The African insurance industry is undergoing a profound transformation, driven by growing financial inclusion, climate-related vulnerabilities, and rapid digitization. At the heart of this shift are a handful of powerhouse companies that are not only leading in market share but also redefining the scope and purpose of insurance on the continent. These five institutions stand out for their operational scale, strategic innovation, and resilience in an increasingly complex risk environment.
ALSO READ: Top 5 Visionary Founders Transforming the Event Planning Industry
1. Sanlam Group – The Continental Powerhouse
Headquartered in South Africa, Sanlam is the largest non-banking financial services group on the continent. With operations in over 30 countries, it continues to set the standard for life and general insurance. According to Sanlam’s 2022 Integrated Report, the group recorded over $6.6 billion in insurance revenue, affirming its dominance across Africa. Its strategic alliance with Germany’s Allianz, finalized in 2023, has further expanded its reach into West, East, and North Africa. With strong investment in digital platforms and inclusive product portfolios, Sanlam remains a benchmark for both emerging and mature insurance markets.
2. Old Mutual Limited – A Legacy Reinventing Itself
Founded in 1845, Old Mutual has reinvented itself as a modern pan-African financial services provider. With operations across 13 African countries, the company has focused on localizing insurance solutions and enhancing digital distribution. According to its 2023 full-year financial results, Old Mutual reported a 32% rise in adjusted headline earnings, attributed to strong performance in life insurance, asset management, and savings products. This strategic focus on scalable financial inclusion and long-term planning continues to fuel its growth in both urban and underserved rural markets.
3. Santam Limited – Short-Term Insurance Leader
Santam is Africa’s largest short-term insurer, commanding significant market share in general insurance across Southern and Eastern Africa. A subsidiary of Sanlam, it operates independently while leveraging group-wide synergies. According to Santam’s 2022 Annual Report, the firm generated approximately $2.7 billion in gross written premiums, covering personal, commercial, and specialized risk categories. Santam is also a regional leader in agricultural insurance, disaster risk financing, and pandemic-related product innovation, responding to growing needs in climate-sensitive sectors.
4. Discovery Limited – Innovation-Driven Coverage
Discovery has reshaped the insurance landscape in Africa by integrating health tech, behavior-based rewards, and finance. Known globally for its Vitality program, which incentivizes wellness, Discovery operates across South Africa, Kenya, Nigeria, and other markets. According to its 2024 financial statement, the company manages over $15 billion in assets and offers diversified solutions in life, health, short-term insurance, and investment. Its use of data-driven risk modeling and focus on preventative health gives it a unique edge in a competitive market.
5. Jubilee Holdings – East Africa’s Dominant Player
Jubilee Holdings, headquartered in Kenya, is the largest insurer in East Africa and operates in five countries across the region. According to the company’s 2023 Annual Report, Jubilee maintains top market share positions in Kenya, Uganda, and Tanzania, driven by robust solvency ratios, digital transformation, and strategic partnerships. Its expansion into microinsurance and mobile-based platforms has played a key role in increasing insurance penetration among underserved populations, making it a trusted name in inclusive finance.
ALSO READ: Top 5 Nigerian-Made Luxury Brands Redefining African Excellence in 2025
Shaping Africa’s Insurance Future
Collectively, these five institutions represent the vanguard of Africa’s insurance renaissance. Their operations span traditional life policies, microinsurance, health tech, climate risk solutions, and cross-border financial services. While South Africa remains the epicenter of large-scale insurers, regional leaders like Jubilee are helping drive penetration in underserved markets. With over 60% of Africa’s population still uninsured, as reported by the African Insurance Organization and the World Bank, the role of these top players is critical, not just in growing market share, but in building trust, educating consumers, and supporting financial resilience across the continent. As regulatory environments mature and fintech integration accelerates, these companies are expected to play even bigger roles in shaping Africa’s economic and social stability in the years ahead.
This ranking was developed through a comparative analysis of leading African insurance companies based on their market reach, financial performance, innovation, and influence across sectors. Metrics included reported revenues, assets under management, expansion strategy, digital innovation, and regional diversification. The analysis relied on publicly available data from 2020 to mid-2025, including annual reports, investor briefings, industry rankings, and coverage from trusted financial and business sources such as Business Insider Africa, Bloomberg, The Africa Report, and official company filings.
