Industrial & General Insurance

What Industrial & General Insurance does

Industrial and General Insurance Plc (IGI) is a publicly listed Nigerian composite insurer (NSE ticker: IG) founded in January 1992 and regulated by NAICOM (RIC No. 018). Headquartered at 33A Bishop Oluwole Street, Victoria Island, Lagos, IGI provides life, non-life, and health insurance products to corporate and retail customers across Nigeria, with subsidiary operations in Uganda (NIC Uganda, acquired June 2005) and The Gambia (IGI Gamstar, acquired November 2007). Non-life offerings span motor (multiple tiered plans), marine cargo and hull, fire, aviation, oil & energy, agriculture, engineering/contractors all-risk, and general business lines; life offerings include group life, individual life (endowment, term, whole life, annuity), credit life, education plans, and staff retirement schemes. The company runs its insurance administration on the IES Online Solution (Life and Non-Life portals), powered by Syssoft Consultants Limited, with online policy purchase available for motor and travel insurance.

IGI generates revenue primarily through insurance premiums across life, non-life, and health lines (the latter through its HMO subsidiary IHMS). Pricing varies by product: motor uses tiered subscription pricing (Auto Pearl for third-party; Auto Diamond/Ruby/Sapphire/Emerald/Spinel for comprehensive); marine cargo uses pay-as-you-go pricing tied to voyage/annual policies; fire uses occupancy- and risk-based annual premiums; life products are priced by age, sum assured, and policy term (e.g., annuity at single premium, credit life at 1.5% per annum of loan value). Distribution is hybrid: a 16+ branch network across Nigeria for face-to-face corporate and retail sales, online self-service platforms (iescloud.iginigeria.com, app.iginigeria.online), IHMS for health enrollment, and reinsurance brokers (Aon, Marsh, Willis, JLT) for large commercial placements.

Following the December 2022 acquisition of a 40.7% stake by Coopvest Limited (ratified at the March 2024 AGM), IGI is now anchored in the Cooperative Federation of Nigeria ecosystem with access to over 20 million cooperative members. A new MD/CEO (Akinlolu Akinyele, formerly of Coronation Life Assurance and AXA Nigeria) was appointed in 2024 alongside a refreshed board. The company operates four core operating entities: IGI Plc (insurance), IHMS (HMO), GTSL (mortgage bank with N100M paid-up capital), and the foreign subsidiaries. Strategic intent is explicitly directed at Nigeria's underserved retail insurance market through technology investment and innovative product design.

Name

Industrial & General Insurance

Legal name

Industrial and General Insurance Plc

Website

https://iginigeria.com

Company type

Public

Founded year

1992

Operating status

Operating

Headcount range

501–1,000 employees

Short description

Industrial and General Insurance Plc (IGI) is a publicly listed Nigerian composite insurer founded in 1992, offering life, non-life, and health insurance products to corporate and retail customers through 16+ branches, digital platforms, and subsidiaries in Uganda and The Gambia.

Ownership category

akta.pro rank

Product category

Multi-line Insurance

NAICS

Direct Life Insurance Carriers (524113), Direct Health and Medical Insurance Carriers (524114), Direct Insurance (except Life, Health, and Medical) Carriers (52412)

SIC

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

akta.pro primary industry

Whole Life Insurance (FSAIABAA)

akta.pro secondary industries

Level Term Life Insurance (FSAIAAAA), Basic Group Term Life (Employer-Paid) (FSAIADAA)

Keywords

• General insurance products
• Life insurance policies
• Motor insurance coverage
• Oil and energy insurance
• Reinsurance services

Headquarters

HQ city

Lagos

HQ country

Nigeria

HQ region

Africa

Offices19 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

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

Revenue model

1. Non-Life Insurance Premiums: Collection of insurance premiums from diverse non-life insurance products including motor, fire, marine, aviation, oil & energy, engineering, and general business insurance. Revenue is generated through annual or multi-year premium payments, with pricing based on risk assessment, sum insured, and claims history.
2. Life Insurance Premiums: Collection of premiums from life insurance products including group life, individual life (endowment, term assurance, whole life, annuity plans), and retirement schemes. Premiums can be paid annually, quarterly, or as single premiums depending on the product type.
3. Health Insurance Premiums: Healthcare coverage provided through International Health Management Services (IHMS) subsidiary, offering health plans for individuals and groups under the National Health Insurance Scheme.

Pricing tiers

Go-to-market motion2 records

Distribution channels5 records

Marketing channels9 records

Core offering

Industrial and General Insurance Plc (IGI) is a Nigerian composite insurer that underwrites and distributes both life and non-life insurance products. Its non-life portfolio covers motor, fire, marine cargo and hull, aviation, oil and energy, engineering/contractors all-risk, agriculture, travel, public liability, professional indemnity, and miscellaneous general business lines. Its life portfolio covers group life, individual life (whole life, term assurance, endowment, annuity, credit life, mortgage protection, school fees, multi-investment, dividend plus), and staff retirement schemes, supported by an HMO subsidiary for health cover.

