The Association of Insurance Companies of Cameroon (ASAC) has published the provisional market figures for the year ended 31 December 2022.
The total turnover of Cameroonian insurers increased by 10.12% from 2021 to 2022, reaching 253.1 billion FCFA (412.5 million USD) as opposed to 229.8 billion FCFA (397.6 million USD) at the end of the previous year.
Non-life premiums have increased by 8.83%, to stand at 166 billion FCFA (270.6 million USD) by the end of 2022.
AXA Assurance, which has 8.84% of the non-life portfolio, is ranked first among non-life insurance companies. Second by ACTIVA Assurances with a market share of 7.32% and followed by Chanas Assurances with 7.12% of the market share.
Classification of non-life insurance companies in Cameroon
Figures in thousands
| Companies | 2022 Turnover (1) |
2021 Turnover |
2021-2022 Evolution (2) | 2022 Shares | ||
| FCFA | USD | FCFA | USD | |||
| AXA Assurance | 22 374 888 | 36 471 | 21 528 222 | 37 244 | 3,93% | 8,84% |
| Activa Assurance | 18 524 770 | 30 195 | 17 246 525 | 29 837 | 7,41% | 7,32% |
| Chanas Assurances | 18 020 594 | 29 373 | 16 251 189 | 28 115 | 10,89% | 7,12% |
| SAAR Assurances | 17 012 014 | 27 730 | 15 060 018 | 26 054 | 12,96% | 6,72% |
| Allianz Cameroun | 12 382 839 | 20 184 | 10 622 795 | 18 377 | 16,57% | 4,89% |
| NSIA Cameroun | 11 154 034 | 18 181 | 11 107 233 | 19 216 | 0,42% | 4,41% |
| Garantie Mutuelle des Cadres – GMC | 10 471 894 | 17 069 | 10 586 698 | 18 315 | -1,08% | 4,14% |
| SANLAM Cameroun | 10 012 168 | 16 320 | 8 821 449 | 15 261 | 13,50% | 3,96% |
| Atlantique Assurance | 9 496 842 | 15 480 | 8 189 073 | 14 167 | 15,97% | 3,75% |
| Prudential Beneficial General Insurance | 8 284 578 | 13 504 | 5 472 173 | 9 467 | 51,39% | 3,27% |
| Zenithe Insurance | 6 858 762 | 11 180 | 7 681 084 | 13 288 | -10,71% | 2,71% |
| SUNU Assurances | 4 781 312 | 7 793 | 3 938 826 | 6 814 | 21,39% | 1,89% |
| Assurances Générales du Cameroun – AGC | 4 511 530 | 7 354 | 3 886 347 | 6 723 | 16,09% | 1,78% |
| Area Assurances | 3 745 384 | 6 105 | 4 666 181 | 8 073 | -19,73% | 1,48% |
| Royal Onyx Insurance | 3 049 681 | 4 971 | 2 654 543 | 4 592 | 14,89% | 1,21% |
| PRO ASSUR Assurances | 2 971 788 | 4 844 | 2 563 217 | 4 434 | 15,94% | 1,17% |
| Compagnie Professionnelle d’Assurance – CPA | 2 371 709 | 3 866 | 2 284 566 | 3 952 | 3,81% | 0,94% |
| Total non life | 166 024 787 | 270 620 | 152 560 139 | 263 929 | 8,83% | 65,60% |
| Grand Total | 253 102 146 | 412 556 | 229 833 107 | 397 611 | 10,12% | 100% |
(1) provisional figures
(2) Growth rate in FCFA
The written premiums for LIFE insurance reached 87.1 billion FCFA (141.9 million USD), a rise of 12.69% from the previous year. With 10.05% of the life premium income, Allianz Vie is ranked first among the best life insurance providers. The runner-up and third-place finishes are held by Prudential Beneficial Life (8.03%) and Activa Vie (3.76%), respectively.
Classification of life insurance companies in Cameroon
Figures in thousands
| Companies | 2022 Turnover (1) |
2021 Turnover |
2021-2022 Evolution (2) | 2022 Shares | ||
| FCFA | USD | FCFA | USD | |||
| Allianz Vie | 25 427 071 | 41 446 | 20 940 905 | 36 228 | 21,42% | 10,05% |
| Prudential Beneficial Life | 20 324 534 | 33 129 | 17 643 583 | 30 523 | 15,20% | 8,03% |
| ACTIVA Vie | 9 518 921 | 15 516 | 8 588 578 | 14 858 | 10,83% | 3,76% |
| SUNU Assurances Vie | 8 081 755 | 13 173 | 8 234 731 | 14 246 | -1,86% | 3,19% |
| WAFA ASSURANCE Vie |
6 230 017 | 10 155 | 6 204 426 | 10 734 | 0,41% | 2,46% |
| SAAR Vie | 6 060 564 | 9 879 | 4 431 689 | 7 667 | 36,76% | 2,39% |
| SONAM Vie | 3 258 775 | 5 312 | 3 889 458 | 6 729 | -16,22% | 1,29% |
| SANLAM Vie | 3 203 681 | 5 222 | 3 625 828 | 6 272 | -11,64% | 1,26% |
| NSIA Vie | 2 926 747 | 4 770 | 2 181 913 | 3 775 | 34,14% | 1,16% |
| ACAM Vie | 2 045 294 | 3 334 | 1 531 857 | 2 650 | 33,52% | 0,81% |
| Total life | 87 077 359 | 141 936 | 77 272 968 | 133 682 | 12,69% | 34,40% |
| Grand Total | 253 102 146 | 412 556 | 229 833 107 | 397 611 | 10,12% | 100% |
(1) Provisional figures
(2) Growth rate in FCFA
Exchange rate 31/12/2022 : 1 FCFA = 0,00163 USD ; on 31/12/2021 : 1 FCFA = 0,00173 USD
Source : Association of Insurance Companies of Cameroon (ASAC)
