• Schiba plans to launch a life insurance subsidiary to expand its financial services arm.
• Côte d’Ivoire’s insurance market grew 10% in 2025, driven by strong life segment expansion.
• The group aims to mobilize savings and support social protection through new products.

Schiba announced plans to launch a life insurance business in Côte d’Ivoire, four years after creating its non-life insurance subsidiary, Schiba Assurances. The group aims to structure its insurance division and strengthen its presence in the Ivorian market.

The diversified holding company, which operates through nine subsidiaries in Côte d’Ivoire and across West Africa, confirmed in a note published in late March that it will establish Schiba Assurance Vie. The group stated that this new entity “aims to contribute to financing social protection and mobilizing savings through dedicated products.”

Founded in 2008, Schiba operates across multiple sectors, including construction, public works, real estate, energy, hydrocarbons and transport. The group already operates in the non-life insurance segment through Schiba Assurances, which it established in 2022. This subsidiary provides risk coverage for individuals and businesses and distributes insurance products.

The planned launch of a life insurance business forms part of Schiba’s strategy to structure its financial services arm and diversify its growth drivers.

A Growing and Structured Market

Côte d’Ivoire’s insurance market continues to expand steadily, according to provisional data published in February by the Association des sociétés d’assurances de Côte d’Ivoire (ASACI). The market generated revenue of CFA688.8 billion ($1.2 billion) in 2025, compared with CFA626.6 billion a year earlier, marking a 10% year-on-year increase.

The non-life segment generated CFA386.7 billion in revenue, reflecting a 7.5% increase. Meanwhile, life insurance subscriptions reached CFA302 billion, rising 13% over the same period.

SanlamAllianz and GNA continued to dominate the non-life segment, capturing a significant share of total premiums.

The life insurance segment includes ten companies and continues to expand, supported by rising volumes and a broader product offering.

This article was initially published in French by Chamberline Moko

Adapted in English by Ange J.A de Berry Quenum