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Gross Written Premium (GWP)

  •  AIICO Insurance Plc declared in Lagos on Saturday that it recorded a Gross Written Premium GWP of N45 5 billion in the first half of 2022 The company s unaudited report showed that the GWP increased by 21 4 per cent compared with the N37 481billion recorded in the corresponding period of 2021 The insurance firm said it earned Gross Premium income of N40 573 billion which indicated a 17 9 per cent increase from the N34 435 billion earned in the corresponding period of 2021 GWP grew by 21 4 per cent year on year to N45 5 billion in the half of 2022 compared to N37 5 billion recorded in the comparative period of 2021 This was due to a year on year increase of 39 4 per cent in General Insurance to N15 5 billion compared to N11 1 billion recorded in the first half of 2021 Life Insurance premiums increased by 14 2 per cent year on year to N29 6 billion compared to N25 9 billion recorded in the corresponding period of 2021 Underwriting income from our Health Maintenance Organisations increased by 31 4 per cent year on year to N599 9 million compared to N456 4 million recorded in the comparative period under review it stated According to the underwriter its operating income in Asset Management declined by 9 5 per cent year on year to N697 6million compared to N770 5 million recorded in the corresponding period of 2021 AIICO stated that its profit before income tax from continuing operations increased by 146 9 per cent year on year to N2 2 billion in first half of 2022 compared to N908 6 million recorded in the first half of 2021 It added that its profit before income taxes across the group and its subsidiaries increased year on year contributing to the reported increases for the period According to the underwriting firm this was due to improved top line and investment performance for the period compared to what it did in the first half of 2021 AIICO also completed the sale of its stake in AIICO Pensions recording a profit from discontinued operations of N2 9 billion As a result profit for the interim period rose by 51 4 per cent to N4 9 billion in the first half of 2022 from N3 3 billion recorded in the first half of 2021 it also stated Commenting on the result Mr Babatunde Fajemirokun Managing Director and Chief Executive Officer AIICO Insurance said the half year result was a testament to the resilience of its business model and focus He said the company s unaudited results represented the firm s performances for the interim period ended June 30 2022 Fajemirokun added that the insurer had created products that its customers needed to navigate uncertain periods trusting that the company would be there when they need it AIICO Insurance Plc has been in operation in Nigeria for some 50 years NewsSourceCredit NAN
    AIICO Insurance records N45.5bn gross premium in first half of 2022
     AIICO Insurance Plc declared in Lagos on Saturday that it recorded a Gross Written Premium GWP of N45 5 billion in the first half of 2022 The company s unaudited report showed that the GWP increased by 21 4 per cent compared with the N37 481billion recorded in the corresponding period of 2021 The insurance firm said it earned Gross Premium income of N40 573 billion which indicated a 17 9 per cent increase from the N34 435 billion earned in the corresponding period of 2021 GWP grew by 21 4 per cent year on year to N45 5 billion in the half of 2022 compared to N37 5 billion recorded in the comparative period of 2021 This was due to a year on year increase of 39 4 per cent in General Insurance to N15 5 billion compared to N11 1 billion recorded in the first half of 2021 Life Insurance premiums increased by 14 2 per cent year on year to N29 6 billion compared to N25 9 billion recorded in the corresponding period of 2021 Underwriting income from our Health Maintenance Organisations increased by 31 4 per cent year on year to N599 9 million compared to N456 4 million recorded in the comparative period under review it stated According to the underwriter its operating income in Asset Management declined by 9 5 per cent year on year to N697 6million compared to N770 5 million recorded in the corresponding period of 2021 AIICO stated that its profit before income tax from continuing operations increased by 146 9 per cent year on year to N2 2 billion in first half of 2022 compared to N908 6 million recorded in the first half of 2021 It added that its profit before income taxes across the group and its subsidiaries increased year on year contributing to the reported increases for the period According to the underwriting firm this was due to improved top line and investment performance for the period compared to what it did in the first half of 2021 AIICO also completed the sale of its stake in AIICO Pensions recording a profit from discontinued operations of N2 9 billion As a result profit for the interim period rose by 51 4 per cent to N4 9 billion in the first half of 2022 from N3 3 billion recorded in the first half of 2021 it also stated Commenting on the result Mr Babatunde Fajemirokun Managing Director and Chief Executive Officer AIICO Insurance said the half year result was a testament to the resilience of its business model and focus He said the company s unaudited results represented the firm s performances for the interim period ended June 30 2022 Fajemirokun added that the insurer had created products that its customers needed to navigate uncertain periods trusting that the company would be there when they need it AIICO Insurance Plc has been in operation in Nigeria for some 50 years NewsSourceCredit NAN
    AIICO Insurance records N45.5bn gross premium in first half of 2022
    Economy2 months ago

