Tangerine General Insurance: Building strength, stability, trust in Nigeria’s insurance landscape

It is no longer news that Tangerine General Insurance, at a glance, has over 70 years of insurance heritage with ₦15.13 billion GWP (2024); ₦7.8 billion PBT (2024); surpasses ₦21.8 billion shareholders’ funds; and meets ₦15 billion capital requirement, with GCR A-(NG) financial strength rating and stable outlook.

It is also no longer news that the company offers 24 to 48-hour claims settlement (valid claims) and undertakes active community impact initiatives.

What is, however, good news, is that the company even has greater sterling services for the public. This much is revealed by the Managing Director/Chief Executive Officer of Tangerine General Insurance, himself Mr Ademayowa Adeduro, in this interview with Cyril Anyika Jnr. 

How would you describe Tangerine General Insurance’s position in Nigeria’s insurance market today?

Tangerine General Insurance Limited has continued to reinforce its position as one of Nigeria’s fastest-growing and most resilient insurance companies. Our growth is driven by strong financial performance, disciplined underwriting, prudent risk management, and a clear commitment to policyholder value.

Even within a dynamic and evolving insurance environment, we remain focused on sustainable growth, innovation, and strict regulatory compliance. Our objective is simple to build a financially strong institution that consistently delivers on its promises.

Can you highlight the company’s financial performance?

In the 2024 financial year, we recorded a Gross Written Premium (GWP) of ₦15.13 billion, reflecting robust underwriting performance and increasing market acceptance across our product portfolio. Profitability remained strong, with a Profit Before Tax (PBT) of ₦7.8 billion, supported by disciplined risk selection and effective cost management.

Our Shareholders’ Funds stood at ₦21.8 billion, positioning Tangerine General Insurance as a financially stable and well-capitalised insurer capable of meeting its obligations to policyholders and stakeholders alike.

These results reflect not just growth, but quality growth anchored on long-term value creation. Building on this momentum, we closed the 2025 financial year on an even stronger note, recording further improvements across key performance indicators and reinforcing our trajectory of sustained financial resilience.

As we look ahead, 2026 is shaping up to be a defining year marked by strategic expansion, deeper market penetration, innovation across our product offerings, and continued operational excellence. With a strong capital base, disciplined governance, and a clear growth roadmap, we are well-positioned to accelerate performance and deliver even greater value to our stakeholders in the year ahead.

GCR Ratings recently affirmed the company’s financial strength. How significant is this?

The affirmation of our A-(NG) Financial Strength Rating with a Stable Outlook by GCR Ratings is a strong independent validation of our financial health. It reflects our solid capital base, prudent risk management practices, and consistent ability to meet obligations within the Nigerian insurance market.

For us, this rating strengthens confidence among regulators, investors, corporate clients, and retail policyholders. It confirms that our strategy is working.

How is Tangerine General Insurance positioned in light of the industry recapitalisation exercise?

The NAICOM-led recapitalisation initiative is a positive step for the industry, as it enhances insurers’ capacity and promotes long-term stability.

Tangerine General Insurance has surpassed the minimum required capital of N15 billion, placing the company in a strong financial position. This capital strength enhances our ability to underwrite risks confidently, meet claims obligations promptly, and support sustainable expansion.

We see recapitalisation not merely as a regulatory requirement, but as a strategic opportunity to strengthen underwriting capacity and deepen trust across the insurance value chain.

What range of products does Tangerine General Insurance offer?

We offer a comprehensive suite of insurance solutions designed to meet the needs of individuals, SMEs, and corporate organisations. These include  Motor Insurance, Marine and Aviation Insurance, Fire and Special Perils, Engineering Insurance, Oil & Gas Insurance, General Accident and Liability Covers, as well as Travel and Retail Insurance Solutions.

Across all our offerings, we maintain a customer-centric approach, efficient claims management, and a strong focus on delivering value when it matters most. We are particularly proud of our claims culture, with valid claims settled within 24 to 48 hours, reinforcing trust and reliability.

Can you speak to Tangerine General Insurance’s community footprint and corporate social responsibility initiatives?

Beyond financial performance, we remain committed to making a meaningful social impact.

Through our annual Voluntary Blood Donation Drives, conducted in collaboration with the Lagos State Blood Transfusion Service (LSBTS) and the Lagos State Accident and emergency center (LASAEC), we support Lagos State’s healthcare system by helping ensure a reliable blood supply for hospitals.

We also drive environmental and educational impact through our Recycle for Scholarship Initiative, which promotes sustainability while creating educational opportunities.

These initiatives reflect our belief that insurance goes beyond risk protection.

It is also about strengthening communities and improving lives.

What leadership philosophy drives Tangerine General Insurance?

Our leadership philosophy is anchored on accountability, operational excellence, innovation, and strong corporate governance.

We have built a culture that prioritises financial discipline, professionalism, and long-term sustainability. This approach has strengthened our market presence, deepened the stakeholder confidence, and positioned Tangerine General Insurance as a performance-driven institution ready for the future.

What lies ahead for the company?

Looking ahead, we remain focused on strengthening our balance sheet, expanding our product offerings, leveraging technology, and delivering superior service experiences.

With strong financial fundamentals, credible ratings affirmation, regulatory readiness, capable leadership, and a growing community footprint, Tangerine General Insurance is well-positioned to play a defining role in shaping the future of Nigeria’s insurance industry.