Ranking of the 100 Best Insurance Companies in Africa for 2022
The recent ranking of the 100 best insurance companies in Africa for 2022 was published by Atlas magazine on February 22, 2024, highlighting the remarkable performances of various companies across the continent. Among these companies, several Tunisian actors stand out, testifying to the vitality of the insurance sector in Tunisia. At the top of the ranking is Sanlam, a South African company, which illustrates the excellence of the sector at the continental level.
The African Leader: Sanlam
Sanlam (Rank 1):
- 2022 Revenue: 112,168 million ZAR (6,600 million USD)
- 2021 Revenue: 107,571 million ZAR (6,741 million USD)
- Evolution: 4.27%
Sanlam is a giant in the sector, dominated by a solid financial performance and constant growth. Based in South Africa, Sanlam imposes itself as the undisputed leader of the African insurance market, thanks to a wide range of products and an extensive presence on the continent.
Tunisian Performances
Tunisia places several of its companies in this prestigious ranking, reflecting the robustness and competitiveness of its insurance sector.
- STAR (Rank 57):
- 2022 Revenue: 386 million TND (123 million USD)
- 2021 Revenue: 368 million TND (128 million USD)
- Evolution: 4.92%
- COMAR (Rank 79):
- 2022 Revenue: 253 million TND (80 million USD)
- 2021 Revenue: 233 million TND (81 million USD)
- Evolution: 8.32%
- ASTREE (Rank 81):
- 2022 Revenue: 236 million TND (75 million USD)
- 2021 Revenue: 218 million TND (76 million USD)
- Evolution: 8.06%
- GAT (Rank 82):
- 2022 Revenue: 235 million TND (75 million USD)
- 2021 Revenue: 202 million TND (70 million USD)
- Evolution: 16.07%
- Maghrebia (Rank 86):
- 2022 Revenue: 226 million TND (72 million USD)
- 2021 Revenue: 187 million TND (65 million USD)
- Evolution: 20.73%
- Assurances BIAT (Rank 94):
- 2022 Revenue: 206 million TND (66 million USD)
- 2021 Revenue: 171 million TND (59 million USD)
- Evolution: 20.35%
Although Tunisian companies are not at the top of the ranking, dominated mainly by South African companies like Sanlam and Old Mutual, their performance is remarkable in the regional context. The South African leaders display much higher revenue figures, with Sanlam at the top generating 6,600 million USD in 2022. However, the Tunisian companies show constant growth and significant improvements, which is promising for the future of the sector.