    AIICO Insurance records N45.5bn gross premium in first half of 2022

    AIICO Insurance Plc. declared in Lagos on Saturday that it recorded a Gross Written Premium (GWP) of N45.5 billion in the first half of 2022. The company’s unaudited report showed that the GWP increased by 21.4 per cent compared with the N37.481billion recorded in the corresponding period of 2021. The insurance firm said it earned Gross Premium income of N40.573 billion which indicated a 17.9 per cent increase from the N34.435 billion earned in the corresponding period of 2021. “GWP grew by 21.4 per cent year-on-year to N45.5 billion in the half of 2022 compared to N37.5 billion recorded in the comparative period of 2021. “This was due to a year-on-year increase of 39.4 per cent in General Insurance to N15.5 billion compared to N11.1 billion recorded in the first half of 2021. “Life Insurance premiums increased by 14.2 per cent year-on-year to N29.6 billion compared to N25.9 billion recorded in the corresponding period of 2021. “Underwriting income from our Health Maintenance Organisations increased by 31.4 per cent year-on-year to N599.9 million compared to N456.4 million recorded in the comparative period under review,’’ it stated.

    According to the underwriter, its operating income in Asset Management declined by 9.5 per cent year-on-year to N697.6million compared to N770.5 million recorded in the corresponding period of 2021. AIICO stated that its profit before income tax from continuing operations increased by 146.9 per cent year-on-year to N2.2 billion in first half of 2022 compared to N908.6 million recorded in the first half of 2021. It added that its profit before income taxes across the group and its subsidiaries increased year-on-year contributing to the reported increases for the period.

    According to the underwriting firm, this was due to improved top line and investment performance for the period compared to what it did in the first half of 2021. “AIICO also completed the sale of its stake in AIICO Pensions, recording a profit from discontinued operations of N2.9 billion.

    “As a result, profit for the interim period rose by 51.4 per cent to N4.9 billion in the first half of 2022 from N3.3 billion recorded in the first half of 2021,’’ it also stated.

    Commenting on the result, Mr Babatunde Fajemirokun, Managing Director and Chief Executive Officer, AIICO Insurance said the half year result was a testament to the resilience of its business model and focus.

    He said the company’s unaudited results represented the firm’s performances for the interim period ended June 30 2022. Fajemirokun added that the insurer had created products that its customers needed to navigate uncertain periods, trusting that the company would be there when they need it.

    AIICO Insurance Plc. has been in operation in Nigeria for some 50 years.


