Tangerine

What Tangerine does

Tangerine Africa, operating through its legal entity Tangerine Financial Limited (registration number 13341620), is a Nigerian investment holding company founded in 2019 that consolidates four regulated subsidiaries delivering insurance and pension solutions. Its portfolio comprises Tangerine General Insurance (non-life cover spanning motor, fire, travel, marine, aviation, agric, engineering, and accident), Tangerine Life Insurance (life cover up to ₦50,000,000 plus critical illness, savings, education, and group life products), Tangerine Health, formerly Total Health Trust (an HMO with 26 years of operating history and a 1,700+ provider network across Nigeria), and Tangerine APT Pensions (a licensed Pension Fund Administrator with presence in 29+ states). The group employs 700+ staff, serves over 500,000 customers, and operates 53 locations across Nigeria plus a London office.

The platform runs on digital-first insurance and pension administration systems, with online quote generation, policy management, and digital distribution across dedicated sites (general.tangerine.africa, life.tangerine.africa, tht.tangerine.africa, motor.tangerine.africa). Distribution is hybrid: direct corporate sales teams serve enterprise accounts, retail business outlets and nine THT branches handle SMB and individual customers, while digital self-serve channels target retail and MSMEs. Tangible scale signals include 800,000 lives insured at Tangerine Life, 240,000+ enrollees at THT, and 5,000+ corporate clients at Tangerine General. The group is licensed by NAICOM (RIC 042 for Life, 024 for General), NDPR Audit Compliant 2025, and is ranked among the top five life insurance providers in Nigeria, with THT being a 4-time NHEA HMO of the Year winner.

Revenue is generated primarily through insurance premiums (subscription/recurring, paid monthly, quarterly, or annually) across life, general, and health lines, supplemented by pension fund administration fees and asset management income from Tangerine APT Pensions. The 2020 acquisition of ARM Life Plc, facilitated by Verod Capital, and the subsequent 27% insurance revenue growth following IFRS 17 implementation mark the group's principal inflection points. Customer segments span multinationals and large corporates (primary), corporate organizations more broadly (primary), MSMEs, and individuals and families (secondary), with a hybrid segmentation approach combining persona, business unit, and size-tier strategies.

Name

Tangerine

Legal name

Tangerine Financial Limited

Website

https://tangerine.africa

Company type

Private

Founded year

2019

Operating status

Operating

Headcount range

251–500 employees

Short description

Tangerine Africa is a Nigerian investment holding company operating four regulated subsidiaries that deliver general insurance, life insurance, health insurance (HMO), and pension fund administration to over 500,000 customers across Nigeria through digital platforms and 53 physical locations.

Ownership category

akta.pro rank

Product category

Insurance and Pension Services

NAICS

Agencies, Brokerages, and Other Insurance Related Activities (5242), Insurance Agencies and Brokerages (52421), Other Insurance Funds (52519), Other Insurance Related Activities (52429)

SIC

Fire, Marine & Casualty Insurance (6331), Life Insurance (6311), Accident & Health Insurance (6321), Insurance Carriers, Nec (6399)

akta.pro primary industry

Mid-Market Commercial Package (Package Policies) (FSAJAFAB)

akta.pro secondary industries

Universal Life (UL) Insurance (FSAIABAB), Corporate Retirement Plan Advisory RIAs (ERISA 401(k)/403(b)) (FSAAACAF), Retail & Wholesale BOP (Mercantile) (FSAJAFAF)

Keywords

• Insurance services
• Pension administration
• Life insurance
• General insurance
• Health insurance

Headquarters

HQ city

Lagos

HQ country

Nigeria

HQ region

Africa

Offices24 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Technology or R&D, Infrastructure, Others

Revenue model

1. Insurance Premiums: Collection of premiums from life insurance, general insurance, and health insurance policies with flexible payment options (monthly, quarterly, annually)
2. Pension Fund Administration: Tangerine APT Pensions Limited serves as a Pension Fund Administrator and Asset Management Company, delivering retirement benefits to pensioners
3. Life Insurance Products: Life cover up to N50,000,000, critical illness benefits, flexible payment options for retail and corporate clients
4. General Insurance Products: Non-life insurance including motor, fire, travel, home, marine, aviation, engineering and accident coverage

Pricing tiers

Go-to-market motion2 records

Distribution channels5 records

Marketing channels7 records

Core offering

Tangerine is a Nigerian holding company that delivers insurance and pension solutions through four specialized subsidiaries: Tangerine General Insurance (non-life insurance), Tangerine Life Insurance (life insurance), Tangerine Health via Total Health Trust (HMO/health insurance), and Tangerine APT Pensions (pension fund administration). The group serves both individual consumers and corporate clients across Nigeria, distributing its products through physical branches, digital channels, and partner networks.

