STANDARD ALLIANCE INSURANCE PLC

What STANDARD ALLIANCE INSURANCE PLC does

Standard Alliance Insurance Plc is a Nigerian composite insurance company headquartered in Lagos and listed on the Nigerian Stock Exchange. Founded in 1996 and operating under NAICOM oversight, the company underwrites both general insurance (motor, home, travel, marine cargo and hull, oil and gas, aviation, engineering, special risk, business, and compulsory lines) and life assurance (personal, corporate cover, education assurance, investment-linked), with specialty offerings including the Salary Protection Insurance Scheme (SPIS) and the Loss of Employment Insurance Scheme (LoEIS). Its combined branch network of 44 locations and 1,000+ agents across Nigeria underwrites individual consumers, SMEs, high-net-worth individuals, and corporate clients in oil and gas, financial institutions, telecoms, and education.

The company's technology stack centers on the SAMS (Standard Alliance Management System) for policy administration, underwriting, and claims processing, complemented by self-service web portals for direct purchase of motor third-party, marine certificate, and travel insurance, and a dedicated IT platform for LoEIS with premium calculator and direct-debit mandate processing. The group comprises wholly-owned subsidiaries SA Life Assurance Ltd, SA Properties Ltd, and SA Capital & Asset Management Ltd; in 2016 shareholder and NAICOM approval-in-principle were secured to merge SA Life into Standard Alliance to form a single composite insurer with combined total assets of N12 billion.

Revenue is generated primarily through recurring insurance premiums (general and life), supplemented by compulsory one-time/perpetual covers such as third-party motor insurance at N5,000 premium. Distribution combines direct sales divisional teams (Brokers/Multi-Clients, Direct Market, Retail, Public Sector), a 1,000+ agent network, broker partnerships, branch retail, and online self-service portals. The company underwent ownership change in December 2014 when Gemrock Management Company, a PE special purpose vehicle led by Bode Akinboye, acquired a strategic stake and reconstituted the board and management.

Name

STANDARD ALLIANCE INSURANCE PLC

Legal name

Standard Alliance Insurance Plc

Website

https://sainsuranceng.com

Company type

Public

Founded year

1996

Operating status

Operating

Headcount range

1–10 employees

Short description

Standard Alliance Insurance Plc is a Nigerian composite insurer offering general and life insurance plus specialty products (SPIS, LoEIS) through 44 branches and 1,000+ agents to individuals, SMEs, and corporate clients in Nigeria.

Ownership category

akta.pro rank

Product category

General Insurance

NAICS

Direct Insurance (except Life, Health, and Medical) Carriers (52412), Direct Life, Health, and Medical Insurance Carriers (52411)

SIC

Insurance Carriers, Nec (6399), Life Insurance (6311)

akta.pro primary industry

Specialty Insurance Brokerage (Marine, Aviation, Cyber, Professional Lines) (FSAEADAJ)

akta.pro secondary industries

Standard Personal Auto Insurance (Liability, Collision & Comprehensive) (FSAJAAAA), Product Liability & Recall (FSAJAGAG)

Keywords

• General insurance products
• Life assurance services
• Composite insurance
• Motor insurance
• Marine insurance

Headquarters

HQ city

Lekki

HQ country

Nigeria

HQ region

Africa

Offices1 record

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

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

Revenue model

1. General Insurance Premiums: Collection of insurance premiums from diverse general insurance products including motor, home, business, engineering, special risk, and compulsory insurance. Revenue is generated through policy issuance with premiums collected upfront or on installment basis.
2. Life Assurance Premiums: Collection of life insurance premiums including personal insurance, corporate cover, education assurance, investment-linked life assurance, and group life/annuity policies. The company focuses on savings and investment-linked life assurance as well as group life and annuity policies.
3. Compulsory Insurance Products: Revenue from compulsory insurance products mandated by Nigerian law including Third Party Motor Insurance, Occupiers Liability Insurance, and Aviation Insurance. Premiums from compulsory covers include Third Party Motor at N5,000 premium.

Pricing tiers

Go-to-market motion3 records

Distribution channels5 records

Marketing channels5 records

Core offering

Standard Alliance Insurance Plc is a Nigerian composite insurance company that underwrites and distributes a full range of general insurance products (motor, home, travel, marine cargo and hull, oil and gas, aviation, engineering, special risk, business, and compulsory insurance) and life assurance products (personal and corporate cover, education assurance, investment-linked life assurance, and group life/annuity). It sells these policies through 44 branches, 1,000+ agents, broker partnerships, dedicated sales divisions, and online self-service portals, collecting premiums upfront or on installment and settling claims for individual consumers and corporate clients across Nigeria.