    NewsSourceCredit: NAN

  •   Dr Sam Onyeka an insurance expert has appealed to the Federal Government to establish a specialist insurance tribunal to handle cases associated with insurance in the country Onyeka also the Lead Director Transparent Protection Ltd Guarantee TPL an insurance NGO said this at a webinar organised by TPL in Abuja on Tuesday He suggested at the webinar with title Insurance and National Development that only persons with legal background and familiar with insurance practices be appointed members of the tribunal The expert also suggested the establishment of a well funded insurance regulatory academy to provide structured training to regulatory personnel Onyeka who described the insurance sector in the country as under developed appealed to governments at all levels to take insurance business seriously He said that insurance could guarantee a credit lifestyle which was fundamental to development enable government and organisations raise long term funds and provide jobs directly and indirectlyOnyeka said that insurance could also help to absorb social and economic pressure from people and government if taken seriously According to him although the sector reported growth of 15 55 per cent in 2019 with Gross Written Premium GWP of N413 billion about U S 1billion dollars compared with N400 billion in 2018 the insurance sector in the country ranks 62nd in the world He expressed regret that insurance penetration in the country had remained at less than one per cent in comparison with South Africa having 16 9 per cent penetration The sector should pursue massive insurance awareness at the grassroots and all available funds should be deployed for this purpose Insurers in Nigeria must win back public trust and confidence by ensuring prompt settlement of all genuine claims As a matter of urgency government should establish a specialist insurance tribunal Only fit and proper persons with legal background who are familiar with insurance practice should be appointed as members he explained The expert also an Insurance and Risk Management Consultant urged the National Assembly to accelerate the passage of the Insurance Bill 2020 into law for prompt assent by President Muhammadu Buhari Onyeka emphasised the need for some insurance regulations to be relaxed in specific instances to remove entry barriers into the market He appealed to the National Insurance Commission NAICOM to register as many brokers and financial advisors as possible and also license more life insurers and reinsurers Claims settlement should be strictly enforced NGOs and faith based organisations should be brought on board for driving micro insurance development he suggested TPL was established in 2012 to help address the complex issues of insurance sector underdevelopment in the country The organisation seeks to proactively assist both the insurer and the insured to more easily understand their rights and obligations in relation to insurance contract Edited By Grace Yussuf Source NAN
    Expert wants govt to establish insurance tribunal
      Dr Sam Onyeka an insurance expert has appealed to the Federal Government to establish a specialist insurance tribunal to handle cases associated with insurance in the country Onyeka also the Lead Director Transparent Protection Ltd Guarantee TPL an insurance NGO said this at a webinar organised by TPL in Abuja on Tuesday He suggested at the webinar with title Insurance and National Development that only persons with legal background and familiar with insurance practices be appointed members of the tribunal The expert also suggested the establishment of a well funded insurance regulatory academy to provide structured training to regulatory personnel Onyeka who described the insurance sector in the country as under developed appealed to governments at all levels to take insurance business seriously He said that insurance could guarantee a credit lifestyle which was fundamental to development enable government and organisations raise long term funds and provide jobs directly and indirectlyOnyeka said that insurance could also help to absorb social and economic pressure from people and government if taken seriously According to him although the sector reported growth of 15 55 per cent in 2019 with Gross Written Premium GWP of N413 billion about U S 1billion dollars compared with N400 billion in 2018 the insurance sector in the country ranks 62nd in the world He expressed regret that insurance penetration in the country had remained at less than one per cent in comparison with South Africa having 16 9 per cent penetration The sector should pursue massive insurance awareness at the grassroots and all available funds should be deployed for this purpose Insurers in Nigeria must win back public trust and confidence by ensuring prompt settlement of all genuine claims As a matter of urgency government should establish a specialist insurance tribunal Only fit and proper persons with legal background who are familiar with insurance practice should be appointed as members he explained The expert also an Insurance and Risk Management Consultant urged the National Assembly to accelerate the passage of the Insurance Bill 2020 into law for prompt assent by President Muhammadu Buhari Onyeka emphasised the need for some insurance regulations to be relaxed in specific instances to remove entry barriers into the market He appealed to the National Insurance Commission NAICOM to register as many brokers and financial advisors as possible and also license more life insurers and reinsurers Claims settlement should be strictly enforced NGOs and faith based organisations should be brought on board for driving micro insurance development he suggested TPL was established in 2012 to help address the complex issues of insurance sector underdevelopment in the country The organisation seeks to proactively assist both the insurer and the insured to more easily understand their rights and obligations in relation to insurance contract Edited By Grace Yussuf Source NAN
    Expert wants govt to establish insurance tribunal
    Economy2 years ago

    Expert wants govt to establish insurance tribunal

    Dr Sam Onyeka, an insurance expert has appealed to the Federal Government to establish a specialist insurance tribunal to handle cases associated with insurance in the country.

    Onyeka, also the Lead Director, Transparent Protection Ltd./Guarantee (TPL), an insurance NGO said this at a webinar organised by TPL in Abuja on Tuesday.