Product overview

Industrial and General Insurance Plc (IGI) offers a comprehensive and integrated range of insurance products and services. The company operates two main divisions: Non-Life Insurance and Life Insurance. Non-Life products include Motor Insurance (with multiple tiered plans: Auto Pearl, Auto Diamond, Auto Ruby, Auto Sapphire, Auto Emerald, Auto Spinel), Marine Cargo and Hull Insurance, Fire Insurance, Health Insurance, Travel Insurance, Aviation Insurance, Oil & Energy Insurance, Agriculture Insurance, Engineering/Contractors All Risk products (Plant All-Risk, Machinery Breakdown, Computer/Electronics Equipment, Erection All Risks, Contractor All-Risk, Bond), and General Business products (Personal Accident, Public Liability, Professional Indemnity, Fidelity Guarantee, Money Insurance, Householder Insurance, Estate Insurance Schemes, Workman Compensation, and more). Life Insurance products include Group Life Assurance, Individual Life products (Whole Life, Term Assurance, Endowment, Annuity, Mortgage Protection, Dividend Plus Plan, Multi-Investment Plan, Credit Life, School Fees Plan, Continuous Educational Endowment Plan), and Staff Retirement Schemes. IGI also operates online platforms (IES Life and IES Non-Life) for policy administration. The company traces its history back to January 1992 and is regulated by the National Insurance Commission (NAICOM).

Differentiator

Problem solved

Functional benefit

Brands

• IHMS (International Health Management Services): National Health Maintenance Organization (HMO) providing Social Health Insurance cover for individuals and groups.
• GTSL (Global Trust Savings & Loans Limited)
• IES (Insurance Electronic Solution) Portal
• IHMS Nigeria

Products and services

• Motor Insurance
• Marine Cargo Insurance
• Marine Hull Insurance
• Fire Insurance
• Health Insurance
• Travel and Health Insurance
• Aviation Insurance
• Oil and Energy Insurance
• Agriculture Insurance
• Contractor All-Risk Insurance
• Plant All-Risk Insurance
• Machinery Breakdown Insurance
• Machinery Protection Insurance (Loss of Profit)
• Computer and Electronics Equipment Insurance
• Erection All Risks Insurance
• Bonds
• Personal Accident / Group Personal Accident
• Public Liability Insurance
• Professional Indemnity Insurance
• Personal Liability Insurance
• Theft and Burglary Insurance
• Money Insurance
• Fidelity Guarantee Insurance
• Good-In-Transit Insurance
• Householder Insurance
• Industrial All-Risk Insurance
• Consequential Loss Insurance Policy
• Estate Fire Insurance Scheme
• Estate Comprehensive Insurance Scheme
• Workman Compensation Cover
• Group Life Assurance
• Life Gratuity Scheme
• Staff Retirement Schemes
• Whole Life Assurance
• Term Assurance Plan
• Endowment Assurance (With or Without Profit)
• Dividend Plus Plan
• Mortgage Protection Policy
• Annuity Plan
• Continuous Educational Endowment Plan (CEEP)
• School Fees Plan
• Multi-Investment Plan
• Credit Life Plan

Quantifiable outcome

• Coopvest Limited's 40.7% acquisition positioned IGI to accelerate its 5-year strategic plan and reclaim industry leadership
• +1 more outcomes

Named customers8 records

Segments9 records

Ideal customer profiles7 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

37 partnerships are on record, tiered core and minor.