Product overview

Tangerine is a financial services platform operating as an investment holding company with four distinct subsidiaries offering complementary insurance and pension solutions. Tangerine General provides non-life insurance covering motor, fire, travel, home, marine, aviation, energy, agric, engineering, and general accident products. Tangerine Life delivers life insurance with products ranging from education plans to investment-linked offerings, featuring life cover up to ₦50,000,000. Tangerine Health (Total Health Trust) operates as an HMO providing healthcare access to 240,000+ enrollees through 1,700+ providers. Tangerine APT Pensions manages pension funds for retirees across 29+ Nigerian states. The platform also offers digital policy management, online claims processing, and quote calculators, distributed and managed through digital channels.

Differentiator

Problem solved

Functional benefit

Brands

• Tangerine General: Non-life insurance products including motor, fire, travel, marine, aviation, agric, engineering, and general accident coverage for corporate and retail customers.
• Tangerine Life
• Tangerine APT Pensions
• Tangerine Health (THT)

Products and services

• Tangerine General Insurance Non-life insurance subsidiary of the Tangerine group providing personal and commercial general insurance products including motor and property covers for individual and corporate customers in Nigeria.
• Tangerine Life Insurance Life insurance subsidiary of the Tangerine group offering individual life protection, savings, and investment-linked life assurance policies to consumers in Nigeria.
• Tangerine Health (Total Health Trust) HMO/health insurance subsidiary operating as Total Health Trust, providing managed care and health insurance plans to individual members and corporate group enrollees across Nigeria.
• Tangerine APT Pensions Pension fund administration subsidiary providing pension contribution collection, RSA account management, and retirement benefit administration to employees and corporate clients under Nigeria's pension regulatory framework.

Quantifiable outcome

• 800,000 lives insured by Tangerine Life
• +3 more outcomes

Named customers3 records

Segments4 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

One partnership is on record.

• Healthcare Providers NetworkcoreOthersTHT partners with 1,700+ healthcare providers across Nigeria and 7,000+ provider networks across Africa and India to provide comprehensive healthcare access for enrollees.

Scale indicators19 records

Recent moves6 records

Expansion highlights5 records

Regional players

• Britam Holdings Plc: Britam is a multi-line insurance and financial-services group headquartered in Kenya with East African operations across life, general, pensions, and asset management, comparable in product breadth to Tangerine but serving a different regional geography.

Direct peers

• AXA Mansard Insurance Plc: AXA Mansard is one of Nigeria's largest multi-line insurers offering life and non-life products to both retail and corporate customers, directly comparable to Tangerine's General and Life subsidiaries in the same Nigerian market.
• AIICO Insurance Plc: AIICO is a quoted Nigerian multi-line insurer (life and general) with an HMO subsidiary and a focus on retail group life and unit-linked products, mirroring Tangerine's four-subsidiary structure in the same market.
• Leadway Assurance Company Limited: Leadway is one of Nigeria's leading composite insurers offering life, general, and health products through a multi-channel distribution network, a direct competitor across Tangerine's General and Life subsidiaries.
• Coronation Insurance Plc: Coronation Insurance is a Nigerian composite insurer (life and general) serving corporate and retail customers, closely comparable to Tangerine's general and life insurance operations in the same regulatory environment.
• Hygeia HMO Limited: Hygeia HMO is one of Nigeria's largest health maintenance organisations, comparable directly to Tangerine Health (THT) in providing managed healthcare to multinationals, corporates, and individuals through a provider network model.
• ARM Pensions Managers Limited: ARM Pensions is one of Nigeria's largest Pension Fund Administrators, comparable to Tangerine APT Pensions in delivering retirement benefits and asset management under PenCom regulation.
• Stanbic IBTC Pension Managers Limited: Stanbic IBTC Pension Managers is a leading Nigerian PFA serving corporate and individual retirement savers, directly comparable to Tangerine APT Pensions in regulatory category and customer segment.

Broad incumbents

• Old Mutual Limited: Old Mutual is a Pan-African insurance and asset management group operating across multiple African markets with overlapping life and general insurance product lines, positioning it as a broad incumbent relative to Tangerine's Nigeria-focused portfolio.
• Sanlam Limited: Sanlam is a large Pan-African insurance and investment group with life, general, and asset-management operations across the continent, a broad incumbent whose portfolio overlaps Tangerine's insurance and pension subsidiaries but at significantly greater scale.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks5 records

Key highlights6 records

Customer concentration

• Xx.com/tangerinafrica
• Facebookweb.facebook.com/TangerineAfrica/?_rdc=1&_rdr
• LinkedInlinkedin.com/company/tangerine-africa
• Instagraminstagram.com/tangerineafrica?igsh=MWZ3amhybjJ3bXluZw==

Compliance4 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles6 records

Subsidiaries4 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Tangerine