    He suggested at the webinar with title: “Insurance and National Development’’, that only persons with legal background and familiar with insurance practices be appointed members of the tribunal.

    The expert also suggested the establishment of a well-funded insurance regulatory academy to provide structured training to regulatory personnel.

    Onyeka, who described the insurance sector in the country as under-developed, appealed to governments at all levels to take insurance business seriously.

    He said that insurance could guarantee a credit lifestyle which was fundamental to development, enable government and organisations raise long term funds and provide jobs directly and indirectly

    Onyeka said that insurance could also help to absorb social and economic pressure from people and government if taken seriously.

    According to him, although the sector reported growth of 15.55 per cent in 2019, with Gross Written Premium (GWP) of N413 billion (about U.S 1billion dollars), compared with N400 billion in 2018, the insurance sector in the country ranks 62nd in the world.

    He expressed regret that insurance penetration in the country had remained at less than one per cent in comparison with South Africa having 16.9 per cent penetration.

    “The sector should pursue massive insurance awareness at the grassroots and all available funds should be deployed for this purpose.

    “Insurers in Nigeria must win back public trust and confidence by ensuring prompt settlement of all genuine claims.

    “As a matter of urgency, government should establish a specialist insurance tribunal.

    “Only fit and proper persons with legal background who are familiar with insurance practice should be appointed as members,’’ he explained.

    The expert, also an Insurance and Risk Management Consultant, urged the National Assembly to accelerate the passage of the Insurance Bill 2020 into law for prompt assent by President Muhammadu Buhari.

    Onyeka emphasised the need for some insurance regulations to be relaxed in specific instances to remove entry barriers into the market.

    He appealed to the National Insurance Commission (NAICOM) to register as many brokers and financial advisors as possible and also license more life insurers and reinsurers.

    “Claims settlement should be strictly enforced. NGOs and faith-based organisations should be brought on board for driving micro insurance development,’’ he suggested.

    TPL was established in 2012 to help address the complex issues of insurance sector underdevelopment in the country.

    The organisation seeks to proactively assist both the insurer and the insured to more easily understand their rights and obligations in relation to insurance contract.


