Sunu Assurances Nigeria

What Sunu Assurances Nigeria does

SUNU Assurances Nigeria Plc is a Lagos-headquartered general insurance company incorporated in 1984 as Equity Assurance Nigeria and rebranded under the SUNU Group umbrella in March 2018. The company underwrites a comprehensive portfolio spanning retail lines (motor, burglary, travel, personal accident, householders/houseowners, computer all-risk) and corporate lines (marine, fire and special perils, aviation, boiler, contractors all risks, directors and officers liability, employers liability, fidelity guarantee, group personal accident, professional indemnity, public liability, builders liability, money, and automobile contingent liability). It is licensed by the National Insurance Commission (NAICOM) to underwrite all classes of general business and is a member of WAICA, NIA, and AIO.

The company's distribution architecture combines a nationwide branch network of 10+ offices across Lagos (Victoria Island HQ, Ikeja, Apapa, Ebute-Metta), Abuja, Port Harcourt, Ibadan, Onitsha, Warri, Kano, and Kaduna with a self-serve e-business portal (ebusiness.sunuassurancesnigeria.com) and a dedicated travel insurance portal (travel.sunuassurancesnigeria.com) supporting online policy purchase, claims initiation, and policy verification. A broker and agent channel extends reach into mid-market and enterprise segments. The technology layer is primarily transactional rather than AI-driven; no proprietary AI/ML capabilities are disclosed.

SUNU Assurances is majority-owned (approximately 83%) by SUNU Group, a pan-African insurance conglomerate operating across 17 African countries with 25 office locations. The entity is publicly listed on the Nigerian Exchange (NGX) under SUNU.ng and operates SUNU Health Nigeria Limited as an adjacent health insurance subsidiary. Reported FY2025 revenue was N21.6 billion (up from N15.2 billion in FY2024), with operating profit declining to N2.1 billion from N4.2 billion due to higher operating costs. The company is executing a N9.3 billion rights issue in April 2026 to meet NAICOM's N15 billion minimum capital requirement under the 2025 Reform Act by the July 2026 deadline.

Name

Sunu Assurances Nigeria

Legal name

SUNU Assurances Nigeria Plc

Website

https://sunuassurancesnigeria.com

Company type

Public

Founded year

1984

Operating status

Operating

Headcount range

1,001–5,000 employees

Short description

SUNU Assurances Nigeria Plc is a Lagos-based general insurance company offering retail and corporate coverage including motor, marine, aviation, fire, and liability lines. Listed on the Nigerian Exchange and majority-owned by pan-African SUNU Group, it distributes via 10+ branches, brokers, and digital portals.

Ownership category

akta.pro rank

Product category

General Insurance

NAICS

Direct Property and Casualty Insurance Carriers (524126), Insurance Carriers (5241), Direct Insurance (except Life, Health, and Medical) Carriers (52412)

SIC

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

akta.pro primary industry

Commercial Package / Business Owners Policies (BOP) (FSAJAMAG)

akta.pro secondary industry

Professional Umbrella / Excess (E&O/D&O Wrap) (FSAJANAH)

Keywords

• General insurance products
• Motor insurance coverage
• Corporate liability insurance
• Marine cargo insurance
• Online insurance platform

Headquarters

HQ city

Lagos

HQ country

Nigeria

HQ region

Africa

Offices11 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

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

Revenue model

1. Insurance Premiums: SUNU Assurances generates revenue through collection of insurance premiums across multiple product lines including motor, marine, fire, burglary, personal accident, travel, and corporate insurance products. Premiums are collected annually, bi-annually, or quarterly depending on policy type.
2. FY2025 Revenue: The company reported strong FY2025 revenue growth to N21.6 billion from N15.2 billion, demonstrating significant revenue expansion.