• IGI Gamstar Insurance Company (Gambia)coreOthers · 1 November 2007IGI acquired substantial stake in Gamstar, a composite insurer transacting Life and General Insurance business in Gambia with two subsidiaries: Gamstar Savings & Credit Company Limited and Gamstar Life & Health Assurance Company Limited.
• NIC Uganda (National Insurance Corporation Limited)coreOthers · 1 June 2005IGI acquired majority shareholding in NIC Uganda through competitive international bid. Prior to acquisition, NIC was 100% government-owned. IGI brought management expertise and capital to expand NIC's operations in Uganda.
• Lloyd'scoreOthersInternational reinsurer providing capacity support for IGI's risk portfolio. Lloyd's is a global insurance market known for complex risk placement.
• Swiss RecoreOthersMajor international reinsurance company providing reinsurance capacity and risk expertise.
• AIGcoreOthersGlobal insurance and reinsurance provider supporting IGI's risk transfer arrangements.
• Everest RecoreOthersInternational reinsurance company providing capacity for IGI's insurance operations.
• PartnerRecoreOthersGlobal reinsurance provider supporting IGI's risk portfolio.
• Hannover RecoreOthersMajor international reinsurance group providing risk capacity.
• Sirius InternationalminorOthersInternational reinsurer in IGI's reinsurance network.
• Trust ReminorOthersInternational reinsurance company in IGI's network.
• Sava ReminorOthersInternational reinsurer providing additional capacity.
• China ReminorOthersChinese international reinsurance company in IGI's network.
• GIC ReminorOthersGovernment-backed Indian reinsurer providing capacity.
• AllianzcoreOthersGlobal insurance and reinsurance company supporting IGI.
• AXAcoreOthersMajor international insurance group providing reinsurance support.
• Sompo Japan Insurance IncminorOthersJapanese international insurer in IGI's reinsurance network.
• Africa ReinsurancecoreOthersAfrican continental reinsurer providing regional capacity support and risk sharing.
• Continental ReinsurancecoreOthersAfrican-focused reinsurance company providing regional coverage.
• Nigerian RecoreOthersNigerian national reinsurer providing mandatory cessions and capacity.
• ZEP-Re PTA Reinsurance CompanyminorOthersEastern and Southern African reinsurance pool providing regional capacity.
• WAICA ReminorOthersWest African Insurance Companies Reinsurance Association providing regional support.
• Kenya ReminorOthersKenyan government-backed reinsurer supporting African insurance market.
• FBS Reinsurance LimitedminorOthersAfrican reinsurance company in IGI's regional network.
• Aon GroupcoreOthersGlobal professional services firm providing reinsurance brokerage services for risk placement and treaty arrangements.
• MarshcoreOthersGlobal insurance broker providing reinsurance brokerage and risk advisory services.
• TysersminorOthersInternational insurance broker providing reinsurance placement services.
• Roberts Armytage & PartnersminorOthersInsurance broker providing reinsurance brokerage services.
• Alsford Page & GemsminorOthersInsurance and reinsurance broker in IGI's network.
• Price ForbesminorOthersGlobal specialty broker providing reinsurance placement.
• Malakut Insurance BrokersminorOthersInsurance brokerage firm providing reinsurance services.
• LocktonminorOthersGlobal insurance broker providing reinsurance brokerage.
• WilliscoreOthersGlobal insurance broker providing reinsurance placement and risk advisory.
• J.B.BodaminorOthersIndian insurance and reinsurance broker with African presence.
• JLTcoreOthersGlobal professional services firm providing reinsurance brokerage and risk advisory.
• Global Trust Savings & Loans Limited (GTSL)coreOthersIGI subsidiary licensed for mortgage banking under Banks and Other Financial Institutions Act. Authorized and paid-up share capital of N100 million, serving banking and mortgage needs of individual and corporate clients.
• International Health Management Services (IHMS)coreOthersIGI-linked HMO established in 2001 providing Social Health Insurance cover for individuals and groups under National Health Insurance and Managed Healthcare Services Scheme.
• Cooperative Federation of NigeriacoreStrategic or Co-development PartnerStrong relationship with the Cooperative Federation of Nigeria and its over 20 million members providing access to a vast network for insurance distribution and boosting IGI's transition and ecosystem development.

Scale indicators8 records

Recent moves7 records

Expansion highlights6 records

Others

• Continental Reinsurance: African-focused reinsurer providing capacity to IGI's portfolio. Related as a regional reinsurance counterpart rather than a directly competing underwriter.

Direct peers

• Leadway Assurance: One of Nigeria's largest composite insurers offering life and non-life products to corporate and retail customers. Closest peer in product breadth and target segments to IGI.
• Coronation Insurance Plc: Nigerian composite insurer offering life and general insurance products; the prior employer of IGI's new MD. Operates in the same target verticals (banking, oil & gas, manufacturing).
• NSIA Insurance: Nigerian composite insurer backed by the Bank of Industry, offering life and non-life products with strong corporate focus. Comparable to IGI in product breadth and target segments.
• AIICO Insurance Plc: Nigerian composite insurer with life and general insurance businesses, publicly listed, with a similar national branch footprint and corporate client base to IGI.
• Sovereign Trust Insurance Plc: Nigerian composite insurer offering life, motor, oil & gas, marine, and engineering cover. Directly comparable given overlapping product mix and corporate focus.
• Custodian Insurance Plc: Composite Nigerian insurer offering life and non-life products including motor, marine, oil & gas, and engineering. Shares the publicly-listed, multi-line structure and target verticals with IGI.
• AXA Nigeria: Composite insurer operating in Nigeria across life and non-life lines including motor, aviation, oil & gas, and engineering. Directly comparable to IGI given shared corporate focus on blue-chip clients and specialty lines.

Broad incumbents

• African Reinsurance Corporation: Pan-African reinsurer headquartered in Nigeria that provides capacity to local underwriters including IGI. Comparable as an Africa-wide insurance risk carrier in the same regulatory ecosystem.

Emerging players

• Heirs Life Assurance: Nigerian life insurer and former employer of IGI's Head of Actuarial Services. Comparable in life-only focus, IFRS 17 implementation, and annuity product offering.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks7 records

Key highlights7 records

Customer concentration

• Xx.com/IGIplc
• Facebookfacebook.com/iginigeria
• LinkedInlinkedin.com/company/industrial-and-general-insurance-plc
• Instagraminstagram.com/igi.plc

Revenue estimate

Valuation estimate

Number of profiles

Profiles15 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 Industrial & General Insurance