    Edited By: Grace Yussuf
    Source: NAN

  •  Royal Exchange General Insurance Company REGIC on Tuesday declared a Gross Written Premium GWP of N10 58 billion for the financial year ended Dec 31 2019 The company s Chairman Alhaji Rabiu Gwarzo made the declaration at the firm s 12th Annual General Meeting held virtually in Lagos Gwarzo explained that the financial results showed a Gross Premium Income of N10 86 billion while total net claims paid to policyholders stood at N1 11 billion The underwriting profit stood at N1 14 billion for the period under review Total assets for the company for the year under review was N21 94 billion with shareholders funds standing at N9 61 billion Profit before tax amounted to N974 6 million and profit after tax of N654 7 million was reported for the 2019 financial year The accounts which has been approved by the National Insurance Commission NAICOM show that the company is on the path of profitability and sustained growth All financial indices are positive for the company the chairman said The firm s Managing Director Chief Executive Officer Mr Benjamin Agili said that despite the harsh environmental condition the company was able to grow its top line figures and maintain its leadership in key corporate accounts Agili noted that the firm also participated in large ticket insurance transactions its renewed focus on the retail markets According to him the retail markets shall be a growth driver in the future and agriculture insurance which is beginning to gain traction in the insurance market in Nigeria We are expanding our strategic focus to three main areas namely Digital Insurance Retail Insurance Market and Agriculture Insurance as farming is a key economic activity in Nigeria he said In line with NAICOM s directive the managing director said the company s revised recapitalisation guidelines is poised to surpass the directive as indicated in its approved 2019 financials Agili said plans were in top gear to ensure that the company was well capitalised and able to take advantages of the opportunities that will present itself in the insurance market in Nigeria REGIC will continue to reinvent itself to be more responsive to the needs of the customer offering them the products and services they need in ways that they want We are adopting a customer centric approach to all our businesses to ensure we are competitive in the market Edited By Abdulfatah Babatunde NAN
    Royal Exchange Insurance posts N10bn premium for 2019
     Royal Exchange General Insurance Company REGIC on Tuesday declared a Gross Written Premium GWP of N10 58 billion for the financial year ended Dec 31 2019 The company s Chairman Alhaji Rabiu Gwarzo made the declaration at the firm s 12th Annual General Meeting held virtually in Lagos Gwarzo explained that the financial results showed a Gross Premium Income of N10 86 billion while total net claims paid to policyholders stood at N1 11 billion The underwriting profit stood at N1 14 billion for the period under review Total assets for the company for the year under review was N21 94 billion with shareholders funds standing at N9 61 billion Profit before tax amounted to N974 6 million and profit after tax of N654 7 million was reported for the 2019 financial year The accounts which has been approved by the National Insurance Commission NAICOM show that the company is on the path of profitability and sustained growth All financial indices are positive for the company the chairman said The firm s Managing Director Chief Executive Officer Mr Benjamin Agili said that despite the harsh environmental condition the company was able to grow its top line figures and maintain its leadership in key corporate accounts Agili noted that the firm also participated in large ticket insurance transactions its renewed focus on the retail markets According to him the retail markets shall be a growth driver in the future and agriculture insurance which is beginning to gain traction in the insurance market in Nigeria We are expanding our strategic focus to three main areas namely Digital Insurance Retail Insurance Market and Agriculture Insurance as farming is a key economic activity in Nigeria he said In line with NAICOM s directive the managing director said the company s revised recapitalisation guidelines is poised to surpass the directive as indicated in its approved 2019 financials Agili said plans were in top gear to ensure that the company was well capitalised and able to take advantages of the opportunities that will present itself in the insurance market in Nigeria REGIC will continue to reinvent itself to be more responsive to the needs of the customer offering them the products and services they need in ways that they want We are adopting a customer centric approach to all our businesses to ensure we are competitive in the market Edited By Abdulfatah Babatunde NAN
    Royal Exchange Insurance posts N10bn premium for 2019
    Economy2 years ago

    Royal Exchange Insurance posts N10bn premium for 2019

    Royal Exchange General Insurance Company (REGIC), on Tuesday, declared a Gross Written Premium (GWP) of N10.58 billion for the financial year ended Dec. 31, 2019.

    The company’s Chairman, Alhaji Rabiu Gwarzo, made the declaration at the firm’s 12th Annual General Meeting held virtually in Lagos.

    Gwarzo explained that the financial results showed a Gross Premium Income of N10.86 billion while total net claims paid to policyholders stood at N1.11 billion.

    The underwriting profit stood at N1.14 billion for the period under review.

    “Total assets for the company for the year under review was N21.94 billion with shareholders’ funds, standing at N9.61 billion.

    “Profit before tax amounted to N974.6 million and profit after tax of N654.7 million was reported for the 2019 financial year.

    “The accounts, which has been approved by the National Insurance Commission (NAICOM), show that the company is on the path of profitability and sustained growth.

    “All financial indices are positive for the company,’’ the chairman said.

    The firm’s Managing Director/Chief Executive Officer, Mr Benjamin Agili, said that despite the harsh environmental condition, the company was able to grow its top-line figures and maintain its leadership in key corporate accounts.

    Agili noted that the firm also participated in large-ticket insurance transactions, its renewed focus on the retail markets.

    According to him, the retail markets shall be a growth driver in the future and agriculture insurance, which is beginning to gain traction in the insurance market in Nigeria.

    “We are expanding our strategic focus to three main areas, namely: Digital Insurance, Retail Insurance Market and Agriculture Insurance as farming is a key economic activity in Nigeria,’’ he said.

    In line with NAICOM’s directive, the managing director said the company’s revised recapitalisation guidelines is poised to surpass the directive, as indicated in its approved 2019 financials.

    Agili said plans were in top gear to ensure that the company was well capitalised and able to take advantages of the opportunities that will present itself in the insurance market in Nigeria.

    REGIC will continue to reinvent itself to be more responsive to the needs of the customer, offering them the products and services they need, in ways that they want.

