ⁽²⁾	V	South Africa	4 714	292	4 359	304	8.14%
28	Escap ⁽³⁾	NV	South Africa	4 125	284	4 507	302	-8.49%
29	Metlife Egypt ⁽²⁾	V	Egypt	4 993	265	4 085	260	22.21%
30	Mutual & Federal Risk Financing	NV	South Africa	4 188	246	3 637	228	15.16%
31	Botswana Life Insurance	V	Botswana	3 093	239	3 139	265	-1.46%
32	Britam Life	V	Kenya	28 385	228	25 894	227	9.62%
33	Sasria ⁽³⁾	NV	South Africa	3 152	217	2 786	187	13.16%
34	MCMA	C	Morocco	2 270	214	2 067	221	9.83%
35	Moroccoaine Vie	V	Morocco	2 269	214	2 339	250	-3.01%
36	SAA	NV	Algeria	29 168	212	28 800	206	1.28%
37	AXA Life Egypt ⁽²⁾	V	Egypt	3 966	211	3 308	211	19.89%
38	Leadway Assurance	C	Nigeria	92 530	206	70 624	172	31.02%
39	ABSA Insurance	NV	South Africa	3 412	201	3 234	203	5.50%
40	Lombard Insurance Company ⁽²⁾	NV	South Africa	3 233	200	2 641	184	22.39%
41	AIICO Insurance	C	Nigeria	88 323	197	71 646	174	23.28%
42	CAAT	NV	Algeria	26 716	194	25 404	182	5.17%
43	Standard Insurance	NV	South Africa	3 258	192	3 028	190	7.57%
44	Miway Insurance	NV	South Africa	3 251	191	3 171	199	2.52%
45	Auto and General Insurance ⁽²⁾	NV	South Africa	3 068	190	3 027	211	1.35%
46	ENSA	C	Angola	94 427	188	97 769	174	-3.42%
47	Momentum Insure Company ⁽²⁾	NV	South Africa	2 849	176	2 791	195	2.06%
48	ICEA Lion Life	V	Kenya	20 700	167	20 000	176	3.50%
49	Custodian and Allied Insurance	C	Nigeria	74 033	165	66 228	161	11.78%
50	AXA Mansard Insurance	C	Nigeria	68 980	154	60 198	146	14.59%
51	Jubilee	V	Kenya	17 845	144	13 955	123	27.87%
52	Nedgroup Life Assurance	V	South Africa	2 415	142	2 383	149	1.36%
53	Allianz Assurance Morocco	C	Morocco	1 486	140	1 427	153	4.16%
54	CASH Assurances	NV	Algeria	18 796	136	16 097	115	16.77%
55	SWAN Life	V	Mauritius	5 682	126	5 144	115	10.46%
56	Ethiopian Insurance Coporation ⁽²⁾	C	Ethiopia	6 500	124	6 058	138	7.30%
57	STAR	C	Tunisia	386	123	368	128	4.92%
58	MAMDA	NV	Morocco	1 278	120	1 172	125	9.04%
59	CAAR	NV	Algeria	16 496	120	16 257	117	1.47%
60	Old Mutual General	NV	Kenya	14 859	120	13 183	116	12.71%
61	CAT	NV	Morocco	1 264	119	1 177	126	7.35%
62	APA	NV	Kenya	14 655	118	10 627	93	37.90%
63	Clientele Life ⁽²⁾	V	South Africa	1 868	116	1 800	126	3.78%
64	Budget Insurance Company (RF) ⁽²⁾	NV	South Africa	1 865	115	1 795	125	3.94%
65	Compass Insurance Company	NV	South Africa	1 935	114	1 801	113	7.39%
66	GA	NV	Kenya	13 920	112	11 022	97	26.29%
67	CIC General	NV	Kenya	13 860	112	11 422	100	21.35%
68	GIG Egypt ⁽²⁾	NV	Egypt	2 003	106	1 463	93	36.87%
69	SUNU VIE	V	Côte d'Ivoire	63 954	104	60 684	105	5.39%
70	Orient Takaful Insurance Company ⁽²⁾	NV	Egypt	1 866	99	1 284	82	45.40%
71	Allianz Insurance Egypt ⁽²⁾	NV	Egypt	1 848	98	1 237	79	49.36%
72	SANLAM	NV	Côte d'Ivoire	59 846	98	56 660	98	5.62%
73	CNMA	NV	Algeria	13 285	96	12 643	91	5.07%
74	1 Life ⁽²⁾	V	South Africa	1 515	94	1 498	105	1.10%
75	Infiniti Insurance ⁽³⁾	NV	South Africa	1 332	92	1 283	86	3.79%
76	Britam General	NV	Kenya	10 851	87	9 882	87	9.80%
77	SWAN	NV	Mauritius	3 848	85	3 246	72	18.54%
78	MATU	NV	Morocco	863	81	714	76	20.81%
79	COMAR	C	Tunisia	253	80	233	81	8.32%
80	Mutual Benefits Assurance	C	Nigeria	33 786	75	29 299	71	15.31%
81	ASTREE	C	Tunisia	236	75	218	76	8.06%
82	GAT	C	Tunisia	235	75	202	70	16.07%
83	N.E.M. Insurance	NV	Nigeria	33 369	74	27 875	68	19.71%
84	Allianz Global Corporate and Specialty	NV	South Africa	1 260	74	1 151	72	9.51%
85	Jubilee Health	NV	Kenya	9 002	72	9 342	82	-3.64%
86	Maghrebia	NV	Tunisia	226	72	187	65	20.73%
87	Bupa Egypt ⁽²⁾	NV	Egypt	1 346	71	1 127	72	19.46%
88	Kenindia	V	Kenya	8 879	71	11 127	98	-20.20%
89	CIC Life	V	Kenya	8 801	71	6 997	61	25.78%
90	Mauritius Union Assurance	NV	Mauritius	3 174	70	2 586	58	22.76%
91	Suez Canal Insurance ⁽²⁾	NV	Egypt	1 323	70	1 114	71	18.73%
92	Enterprise Life Assurance	V	Ghana	722	70	609	99	18.63%
93	Nedgroup Insurance	NV	South Africa	1 143	67	1 111	70	2.93%
94	Assurances BIAT	C	Tunisia	206	66	171	59	20.35%
95	CIAR	NV	Algeria	8 857	64	8 652	62	2.37%
96	Sanlam Life	V	Kenya	7 805	63	8 524	75	-8.44%
97	Madison	NV	Kenya	7 750	62	5 785	51	33.97%
98	GIG Life Egypt ⁽²⁾	V	Egypt	1 161	62	923	59	25.79%
99	Hollard Specialist Insurance ⁽²⁾	NV	South Africa	997	62	863	60	15.48%
100	SICOM Life	V	Mauritius	2 747	61	2 417	54	13.65%

⁽¹⁾ Evolution in local currency
⁽²⁾ End of financial year 30 June
⁽³⁾End of financial year 31March
L= Life company
NL= Non-life company
C= Composite company