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Life Insurance & Pension in Nigeria

Publisher MarketLine
Published Dec 31, 2025
Length 38 Pages
SKU # MTLN20936985

Description

Life Insurance & Pension in Nigeria

Summary

Life Insurance & Pension in Nigeria industry profile provides top-line qualitative and quantitative summary information including: market share, market size (value and volume 2019-24, and forecast to 2029). The profile also contains descriptions of the leading players including key financial metrics and analysis of competitive pressures within the market.

Key Highlights
  • Life insurance is the financial cover for a contingency linked with human life, like death, disability, accident, retirement, etc. Human life is subject to risks of death and disability due to natural and accidental causes. When human life is lost or a person is disabled permanently or temporarily, there is a loss of income to the household.
  • The Nigerian life insurance & pension market recorded gross written premiums of $0.3 billion in 2024, representing a negative compound annual growth rate (CAGR) of 15.7% between 2019 and 2024.
  • The life insurance segment accounted for the market's largest proportion in 2024, with total gross written premiums of $0.2 billion, equivalent to 80.2% of the market's overall value.
  • In 2024, Nigeria accounted for 0.6% share of the Middle East & African life insurance & pension market.
Scope
  • Save time carrying out entry-level research by identifying the size, growth, major segments, and leading players in the life insurance & pension market in Nigeria
  • Use the Five Forces analysis to determine the competitive intensity and therefore attractiveness of the life insurance & pension market in Nigeria
  • Leading company profiles reveal details of key life insurance & pension market players’ global operations and financial performance
  • Add weight to presentations and pitches by understanding the future growth prospects of the Nigeria life insurance & pension market with five year forecasts by both value and volume
Reasons to Buy
  • What was the size of the Nigeria life insurance & pension market by value in 2024?
  • What will be the size of the Nigeria life insurance & pension market in 2029?
  • What factors are affecting the strength of competition in the Nigeria life insurance & pension market?
  • How has the market performed over the last five years?
  • Who are the top competitors in Nigeria's life insurance & pension market?

Table of Contents

38 Pages
1 Executive Summary
1.1. Market value
1.2. Market value forecast
1.3. Category segmentation
1.4. Geography segmentation
1.5. Market rivalry
1.6. Competitive landscape
2 Market Overview
2.1. Market definition
2.2. Market analysis
3 Market Data
3.1. Market value
4 Market Segmentation
4.1. Category segmentation
4.2. Geography segmentation
5 Market Outlook
5.1. Market value forecast
6 Five Forces Analysis
6.1. Summary
6.2. Buyer power
6.3. Supplier power
6.4. New entrants
6.5. Threat of substitutes
6.6. Degree of rivalry
7 Competitive Landscape
7.1. Who are the leading players?
7.2. What are the strengths and strategies of the leading players?
7.3. What are the recent developments in the market?
8 Company Profiles
8.1. Aiico Insurance PLC
8.2. Custodian Life Assurance Ltd
8.3. Leadway Assurance Company Ltd
8.4. Sanlam Life Insurance Nigeria Ltd
9 Macroeconomic Indicators
9.1. Country data
10 Appendix
10.1. Methodology
10.2. Industry associations
10.3. Related MarketLine research
10.4. About MarketLine
List of Tables
Table 1: Nigeria life insurance & pension market value: $ billion, 2019-24
Table 2: Nigeria life insurance & pension market category segmentation: % share, by value, 2019-24
Table 3: Nigeria life insurance & pension market category segmentation: $ billion, 2019-24
Table 4: Nigeria life insurance & pension market geography segmentation: $ billion, 2024
Table 5: Nigeria life insurance & pension market value forecast: $ billion, 2024-29
Table 6: Aiico Insurance PLC: Key Facts
Table 7: Aiico Insurance PLC: Annual Financial Ratios
Table 8: Aiico Insurance PLC: Key Employees
Table 9: Custodian Life Assurance Ltd: Key Facts
Table 10: Custodian Life Assurance Ltd: Key Employees
Table 11: Leadway Assurance Company Ltd: Key Facts
Table 12: Leadway Assurance Company Ltd: Key Employees
Table 13: Sanlam Life Insurance Nigeria Ltd: Key Facts
Table 14: Sanlam Life Insurance Nigeria Ltd: Key Employees
Table 15: Nigeria Size of Population (Million), 2020-24
Table 16: Nigeria Real GDP (Constant 2010 Prices, $ Billion), 2020-24
Table 17: Nigeria GDP (Current Prices, $ Billion), 2020-24
Table 18: Nigeria Inflation, 2020-24
Table 19: Nigeria Consumer Price Index (Absolute), 2020-24
Table 20: Nigeria Exchange Rate, 2019-24
List of Figures
Figure 1: Nigeria life insurance & pension market value: $ billion, 2019-24
Figure 2: Nigeria life insurance & pension market category segmentation: $ billion, 2019-24
Figure 3: Nigeria life insurance & pension market geography segmentation: % share, by value, 2024
Figure 4: Nigeria life insurance & pension market value forecast: $ billion, 2024-29
Figure 5: Forces driving competition in the life insurance & pension market in Nigeria, 2024
Figure 6: Drivers of buyer power in the life insurance & pension market in Nigeria, 2024
Figure 7: Drivers of supplier power in the life insurance & pension market in Nigeria, 2024
Figure 8: Factors influencing the likelihood of new entrants in the life insurance & pension market in Nigeria, 2024
Figure 9: Factors influencing the threat of substitutes in the life insurance & pension market in Nigeria, 2024
Figure 10: Drivers of degree of rivalry in the life insurance & pension market in Nigeria, 2024

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