    “We are adopting a customer-centric approach to all our businesses to ensure we are competitive in the market.


    Edited By: Abdulfatah Babatunde (NAN)

  •  AIICO Insurance Plc has reported a Gross Written Premium GWP of 31 9 billion as at June 2020 which signifies a 26 per cent increase compared to N25 4 billion recorded in comparative period of 2019 A statement made available by the firm in Lagos on Monday said that the growth was driven by sustained positive performance across the major lines of business of the Group It said that the group s shareholders funds increased by 9 39 per cent from N27 9 billion in 2019 to N30 5 billion According to the statement the growth is driven by the group s earnings for the period and its strong matching of long term asset and liabilities despite volatile yields along the yield curve However the Group s Profit Before Tax PBT reduced by 28 per cent to N2 17 billion compared to N3 01 billion in the second quarter of 2019 The reduction was as a result of changes in product mix in the Retail Life business due to changes in clients preferences These product preferences were however impacted by the lower interest yield environment leading to a 71 per cent increase in the proportion of premiums that had to be transferred to life funds shown as change in life fund it said Commenting Mr Babatunde Fajemirokun Managing Director and Chief Executive Officer CEO AIICO said that other factors besides the company s operational resilience and strategic marketing within the period contributed to the successes recorded Fajemirokun mentioned its brand equity advanced level of automation and business continuity plans as factors that enabled the company to quickly adjust its business model to meet the emerging demands of the low touch economy triggered by the global pandemic The strong committed relationship we have built with our customers continue to endear them to us for repeat business new businesses and referrals he said According to him as the local and global economies gradually recover from the impact of the pandemic the firm will seize opportunities for continuous growth The managing director noted that the response strategy included product innovation technology enabled operation and distribution models coupled with unparalleled customer experience We remain optimistic that the second half of 2020 will be better AIICO s profitable outcomes amid general uncertainties challenging macro economic and highly competitive business environment is a clear indication that it remains an insurer of choice and is well positioned for long term market leadership he said AIICO Insurance is a leading composite insurer in Nigeria with a track record of serving its clients for over 50 years Founded in 1963 AIICO provides life and health insurance general insurance and investment management services as a means to create and protect wealth for individuals families and corporate customers Edited By Folorunso Poroye Oluwole Sogunle NAN
    AIICO Gross Written Premium hits N31.9bn
     AIICO Insurance Plc has reported a Gross Written Premium GWP of 31 9 billion as at June 2020 which signifies a 26 per cent increase compared to N25 4 billion recorded in comparative period of 2019 A statement made available by the firm in Lagos on Monday said that the growth was driven by sustained positive performance across the major lines of business of the Group It said that the group s shareholders funds increased by 9 39 per cent from N27 9 billion in 2019 to N30 5 billion According to the statement the growth is driven by the group s earnings for the period and its strong matching of long term asset and liabilities despite volatile yields along the yield curve However the Group s Profit Before Tax PBT reduced by 28 per cent to N2 17 billion compared to N3 01 billion in the second quarter of 2019 The reduction was as a result of changes in product mix in the Retail Life business due to changes in clients preferences These product preferences were however impacted by the lower interest yield environment leading to a 71 per cent increase in the proportion of premiums that had to be transferred to life funds shown as change in life fund it said Commenting Mr Babatunde Fajemirokun Managing Director and Chief Executive Officer CEO AIICO said that other factors besides the company s operational resilience and strategic marketing within the period contributed to the successes recorded Fajemirokun mentioned its brand equity advanced level of automation and business continuity plans as factors that enabled the company to quickly adjust its business model to meet the emerging demands of the low touch economy triggered by the global pandemic The strong committed relationship we have built with our customers continue to endear them to us for repeat business new businesses and referrals he said According to him as the local and global economies gradually recover from the impact of the pandemic the firm will seize opportunities for continuous growth The managing director noted that the response strategy included product innovation technology enabled operation and distribution models coupled with unparalleled customer experience We remain optimistic that the second half of 2020 will be better AIICO s profitable outcomes amid general uncertainties challenging macro economic and highly competitive business environment is a clear indication that it remains an insurer of choice and is well positioned for long term market leadership he said AIICO Insurance is a leading composite insurer in Nigeria with a track record of serving its clients for over 50 years Founded in 1963 AIICO provides life and health insurance general insurance and investment management services as a means to create and protect wealth for individuals families and corporate customers Edited By Folorunso Poroye Oluwole Sogunle NAN
    AIICO Gross Written Premium hits N31.9bn
    Economy2 years ago

