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Nigeria’s insurance sector delivered a largely positive start to 2026, with several insurers reporting higher premium collections, stronger insurance revenue and improved profitability during the first quarter.
Data used in this ranking was compiled by Nairametrics Research from unaudited quarterly financial statements filed by the listed insurance companies with the Nigerian Exchange (NGX) for the first quarter ended March 31, 2026.
Growing awareness of insurance products, expanding distribution channels and increasing efforts to deepen insurance penetration contributed to growth across much of the industry.
While performance varied among operators, many insurers recorded notable increases in premiums received and earnings.
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Unlike gross written premium, which reflects premiums booked during a period, this ranking is based on premiums received as disclosed in insurers’ cash flow statements under operating activities. The metric captures actual cash inflows from policyholders and provides additional insight into business activity and liquidity generation.
Based on the companies reviewed, the top 10 insurers generated N275.49 billion in premiums received during the first quarter of 2026, compared with N224.99 billion in the corresponding period of 2025, representing a 22.45% increase.
Here are the top 10 insurance company CEOs based on premiums received in Q1 2026.
10. Samuel Ogbodu, SUNU Assurances Nigeria Plc (N8.05 billion)
Samuel Ogbodu, Managing Director/CEO of SUNU Assurances Nigeria Plc, oversaw premiums received of N8.05 billion in Q1 2026, compared with N7.69 billion in the corresponding period of 2025, representing a 4.61% increase.
SUNU Assurances recorded insurance revenue of N6.04 billion in Q1 2026, up from N5.28 billion in Q1 2025, representing a 14.42% increase. Profit after tax declined to N367 million from N754 million in the prior-year period, reflecting a 51.29% decrease.
Ogbodu is a Chartered Insurer and Fellow of the Chartered Insurance Institute of Nigeria with decades of experience in the insurance industry. He began his career at Nigerian Life and Pension Consultants before joining Law Union and Rock Insurance Plc, where he rose to become Head of the Special Risk Department. He later played a key role in establishing Sovereign Trust Insurance Plc and eventually became Executive Director and Chief Operating Officer.
He is an alumnus of Lagos State University, Lagos Business School and the University of Lagos and is widely recognized for his expertise in business transformation and turnaround management.
9. Daniel Braie, Linkage Assurance Plc (N8.70 billion)
Daniel Braie, Managing Director/CEO of Linkage Assurance Plc, led the insurer to premiums received of N8.70 billion in Q1 2026, compared with N8.38 billion in Q1 2025, representing a 3.83% increase.
Linkage Assurance recorded insurance revenue of N6.40 billion in Q1 2026, compared with N6.05 billion in the corresponding period of 2025, representing a 5.74% increase. Profit after tax rose to N6.25 billion from N736 million, reflecting a 748.21% increase.
Braie is a veteran insurance professional whose career spans more than four decades. He began his insurance career with UNIC Insurance in 1978 and later held senior positions at Trust & Guarantee Insurance Company and Crusader Nigeria Plc. Before joining Linkage Assurance, he served as Vice Chairman and Chief Executive Officer of Topflight Insurance Brokers Ltd.
He holds an MBA and is an Associate of both the Chartered Insurance Institute of London and the Chartered Insurance Institute of Nigeria. He is also a distinguished alumnus of the West African Insurance Institute.
8. Ademoye Shobo, Lasaco Assurance Plc (N11.88 billion)
Ademoye Shobo, Managing Director/CEO of Lasaco Assurance Plc, recorded premiums received of N11.88 billion in Q1 2026, unchanged from the N11.88 billion recorded in the corresponding period of 2025.
Lasaco Assurance recorded insurance revenue of N9.33 billion in Q1 2026, compared with N10.44 billion in Q1 2025, representing a 10.64% decline. Profit after tax increased to N2.36 billion from N1.30 billion, reflecting an 81.47% increase.
