FULL LIST: 43 insurance, reinsurance companies that met NAICOM recapitalisation deadline

The National Insurance Commission (NAICOM) has announced a list of 41 insurance companies and two reinsurance firms that successfully met the insurance sector recapitalisation deadline of July 31, 2026.

NAICOM published the full list in a notice dated July 31, 2026, and addressed to the general public.

NAICOM had commenced the recapitalisation exercise in August 2025, setting a 12-month window for insurance companies to comply.

What they are saying

According to a statement by NAICOM, 43 insurance and reinsurance companies have been confirmed and verified by the commission as compliant with the minimum capital requirement.

The commission added that eight insurance companies that submitted evidence of compliance shortly before the statutory deadline are currently undergoing final verification and regulatory review. This would be concluded within fourteen days

• “Through a comprehensive process of review, verification, and validation, the recapitalization exercise has delivered a major boost to the Nigerian insurance industry. It has enhanced the financial resilience of operators, attracted substantial domestic and foreign investment, and rekindled strong investor confidence,” NAICOM said.

FULL LIST

Here is the full list of 41 insurance and two reinsurance companies that met the July 31, 2026 recapitalisation deadline.

Insurance companies

• Zenith General Insurance Company Limited (Non-Life)
• Leadway Assurance Company Limited (Composite)
• Custodian Life Assurance Limited (Life)
• Custodian and Allied Insurance Limited (Non-Life)
• NEM Insurance Plc (Non-Life)
• AIICO Insurance Plc (Composite)
• CHI Life Assurance Limited (Life)
• Heirs General Insurance Limited (Non-Life)
• Fin Insurance Company Limited (Non-Life)
• Cornerstone Insurance Plc (Composite)
• Mutual Benefits Assurance Plc (Non-Life)
• Heirs Life Assurance Limited (Life)
• Fin Insurance Company Limited (Non-Life)
• Tangerine General Insurance Ltd (Non-Life)
• Capital Express Indemnity Insurance Limited (Non-Life)
• Sanlam-Allianz General Insurance Nigeria Ltd (Non-Life)
• Prudential Zenith Life Insurance Ltd (Life)
• Consolidated Hallmark Insurance Limited (Non-Life)
• Stanbic IBTC Insurance Limited (Life)
• Sanlam-Allianz Life Insurance Nigeria Limited (Life)
• Sterling Assurance Nigeria Limited (Non-Life)
• AXA Mansard Insurance Plc (Composite)
• Unitrust Insurance Co. Limited (Non-Life)
• Capital Express Life Assurance Limited (Life)
• Mutual Benefits Life Assurance Ltd (Life)
• NSIA Insurance Limited (Non-Life)
• Rex Insurance Limited (Non-Life)
• LASACO Assurance Plc (Composite)
• Linkage Assurance Plc (Non-Life)
• Anchor Insurance Company Ltd (Non-Life)
• Enterprise Life Assurance Company (Nigeria) Ltd (Life)
• Sunu Assurances Nigeria Plc (Non-Life)
• KBL Insurance Ltd (Non-Life)
• International Energy Insurance Plc (Non-Life)
• Veritas Kapital Assurance Plc (Non-Life)
• NPF Insurance Company Ltd (Non-Life)
• Fortis Global Insurance Plc (Composite)
• Coronation Life Assurance Limited (Life)
• Industrial and General Insurance Plc (Composite)
• Prestige Assurance Plc (Non-Life)
• Great Nigeria Insurance Plc (Composite)

Reinsurance

• Continental Reinsurance Plc (Reinsurance)
• FBS Reinsurance Limited (Reinsurance)

What you should know

Compliant firms comprise 23 non-life insurers, 10 life insurers, eight composite insurers, and two reinsurers.

• NAICOM had announced the completion of the insurance sector recapitalisation exercise introduced under the Nigerian Insurance Industry Reform Act (NIIRA) 2025, confirming that 43 insurance and reinsurance companies have met the new minimum capital requirements.
• The development marks the end of the 12-month compliance period granted to operators following the enactment of the new insurance law signed by President Bola Ahmed Tinubu on July 31, 2025.

In a statement issued by the Commission, NAICOM described the successful completion of the exercise as a major milestone in the transformation of Nigeria’s insurance industry.

The completion of the insurance sector recapitalisation exercise comes months after the banking sector raised N4.66 trillion in recapitalisation.

The figure was raised by 33 banks over a period of 24 months.

Currently, the pension industry is undergoing recapitalisation with a deadline set for December 31, 2026, by the National Pension Commission (PenCom).