Product overview

Standard Alliance Insurance Plc is a Nigerian insurance company offering a comprehensive portfolio of insurance products and services. The company operates as a composite insurer with both general insurance and life assurance divisions. General insurance products include Motor Insurance, Home Insurance, Travel Insurance, Marine Insurance (Cargo and Hull), Oil & Gas Insurance, Aviation Insurance, Engineering Insurance (Contractors All Risks, Erection All Risk, Machinery Breakdown, Plant All-Risk), Special Risk Insurance (Boiler & Pressure Vessel), Business Insurance (Bonds, Consequential Loss, Fidelity Guarantee, Goods in Transit, Money, Public/Product Liability), and Compulsory Insurance (Third Party Motor, Occupiers Liability, Professional Indemnity). Personal insurance offerings include Motor Insurance, Group Personal Accident Insurance, and Household/All Risk coverage. Life Assurance products encompass Personal Insurance, Corporate Cover, Education Assurance Cover, and Investment-Linked Life Assurance. The company also offers specialty products like the Salary Protection Insurance Scheme (SPIS) and Loss of Employment Insurance Scheme (LoEIS). The products are distributed through multiple channels including branches, agents (over 1000 agents), and online portals for motor third party, marine certificates, and travel insurance.

Differentiator

Problem solved

Functional benefit

Brands

• Sainsurance: Online insurance brand - 'Protecting Your Future with Alliance Insurance'
• LoEIS (Loss of Employment Insurance Scheme)
• SA Insurance LoEIS
• SPIS (Salary Protection Insurance Scheme)

Products and services

• Motor Insurance Comprehensive motor vehicle insurance covering damage to third parties and own vehicle, including third party motor insurance with Premium Cover starting at N5,000. For vehicle owners and corporate fleet operators.
• Home Insurance Protection for private dwellings covering building structure, contents, and liability for owners and tenants against loss or damage from fire, theft, flood, and other perils. For homeowners and tenants.
• Travel Insurance Insurance coverage for travelers against trip-related risks and emergencies while traveling domestically or internationally. For individual and corporate travelers.
• Marine Cargo Insurance Insurance coverage for goods in transit against loss or damage during transportation by sea, air, or land. For importers, exporters, and logistics businesses.
• Marine Hull Insurance Coverage for vessels and watercraft against physical damage while in operation or docked. For vessel owners and marine operators.
• Oil & Gas Insurance Specialized insurance coverage for the oil and gas industry covering upstream, midstream, and downstream operations and assets. For oil and gas operators and contractors.
• Aviation Insurance Comprehensive coverage for aircraft including hull, war risks, spare parts, third party legal liability, passenger liability, baggage, cargo, and mail liability. For aircraft owners, operators, and aviation businesses.
• Business Insurance Suite Comprehensive business coverage including bonds, consequential loss, fidelity guarantee, goods in transit, money, public/product liability, burglary, and fire and special perils insurance. For SMEs and corporate clients.
• Engineering Insurance Suite Coverage for construction and engineering projects including contractors all risks, erection all-risk, machinery breakdown, and plant all-risk insurance. For contractors, engineers, and industrial operators.
• Boiler & Pressure Vessel Insurance Coverage for sudden breakdown or explosion of equipment including refrigeration, air conditioning, turbines, pumps, boilers, and pressure vessels against resulting damage and third party liabilities. For industrial operators and manufacturers.
• Third Party Motor Insurance Compulsory motor insurance covering damages caused to third party vehicles and persons, with Premium Cover at N5,000, Third Party Property Damage Liability up to N1 million, and Third Party Bodily Injury/Death coverage unlimited. For all vehicle owners as required by Nigerian law.
• Occupiers Liability Insurance Compulsory coverage for building owners and occupiers protecting against legal liabilities from loss, damage, bodily injury, or death suffered by users of premises and third parties. For property owners and occupiers.
• Professional Indemnity Insurance Coverage protecting professionals against claims arising from negligence, errors, or omissions in their professional services. For professionals and professional services firms.
• Life Assurance Life insurance products including personal insurance, corporate cover, education assurance cover, and investment-linked life assurance policies. For individuals, families, and corporate groups.
• Corporate Cover Group life and corporate insurance coverage for businesses including employee benefit programs and business protection. For corporate groups and SMEs.
• Education Assurance Cover Insurance coverage designed to ensure continuity of education funding for children in case of unexpected events. For parents and guardians.
• Investment-Linked Life Assurance Life insurance policy with investment component linked to fund performance, combining protection with savings and investment growth. For individual and corporate investors.
• Loss of Employment Insurance Scheme (LoEIS) Income protection scheme providing scaled salary payments for 2 years if subscriber loses job accidentally, with benefits starting at 100% of monthly salary for first 6 months, reducing to 25% for last 6 months. For salaried employees and professionals.
• Group Personal Accident Insurance Policy providing compensation for staff for accidents resulting in death, permanent disablement, total temporary disablement, and medical expenses while in employment. For employers providing employee accident benefits.
• Computer/Electronics Insurance Coverage for computer and electronic equipment against accidental damage or loss while on business premises, with extensions for consequential loss of revenue and data retrieval costs. For businesses operating IT equipment.
• Fire and Special Perils Insurance Coverage for property damage or destruction caused by fire, lightning, explosion, water pipe overflow, malicious damage, impact, bush fire, and strike or civil commotion. For commercial and residential property owners.
• Bonds Insurance Guarantee bonds for contractors including performance bonds, advance payment bonds, tender bid bonds, customs bonds, credit bonds, supply bonds, and counter-indemnity bonds. For contractors and businesses requiring contractual guarantees.
• Salary Protection Insurance Scheme (SPIS) Income protection insurance providing scaled salary payments for up to 2 years if the policyholder loses their job. For salaried professionals seeking income protection.