Shobo has spent more than three decades with Lasaco Assurance, having joined the company in 1993. During his career, he has worked across audit, claims, underwriting, marketing and technical operations, rising steadily through the ranks. He has served in several leadership roles, including Regional Controller for the Northern Region, Assistant General Manager, Deputy General Manager and General Manager.
He holds a degree in Chemistry from Lagos State University and is an Associate of the Chartered Insurance Institute of Nigeria.
7. Stephen Alangbo, Cornerstone Insurance Plc (N16.54 billion)
Stephen Alangbo, Managing Director/CEO of Cornerstone Insurance Plc, led the insurer to premiums received of N16.54 billion in Q1 2026, compared with N13.83 billion in Q1 2025, representing a 19.60% increase.
Cornerstone Insurance recorded insurance revenue of N14.01 billion for the quarter, up from N11.19 billion a year earlier, representing a 25.20% increase. Profit after tax declined to N1.48 billion from N1.65 billion in Q1 2025, reflecting a 9.97% decrease.
Alangbo is a seasoned insurance executive with more than 30 years of industry experience. Before becoming Managing Director of Cornerstone Insurance, he served as Executive Director, Technical Operations, and previously led ARM Life Plc as Managing Director. He has extensive expertise in risk management, corporate governance, technical operations and business development.
Alangbo holds a degree in Mathematics with Statistics from the University of Lagos and an MBA from ESUT Business School. He has also served in several industry leadership positions within the Nigerian Insurers Association.
6. Eddie Efekoha, Consolidated Hallmark Insurance (N18.30 billion)
Eddie Efekoha, Group Managing Director/CEO of Consolidated Hallmark Holdings Plc, oversaw premiums received of N18.30 billion during Q1 2026, placing the insurer among the largest premium earners in the industry.
Consolidated Hallmark Insurance recorded insurance revenue of N11.69 billion in Q1 2026, compared with N43.27 billion in Q1 2025, representing a 72.98% decline. Profit after tax rose to N20.23 billion from N6.64 billion, reflecting a 204.64% increase.
Efekoha is one of Nigeria’s most respected insurance professionals. He holds degrees in Insurance and Business Administration from the University of Lagos and has held leadership positions across several leading insurance brokerage firms, including Hogg Robinson Nigeria, Glanvill Enthoven & Co. (Nig.) and Fountain Insurance Brokers, where he served as pioneer Managing Director/CEO.
He is a former President of the Chartered Insurance Institute of Nigeria and also served as the 22nd Chairman of the Nigerian Insurers Association between 2016 and 2018.
5. Olamide Olajolo, Coronation Insurance Plc (N28.19 billion)
Olamide Olajolo, Managing Director of Coronation Insurance Plc, led the insurer to premiums received of N28.19 billion in Q1 2026, compared with N27.91 billion in Q1 2025, representing a 1.02% increase.
Coronation Insurance recorded insurance revenue of N20.92 billion during the quarter, compared with N15.76 billion in the prior-year period, representing a 32.75% increase. Profit after tax declined to N2.28 billion from N2.72 billion in Q1 2025, reflecting a 16.31% decrease.
Olajolo has about 26 years of experience in the insurance industry, spanning technical operations, business development, risk management, and sales. Before joining Coronation Insurance, he served as Managing Director/CEO of the Nigeria Liability Insurance Pool and Vice President, Business Development at Heirs Insurance Limited.
He also spent 16 years at Zenith General Insurance Company, where he rose to Executive Director, Technical Operations. He holds degrees in Insurance, Business Administration and Risk Management from the University of Lagos and is a Fellow of both the Chartered Insurance Institute of Nigeria and the Risk Managers Society of Nigeria.
4. Olufemi Asenuga, Mutual Benefits Assurance Plc (N34.55 billion)
Olufemi Asenuga, Managing Director/CEO of Mutual Benefits Assurance Plc, reported premiums received of N34.55 billion in Q1 2026, compared with N27.93 billion in Q1 2025, representing a 23.72% increase.
