Prestige Assurance, Mutual Benefits Assurance rank among 75 fastest growing companies by FT 2022

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By Favour Nnabugwu
Two of the country insurance operators has been ranked among the 75 Africa’s Fastest-Growing Companies by Financial Times (FT) rating of which 21 companies are Nigerian own companies.
Prestige Assurance Co. Plc and Mutual Benefits Assurance Plc are the only two companies mentioned in the ranking for category 2022.
Having released its inaugural annual ranking of Africa’s Fastest Growing Companies, Financial Times’ report provides a solid glimpse at the African corporate landscape, with technology, fintech and support-service businesses adapting to a radically altered environment.
Following the rankings, South Africa had the most companies followed by Nigeria, Kenya and Egypt. The companies were ranked by their absolute growth rate, compound annual growth rate (CAGR) and revenue, showing 2017 and 2020 revenues in millions
Prestige Assurance is an insurance company with absolute growth rate of 84.0% and CAGR of 22.5 percent. The company made $19.5 million in 2020, compared to $12.5 million in 2017
Mutual Benefits Assurance Plc. The insurance company has an absolute growth rate of 45.5 percent and CAGR of 13.3 percent In 2020, it made revenue of $54.1 million, compared to $43.7 million in 2017.
The inaugural FT annual ranking of Africa’s Fastest Growing Companies provides a snapshot of corporate landscape in a continent where technology, fintech and support-service businesses have had to adapt to a radically altered environment.

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