Pricing tiers

Go-to-market motion1 record

Distribution channels3 records

Marketing channels5 records

Core offering

SUNU Assurances Nigeria Plc underwrites and distributes general insurance products to retail consumers and corporate clients in Nigeria. Retail offerings include motor, burglary, travel, personal accident, householders/houseowners, and computer all-risk insurance. Corporate offerings span marine hull & cargo, fire & special perils, aviation, contractors all risks, directors & officers liability, employers liability, professional indemnity, public/builder's liability, fidelity guarantee, money, group personal accident, and automobile contingent liability. Policies are sold through a nationwide branch network, broker/agent channels, and a digital e-business portal supporting online purchase, claims initiation, and policy verification.

Product overview

SUNU Assurances Nigeria Plc operates as a general insurance company offering a comprehensive portfolio of retail and corporate insurance products alongside digital service platforms. The retail portfolio includes Motor Insurance, Burglary Insurance, Travel Insurance, Personal Accident Insurance, Householders/Houseowners Insurance, and Computer All-Risk Insurance. The corporate portfolio encompasses Marine Insurance, Fire & Special Perils Insurance, Aviation Insurance, Boiler Insurance, Contractors All Risks, Directors & Officers Liability, Employers Liability Insurance, Fidelity Guarantee Insurance, Group Personal Accident, Professional Indemnity Insurance, Public Liability Insurance, Builder's Liability Insurance, Money Insurance, and General Accident - Automobile Contingent Liability. Digital service delivery is handled through the E-Business Portal (ebusiness.sunuassurancesnigeria.com) for policy purchases, claims initiation, and policy verification, and a dedicated Travel Insurance Portal (travel.sunuassurancesnigeria.com) for travel coverage.

Differentiator

Problem solved

Functional benefit

Products and services

• Motor Insurance Compulsory insurance for motor vehicles covering accidental damage, fire, theft, vandalism, malicious damage, with optional coverage for flood and riot/strike/civil commotion. Offered as both comprehensive and third-party liability coverage with quarterly, bi-annual, and annual billing options.
• Burglary Insurance Protection against loss or damage to property resulting from burglary or burglary threat accompanied by forcible and violent breaking into or out of a building. Designed for retail property owners.
• Travel Insurance Insurance coverage for travelers against risks encountered during domestic or international travel. Purchasable via the dedicated Travel Insurance Portal.
• Personal Accident Insurance Insurance designed to provide lump sum benefits to immediate family members in the event of accident, death, or bodily injury to the insured, covering worldwide on a 24-hour basis.
• Householders/Houseowners Insurance Financial protection against disasters such as burglary, lightning, fire, and flooding for buildings and/or property, targeting homeowners and householders.
• Computer All-Risk Insurance Protection for computers and peripherals covering material damage on an all-risks basis and consequential loss including financial loss from data damage.
• Marine Insurance Covers ocean-going vessels against maritime risks (hull insurance) and insures imported goods during sea voyage against maritime risks including fire, breakages, war, and strike (cargo insurance).
• Fire & Special Perils Insurance Indemnifies against physical destruction to buildings and/or contents caused by fire, lightning, explosion, bursting water tanks, aircraft damage, riot, flood, and bush fire.
• Aviation Insurance Protection against aviation risks including coverage for aircraft hull, legal liabilities to third parties and passengers, and spares.
• Boiler Insurance Covers the result of explosion or collapse of boilers including damage to the boiler, other property, third-party property, and liability for personal injuries.
• Contractors All Risks Insurance Covers contract work including permanent and temporary works and materials, with coverage for material damage and third-party liability.
• Directors & Officers Liability Insurance Liability insurance payable to directors and officers for reimbursement of losses or defense costs arising from legal action for alleged wrongful acts.
• Employers Liability Insurance Provides compensation system for employees or dependants in the event of death, injury, disease or disability arising from employment.
• Fidelity Guarantee Insurance Compensation for loss of money, goods, or stock from dishonesty, defacement, embezzlement, forgery, and fraudulent conversion by employees.
• Group Personal Accident Insurance 24-hour protection for groups of employees against accidental injury or death from works, sports, leisure, domestic and other activities.
• Professional Indemnity Insurance Protection against legal liabilities arising from neglect, error or omission committed in a professional capacity.
• Public Liability Insurance Insurance coverage for legal liabilities to third parties arising from business operations.
• Builder's Liability Insurance Comprehensive coverage for construction work against accident legal liabilities to third parties including death, bodily injury, property damage.
• Money Insurance Cover against loss of money through theft, fire, and other causes while in transit, in a locked safe, or at a stated location.
• General Accident - Automobile Contingent Liability Insurance Protection for vehicle leasing companies against legal liabilities resulting from usage of leased vehicles by lessees.

