Category: Insurance

FY’21: Leadway Assurance Pays N48bn Claims To Policyholders

JUSTINA EMMANUEL OKPARA

Following a five-year streak of outpacing the industry players in claims expense to its policyholders, Leadway Assurance Company Limited, Nigeria’s foremost insurer, maintained another year-on-year increase with N48 billion claims – the highest annual claims expense as of December 31, 2021. Leadway Assurance’s claims expenses for 2021 recorded a 10 per cent increase from N43.5billion in 2020 to N48 billion relative to the previous year.  The shareholder’s fund also recorded 18.8 per cent increase from N67.8 billion in 2020 to N80.6 billion in 2021, while posting a Total asset of…

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AXA Mansard Records 21% Drop In Profits

JUSTINA EMMANUEL OKPARA

Frontline underwriting firm, AXA Mansard Insurance Plc, has posted a 21 per cent drop in its profits before and after tax. According to the breakdown, the insurer recorded a four percent drop in profit before tax as well as 17 per cent drop in profit after tax, according to details from its 2021 financial report. Further details revealed that the company’s PBT went down from N6.04 billion recorded in 2020 to N5.78 billion posted in 2021, representing a four per cent drop. In the same vein, the profit after tax…

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Group Life: The Sour Side Of A Relief Package

Admin

Nigerian workers have been known to withstand the poorest working conditions in their workplaces. Based on the need to to sustain themselves and family members, some have had to go through very gruesome experience to remain in their jobs amid meagre payment. Amid these agonies, poor implementation of the group life insurance cover further puts the family in more pains in the event of death SUNDAY OJEME reports In the last 13 years of the country’s democratic government, not much has changed for Nigerian workers in terms of welfare. Except…

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Infractions: NGX Fines Mutual Benefits, Lasaco, Others N325.7m

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.Trading in Royal Exchange, Niger Insurance’s shares suspended For failing to adhere to regulatory rules and regulations instituted by the stock market regulator, at least seven underwriting firms have been fined a total of N325.7 million between 2020 and 2021, according to the latest X-Compliance report released by the Nigerian Exchange Group (NGX). According to the September 17 report cited by New Telegraph, Mutual Benefits Assurance Plc received the highest chunk of the fine, amounting to N256.3 million for unauthorised publication of notice of annual general meeting and problem with…

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$130,000 fraud rocks Chartered Insurance Institute of Nigeria

Cinda Martins

While insurance operators are eagerly soliciting premium from the public in the midst of a struggling economy, Nigeria’s foremost insurance institute, Chartered Insurance Institute of Nigeria (CIIN), is currently enmeshed in an alleged fraud involving nothing less than $130,000 (about N60 million) in the country’s currency. Findings by New Telegraph ( a local tabloid) revealed that the amount was said to have been syphoned from the institute’s treasury over a period of time and was discovered after a year. A source, who is privy to the malfeasance, said a former…

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NAICOM to sustain FG’s renewed confidence in insurance

Dorothy Ewah

…unveils real-time digital portal Following the confidence recently expressed by the Federal Government in the nation’s insurance industry, the management of National Insurance Commission (NAICOM) has promised to sustain the tempo in order to make insurance occupy its rightful place in the economy. Disclosing this on Thursday during a seminar organised for insurance journalists in Uyo, Akwa Ibom state, the Commissioner for Insurance, Mr. Sunday Thomas, reaffirmed that the commission would not disappoint Nigerians as a way of sustaining the confidence President Muhammadu Buhari recently reposed in the sector following…

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AIICO Insurance projects N62.23bn gross premium

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AIICO Insurance Plc is targeting to achieve N62.23 billion gross premium income for the fourth quarter ending December 2020.     In its Q4 earning forecast obtained from the Nigerian Stock Exchange (NSE), the insurance firm also projected N11.24 billion as profit after tax and N11.33 billion as profit before tax for the period.     AIICO Insurance reported gross written premiums of N31.9 billion, representing 26 per cent rise from the same period in 2019 (Q2’19: N25.4bn).     According to the insurance firm, the growth was driven by…

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FBN Insurance brokers hosts SMEs’ risk mgt, cybersecurity webinar

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FBN Insurance Brokers Limited, a subsidiary of FBN Holdings Plc, will today hosts a webinar to sensitise SMEs on risk management and cyber security. According to a press release, seasoned experts on insurance brokerage, cyber security and risk management will spearhead discussions at the webinar. The event, which is themed, “Risk Management and Business Continuity amidst COVID19,” is scheduled for 10:00a.m, the statement said. Speaking on the event, Olumide Ibidapo, MD/CEO FBN Insurance Brokers, said: “SMEs remain the engine of growth of any economy, especially developing ones like ours and…

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Benefit management: Evaluating regulators’ path to sanity

Stella Ofiko

To contain the unhealthy competition between pension fund managers and life insurance providers as regards management of retirees’ benefits, the National Pension Commission (PenCom) and the National Insurance Commission (NAICOM) recently took the bold step to address issues therein that are propelling friction in that regard.   Long before now, there existed a silent motor park type struggle for passengers between the pension fund managers as represented by Pension Fund Administrators (PFAs) and life insurance providers in the way they prospect clients for pension management. The clamour was all about…

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NAICOM tasks insurers to reposition for post-COVID-19

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  The Commissioner for Insurance, Mr Sunday Thomas, has charged operators in the insurance industry to deal with unethical business behaviour in the sector, with a view to repositioning the industry for post-COVID-19 era.   Thomas, the Chief Executive Officer, National Insurance Commission (NAICOM), spoke at the 2020 Nigerian Council of Registered Insurance Brokers (NCRIB) CEOs’ retreat, held virtually with the theme: ‘X-raying The Finance Act 2020’.   He said that as the insurance industry positions itself for Post COVID-19 era, the demands of the insuring public would require sound…

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