    AIICO Gross Written Premium hits N31.9bn

    AIICO Insurance Plc has reported a Gross Written Premium (GWP) of ₦31.9 billion as at June 2020, which signifies a 26 per cent increase, compared to N25.4 billion recorded in comparative period of 2019.

    A statement made available by the firm in Lagos on Monday said that the growth was driven by sustained positive performance across the major lines of business of the Group.

    It said that the group’s shareholders’ funds increased by 9.39 per cent from N27.9 billion in 2019 to N30.5 billion.

    According to the statement, the growth is driven by the group’s earnings for the period and its strong matching of long-term asset and liabilities, despite volatile yields along the yield curve.

    “However, the Group’s Profit Before Tax (PBT) reduced by 28 per cent to N2.17 billion, compared to N3.01 billion in the second quarter of 2019.

    “The reduction was as a result of changes in product mix in the Retail Life business, due to changes in clients’ preferences.

    “These product preferences were, however, impacted by the lower interest yield environment – leading to a 71 per cent increase in the proportion of premiums that had to be transferred to life funds (shown as change in life fund), ” it said.

    Commenting, Mr Babatunde Fajemirokun, Managing Director and Chief Executive Officer (CEO) AIICO, said that other factors besides the company’s operational resilience and strategic marketing within the period contributed to the successes recorded.

    Fajemirokun mentioned its brand equity, advanced level of automation and business continuity plans as factors that enabled the company to quickly adjust its business model to meet the emerging demands of the low touch economy, triggered by the global pandemic.

    “The strong committed relationship we have built with our customers continue to endear them to us for repeat business, new businesses and referrals,” he said.

    According to him, as the local and global economies gradually recover from the impact of the pandemic, the firm will seize opportunities for continuous growth.

    The managing director noted that the response strategy included product innovation, technology-enabled operation and distribution models, coupled with unparalleled customer experience.

    “We remain optimistic that the second half of 2020 will be better.

    AIICO’s profitable outcomes, amid general uncertainties, challenging macro-economic and highly competitive business environment, is a clear indication that it remains an insurer of choice and is well positioned for long-term market leadership, ” he said.

    AIICO Insurance is a leading composite insurer in Nigeria, with a track record of serving its clients for over 50 years.

    Founded in 1963, AIICO provides life and health insurance, general insurance and investment management services, as a means to create and protect wealth for individuals, families and corporate customers.


    Edited By: Folorunso Poroye/Oluwole Sogunle (NAN)