Named customers3 records

Segments2 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature1 record

Partnerships

Three partnerships are on record, tiered core.

• AXA ClimatecoreStrategic or Co-development Partner · 29 January 2026AXA Climate structured a parametric insurance contract for Pikine, Senegal's second-largest city, providing rainfall protection with a 200 million CFA franc payout trigger when rainfall exceeds 126mm over two consecutive days.
• AXA SenegalcoreStrategic or Co-development Partner · 29 January 2026AXA Senegal participated as part of the insurance consortium providing parametric rainfall insurance coverage for Pikine, Senegal.
• ASKIA AssurancescoreStrategic or Co-development Partner · 29 January 2026ASKIA Assurances was part of the consortium of insurers providing parametric rainfall coverage for Pikine, Senegal.

Scale indicators9 records

Recent moves9 records

Expansion highlights6 records

Broad incumbents

• WAICA Reinsurance Corporation: West African insurance company reinsurer of which SUNU Group is a member. Comparable as a regional reinsurance counterparty serving the same Nigerian and West African primary insurers.
• African Reinsurance Corporation (Africa Re): Pan-African reinsurer headquartered in Lagos with Nigerian, regional, and global operations. Comparable as a pan-African insurance capital provider and SUNU Group ecosystem participant, though operating as a reinsurer rather than direct underwriter.

Direct peers

• AXA Mansard Insurance Plc: Nigerian listed general insurer affiliated with global AXA Group, offering motor, property, marine, aviation, and liability lines. Comparable as a foreign-affiliated, multi-line Nigerian P&C competitor targeting similar retail and corporate customers.
• AIICO Insurance Plc: Nigerian listed multi-line insurer (NGX) offering general business and life insurance products including motor, fire, marine, and accident lines. Comparable in scale, listed status, and product breadth to SUNU Assurances Nigeria.
• Old Mutual Nigeria: Nigerian arm of South African insurer Old Mutual offering life, savings, and general insurance products. Comparable as a foreign-affiliated, multi-line Nigerian competitor with similar retail and corporate targets.
• Cornerstone Insurance Plc: Nigerian listed insurer offering general business and life products with a strong retail focus including motor and travel insurance. Comparable in customer segmentation and digital distribution approach to SUNU Assurances.
• Sovereign Trust Insurance Plc: Nigerian listed general insurance company underwriting motor, marine, fire, oil & gas, and aviation lines. Directly comparable in corporate product mix and listed exchange exposure to SUNU Assurances Nigeria.
• Leadway Assurance Company Limited: One of Nigeria's largest composite insurers, underwriting general (motor, fire, marine, aviation, oil & gas) and life lines, with a comparable nationwide distribution footprint. Highly relevant as a direct competitor in the same Nigerian P&C market segments as SUNU Assurances.
• Sanlam Nigeria: Nigerian insurance and wealth management business of South African Sanlam group offering general insurance lines. Comparable as a foreign-affiliated Nigerian multi-line insurer targeting similar retail and SME segments.
• Custodian Insurance Nigeria Limited: Nigerian general insurance company within the Custodian Group, listed on the NGX, underwriting motor, fire, marine, and specialty lines. Directly comparable in product mix, distribution model, and target customer segments to SUNU Assurances.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xtwitter.com/SUNUAssurances
• Facebookfacebook.com/sunuassurancesnigeria
• LinkedInlinkedin.com/company/sunu-assurances-ng
• Instagraminstagram.com/sunuassurancesnigeria

Revenue estimate

Valuation estimate

Number of profiles

Profiles8 records

Subsidiaries1 record

Funding overview

Funding rounds1 record

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 Sunu Assurances Nigeria