6 Highest Paying Insurance Companies in Nigeria are listed and explained one by one in this article for your perusal.
In the first quarter of 2022, statistical records showed that Insurance companies in Nigeria experienced huge profit turnover amounting to a sum of over 30 billion in net demands.
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This article will focus on the highest-paying insurance companies in Nigeria which can be classified according to their rate of profit turnover.
These companies include the following; Coronation Insurance, Leadway Assurance Company Limited, Cornerstone Insurance, Mutual Benefits Assurance Plc., Consolidated Hallmark Insurance, and NEM Insurance Plc.
1. Coronation Insurance
Coronation Insurance has a network of over 587 million naira in initial payments as of 2021. Analysis has shown that the gross premium of coronation insurance was at 4.75 billion naira and in a short while, there was an incremental benefit of over 37.28% still in 2021.
This increase has been estimated and coronation insurance is capable of increasing its payment process to over 3.46 billion naira as we approach 2022.
This can be realistic as coronation insurance has over 12.36% incurred as its total gross premium and quarterly experiences a 25% growth.
2. Cornerstone Insurance Plc.
This is a private limited liability company with a network of over 800 million naira. In the first quarter of 2022, cornerstone insurance has been rated as one of the highest-paying insurance companies in Nigeria.
The gross premium of coronation insurance increases quarterly by over 6% which is over 5 billion naira. Coronation insurance also has good tax records which do not affect the huge tax profit.
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Cornerstone Insurance’s Profit after tax also came under financial tension from growth in claims as the firm reported that there was an 88.14% decline in net earnings from 658 million naira to 78 million naira.
3. Consolidated Hallmark Insurance Plc.
This is also a private limited liability company with a network of over 1 billion naira. Despite the rapid profit of over 600 million made in the year 2021, this increment still created another profit stock in the year 2022.
In the first quarter of 2022, records showed that Consolidated Hallmark Insurance had experienced over 60% in its payment as an enlargement strategy.
The insurance firm also had a gross premium of over 3 billion leading 14.4% and rated as one of the highest insurance companies in Nigeria.
4. NEM Insurance Plc.
This is also a private limited liability company with a network of over 3 billion naira.
In the year 2021, NEM Insurance had a payment claim of about 2 billion and in the first quarter of the year, the net payment of NEM Insurance had an increment of a billion naira which indicates 3 million naira.
This incremental led to a gross premium value of 9.36 billion naira in 2021 to over 11 billion naira in the fiscal year of 2022. NEM Insurance is ranked as one of the highest insurance companies in Nigeria due to its steady and consistent increase of 26.91% in every fiscal year. NEM Insurance pays 28.3% of its gross premium.
5. Leadway Assurance Company Limited
In the 19 century as far back as 1970, this insurance company has been operational, and consistent in providing excellent insurance and financial services to its clients.
Such services include life and health insurance, property insurance, savings and investment plan, annuities and pensions, premium finance, marine insurance, agriculture insurance, motor insurance, and other general insurance services, saying the clients a huge value to and bear a great amount for insurance issues.
6. Mutual Benefits Assurance Plc.
This is not just one of the highest-paying insurance companies but a consistent insurance company that has been in operation for over 20 years. it offers great returns on life and health insurance (even for an entire family), property insurance (especially when the property is damaged, this insurance company bears the risk to a great extent and this recreates a sense of relief to the clients), savings and investment plan (to encourage investment and discourage consumption which can help actualize future goals), annuities and pensions, premium finance, marine insurance, agriculture insurance (to farmers and bawdiness), vehicle insurance and other general insurance services.
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The highest paying insurance companies offer these insurance serves on the following categories or issues of concern; life and health, property, savings and investment plan, annuities, and pensions, traveling and tourism, premium finance, marine, agriculture, children’s education plans, motor, and other general insurance services.