Mutual Benefits Assurance recorded insurance revenue of N20.39 billion during the quarter, up from N19.33 billion in the corresponding period of 2025, representing a 5.50% increase. Profit after tax declined slightly to N4.02 billion from N4.14 billion, reflecting a 2.75% decrease.
Asenuga holds both bachelor’s and master’s degrees from the University of Lagos and is an Associate of the Chartered Insurance Institute of Nigeria. Widely recognized for his academic excellence, he graduated as the best student in the Department of Insurance during the 1989/1990 session.
He joined Mutual Benefits Assurance in 1997 and rose through the ranks before becoming pioneer Managing Director of the company’s life subsidiary in 2007. He was appointed Managing Director of Mutual Benefits Assurance in December 2019.
3. Andrew Ikekhua, NEM Insurance Plc (N34.68 billion)
Andrew Ikekhua, Managing Director/CEO of NEM Insurance Plc, led the insurer, which recorded total premiums of N34.68 billion in Q1 2026, compared with N31.32 billion in the corresponding period of 2025, representing a 10.72% increase.
NEM Insurance recorded insurance revenue of N37.24 billion in Q1 2026, compared with N46.06 billion in Q1 2025, representing a 19.15% decline. Profit after tax declined to N4.08 billion from N12.82 billion, reflecting a 68.17% decrease.
Ikekhua has built a distinguished career at NEM Insurance spanning several decades. He joined the company in 1990 after previous experience at BAICO and rose through various management positions, including Branch Manager, Assistant General Manager, Deputy General Manager and General Manager (Marketing).
He holds multiple postgraduate qualifications, including MBAs in Administration and Entrepreneurship, and is a Fellow of several professional bodies, including the Institute of Chartered Economists of Nigeria and the Institute of Marketing of Nigeria.
2. Kunle Ahmed, AXA Mansard Insurance Plc (N55.46 billion)
Kunle Ahmed, Chief Executive Officer of AXA Mansard Insurance Plc, led the company to earn premiums totalling N55.46 billion in Q1 2026, compared with N46.92 billion in Q1 2025, representing an 18.19% increase.
AXA Mansard recorded insurance revenue of N48.46 billion in the period being reviewed, up from N40.33 billion in the corresponding quarter of 2025, representing a 20.15% increase. Profit after tax declined to N3.54 billion from N6.21 billion, reflecting a 43.06% decrease.
Ahmed has over 22 years of post-graduation experience in the insurance industry. After graduating from the University of Ilorin, he began his insurance career at Industrial and General Insurance (IGI) before joining AXA Mansard (then Heritage Assurance) as a pioneer employee in February 2004.
Over the years, he served in several strategic positions, including Head of Energy, Head of Regional Offices and Head of the Energy Group. He was appointed Chief Executive Officer in 2017 and has played a key role in strengthening AXA Mansard’s position as one of Nigeria’s leading insurance companies.
1. Babatunde Fajemirokun, AIICO Insurance Plc (N59.15 billion)
Babatunde Fajemirokun, Managing Director/CEO of AIICO Insurance Plc, topped the ranking with premiums received of N59.15 billion in Q1 2026, compared with N49.13 billion in the corresponding period of 2025, representing a 20.39% increase.
AIICO Insurance recorded insurance revenue of N36.67 billion during the quarter, up from N32.81 billion in Q1 2025, representing an 11.78% increase. Profit after tax rose to N5.22 billion from N4.67 billion, reflecting an 11.83% increase.
Fajemirokun has served as Managing Director and CEO of AIICO Insurance Plc since August 2019. Under his leadership, the insurer has delivered consistent growth across premium generation, insurance revenue, profitability and shareholder value. Before becoming CEO, he held several senior leadership positions within AIICO, including Group Chief Operating Officer and Head of Operations and Technology.
Earlier in his career, he worked with Accenture and Capgemini Consulting, advising financial institutions and public sector organizations on transformation initiatives. He holds an MBA from the University of Chicago Booth School of Business, a master’s degree from the University of Strathclyde and a bachelor’s degree from Glasgow Caledonian University.