Quantifiable outcome

• Over N700 million in inherited general insurance claims settled within 2015 under new management
• +3 more outcomes

Named customers5 records

Segments4 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature5 records

Partnerships

Six partnerships are on record, tiered core and minor.

• SA Life Assurance LimitedcoreStrategic or Co-development Partner · 1 January 2016SA Life Assurance Limited is the life insurance subsidiary of Standard Alliance Group undergoing a merger with Standard Alliance Insurance Plc. The merger, approved by NAICOM in principle and pending SEC approval, creates a full-fledged composite insurance company combining general and life insurance businesses under one structure. The merger delivers economics of scale through shared services, single board and management, cross-selling opportunities, and combined asset base of N12 billion.
• NAICOM (National Insurance Commission)coreOthersNAICOM is the regulatory body for the Nigerian insurance industry that confirmed Standard Alliance as a composite insurance company and granted approval-in-principle for the merger between SA Life and Standard Alliance Insurance Plc.
• Nigerian Stock Exchange (NSE)coreOthersThe Nigerian Stock Exchange is where Standard Alliance Insurance Plc is listed and quoted. The company won the President Merit Award of the NSE for compliance with listing requirements including timely financial reporting and AGM conduct.
• CIIN (Chartered Insurance Institute of Nigeria)minorOthersProfessional insurance institute whose logo appears on the SA Insurance website as a partner/affiliation organization.
• NIA (Nigerian Insurers Association)minorOthersIndustry association for insurance companies in Nigeria. Bode Akinboye formerly served on the Governing Council of NIA and was Treasurer of the Association.
• SEC (Securities and Exchange Commission)coreOthersSEC is the Nigerian capital markets regulator that provides regulatory approval for the merger between SA Life Assurance Limited and Standard Alliance Insurance Plc, alongside NAICOM.

Scale indicators9 records

Recent moves7 records

Expansion highlights5 records

Direct peers

• Custodian and Allied Insurance Plc: Nigerian composite insurer offering general and life insurance products with a strong corporate and retail footprint. Directly comparable in product breadth, multi-channel distribution, and target client mix to Standard Alliance.
• Cornerstone Insurance Plc: Nigerian composite insurer underwriting general business and life products with broad branch and broker distribution. Comparable peer in scale, regulatory standing, and customer segmentation to Standard Alliance.
• AIICO Insurance Plc: Top-tier Nigerian composite insurance company offering life, health, and general insurance products including motor, fire, and engineering. Directly comparable to Standard Alliance as a competing composite carrier in the same Nigerian retail, SME, and corporate segments.
• Leadway Assurance Company Limited: One of Nigeria's largest composite insurers offering life and general insurance to individuals and corporates through an extensive product portfolio. Comparable to Standard Alliance in scale, customer base, and breadth of cover.
• Sovereign Trust Insurance Plc: Nigerian composite insurer providing general and life cover including oil & gas, marine, motor, and engineering. Direct peer operating under the same NAICOM regime with overlapping specialty-line focus.
• Coronation Insurance Plc (formerly Wapic Insurance): Nigerian composite insurer serving retail and corporate clients with general and life products. Comparable peer given NSE listing, broad portfolio, and similar competitive positioning against Standard Alliance.
• AXA Mansard Insurance Plc: Major Nigerian composite insurer offering general and life insurance to corporate and individual clients across motor, marine, property, and specialty lines. One of the largest and most directly comparable competitors to Standard Alliance in the same NAICOM regulatory and multi-channel distribution environment.

Regional players

• African Reinsurance Corporation (Africa Re): Pan-African reinsurer headquartered in Lagos providing retrocession and reinsurance capacity to Nigerian and African insurers including composite carriers like Standard Alliance. Relevant as a regional counterparty shaping underwriting capacity and pricing across the market.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights7 records

Customer concentration

Revenue estimate

Valuation estimate

Number of profiles

Profiles15 records

Subsidiaries3 records

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 STANDARD ALLIANCE INSURANCE PLC