  •  Linkage Assurance Plc on Tuesday assured its shareholders that it was on course to meeting the recapitalistion requirements despite the challenges posed by the impact of COVID 19 The company gave the assurance in a statement made available to the News Agency of Nigeria in Lagos It said that it was concurrently exploring all available options including Rights Issue private placement and internal capital sourcing to raise the required funds Mr Daniel Braie Managing Director CEO Linkage Assurance Plc assured the brokerage fraternity that the company would meet the new capital base of N10 billion Braie said Linkage Assurance Plc at the close of business in 2019 posted a Gross Written Premium GWP of N6 52 billion as against N5 39 billion during the same period in 2018 indicating a 21 per cent increase From the business generated in 2019 the company also recorded a Profit Before Tax PBT growth of 909 per cent moving from N135 million in 2018 to N1 36 billion during the review period Profit After Tax PAT also grew to N1 3 billion a 553 per cent increase from a loss position of N290 million during the same period in 2018 he said According to him underwriting profit rose by 153 per cent to close at N409 million during the review period as against loss position of N773 million the previous year The Managing Director said that investment also grew by 10 per cent moving from N2 46 billion in 2018 to N2 71 billion in 2019 Recall that the National Insurance Commision NAICOM had in May 2019 directed Insurance companies in the country to raise their capital the deadline for which is Dec 31 2020 The Industry recapitalisation requires that Life companies increase their paid up share capital from N2 billion to N8 billion General Business from N3 billion to N10 billion Composite Business from N5 billion to N18 billion and Reinsurance companies from N10 billion to N20 billion Edited By Oluwole Sogunle NAN
    Linkage Assurance assures meeting recapitalistion requirements, amidst COVID-19 impact
     Linkage Assurance Plc on Tuesday assured its shareholders that it was on course to meeting the recapitalistion requirements despite the challenges posed by the impact of COVID 19 The company gave the assurance in a statement made available to the News Agency of Nigeria in Lagos It said that it was concurrently exploring all available options including Rights Issue private placement and internal capital sourcing to raise the required funds Mr Daniel Braie Managing Director CEO Linkage Assurance Plc assured the brokerage fraternity that the company would meet the new capital base of N10 billion Braie said Linkage Assurance Plc at the close of business in 2019 posted a Gross Written Premium GWP of N6 52 billion as against N5 39 billion during the same period in 2018 indicating a 21 per cent increase From the business generated in 2019 the company also recorded a Profit Before Tax PBT growth of 909 per cent moving from N135 million in 2018 to N1 36 billion during the review period Profit After Tax PAT also grew to N1 3 billion a 553 per cent increase from a loss position of N290 million during the same period in 2018 he said According to him underwriting profit rose by 153 per cent to close at N409 million during the review period as against loss position of N773 million the previous year The Managing Director said that investment also grew by 10 per cent moving from N2 46 billion in 2018 to N2 71 billion in 2019 Recall that the National Insurance Commision NAICOM had in May 2019 directed Insurance companies in the country to raise their capital the deadline for which is Dec 31 2020 The Industry recapitalisation requires that Life companies increase their paid up share capital from N2 billion to N8 billion General Business from N3 billion to N10 billion Composite Business from N5 billion to N18 billion and Reinsurance companies from N10 billion to N20 billion Edited By Oluwole Sogunle NAN
    Linkage Assurance assures meeting recapitalistion requirements, amidst COVID-19 impact
    Economy2 years ago

    Linkage Assurance assures meeting recapitalistion requirements, amidst COVID-19 impact

    Linkage Assurance Plc on Tuesday assured its shareholders that it was on course to meeting the recapitalistion requirements, despite the challenges posed by the impact of COVID-19.

    The company gave the assurance in a statement made available to the News Agency of Nigeria in Lagos.

    It said that it was concurrently exploring all available options including Rights Issue, private placement, and internal capital sourcing to raise the required funds.

    Mr Daniel Braie, Managing Director/CEO, Linkage Assurance Plc, assured the brokerage fraternity that the company would meet the new capital base of N10 billion.

    Braie said Linkage Assurance Plc, at the close of business in 2019, posted a Gross Written Premium (GWP) of N6.52 billion as against N5.39 billion during the same period in 2018, indicating a 21 per cent increase.

    “From the business generated in 2019, the company also recorded a Profit Before Tax (PBT) growth of 909 per cent, moving from N135 million in 2018 to N1.36 billion during the review period.

    Profit After Tax (PAT) also grew to N1.3 billion, a 553 per cent increase from a loss position of N290 million during the same period in 2018, ” he said.

    According to him, underwriting profit rose by 153 per cent to close at N409 million during the review period, as against loss position of N773 million the previous year.

    The Managing Director said that investment also grew by 10 per cent, moving from N2.46 billion in 2018 to N2.71 billion in 2019.

    Recall that the National Insurance Commision (NAICOM) had, in May 2019, directed Insurance companies in the country to raise their capital, the deadline for which is Dec. 31, 2020

    The Industry recapitalisation requires that Life companies increase their paid-up share capital from N2 billion to N8 billion; General Business from N3 billion to N10 billion; Composite Business from N5 billion to N18 billion; and Reinsurance companies from N10 billion to N20 billion.


    Edited By: Oluwole Sogunle (NAN)