Earnings Forecast: Linkage Assurance targets N291.09m profit in Q1

Linkage Assurance targets N291.09m profit in Q1

Earnings Forecast: Linkage Assurance targets N291.09m profit in Q1 Expects N4.92bn gross premium   Linkage Assurance Plc has projected to make N291.08 million as its profit after tax (PAT) for the first quarter of 2021, while it expects N4.92 billion gross premium written for the period. In its Q1 earning forecast filed on Nigerian Stock Exchange (NSE), the insurance firm also projected N291.09 m as profit after tax and N415.85 million as profit before tax for the period. For the fourth quarter ended December 31, 2019, the underwriting firm’s unaudited…

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NSE admits 4.36bn Ordinary Shares of AIICO Insurance

NSE admits 4.36bn Ordinary Shares of AIICO Insurance About 4.36 billion ordinary shares of AIICO Insurance Plc were listed on the daily official list of the Nigerian Stock Exchange, according a report obtained from the NSE at the weekend. The additional shares listed arose from the company’s Rights Issue of 4.36 billion ordinary shares of 50 kobo each at 80 Kobo per share on the basis of five new ordinary shares for every 13 ordinary shares held as at Monday, June 15, 2020. The Rights Issue was 100 per cent…

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NAICOM tasks insurers on N463.1bn annuity business

NAICOM tasks insurers

NAICOM tasks insurers on N463.1bn annuity business   The National Insurance Commission (NAICOM) has expressed worries over the declining participation of life companies in retiree life annuity (RLA) business, which is considered a huge opportunity for the industry. RLA is a pension benefit administered by life insurance companies, which provides pension benefits for retirees all through their lifetime. It is estimated to have a pool of funds over N463.1 billion. Sunday Thomas, the commissioner for insurance, who raised the concern at the 2020 Insurance Directors’ Conference, organised by NAICOM and…

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NAICOM licenses four new insurance firms

COVID-19: NAICOM segments recapitalization target for insurance firms

NAICOM licenses four new insurance firms Ending over 10 years of embargo on licensing of new insurance underwriting firms, the National Insurance Commission (NAICOM), at the weekend said it has received applications from four insurance firms seeking to obtain operational licenses to commence operation in Nigeria. The Commission, gave the names of the four firms as Heir Insurance Limited, which is seeking to be licensed as General insurance business underwriter; Stanbic IBTC Insurance Limited, which yet to declare its area of interest; Heirs Life Assurance Limited, for life insurance underwriting;…

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NAICOM moves to force Nigeria insurers clear backlog of unsettled claims

NAICOM

The National Insurance Commission (NAICOM) has revealed plan to sanitise the insurance sector and redeeming its image, by using stringent measures to make insurers in the country clear backlog of unsettled claims. Sunday Thomas, Nigeria’s commissioner for insurance and chief executive of NIACOM said the commission was already compiling a list to detail insurance companies with huge unsettled claims for necessary regulatory action. Thomas disclosed this at the 2020 insurance directors’ conference the commission organised in Lagos, where he told the board of directors of various insurance companies, that insurance has…

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AXA approaches stock investors for fresh N12.75bn capital

AXA MANSARD INSURANCE

Creates new 25.5bn new shares ____________________________  AXA Mansard Insurance Plc has revealed plans to raise its share capital from its current N5.25 billion to N18 billion, equivalent to 242.86 per cent increase. The company made this known through a filling at the Nigerian Stock Exchange (NSE) informing its shareholders and the investing public of an Extraordinary General Meeting where the issue of capital raise, alongside many other issues will be discussed. According to the company, the new capital target will be raised by creation of additional 25.5 billion ordinary shares…

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Universal Insurance pays N1.2bn claims

Universal Insurance Plc says it paid N1.2 billion as claims to its policyholders who suffered losses in five years. It said this in a statement titled ‘Policyholders rejoice, applaud Universal Insurance for prompt claims settlement’. The breakdown of the claims paid showed that the company paid N147.8 million claims in 2015, N111.1 million in 2016, N330.3 million in 2017, N334.2 million in 2018, while it settled N338.2 million claims in 2019 financial period. Ben Ujoatuonu, the managing director, Universal Insurance, said the company was presently meeting all its obligations especially,…

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Law Union & Rock to delist as NSE places its shares on full suspension

All is set for Law Union & Rock Insurance Plc to delist its shares from the Nigerian Stock Exchange (NSE) following approval by the Nigerian bourse. The insurance firm disclosed in a press release over the weekend that following the approval, it is set to commence the payment of N1.23 per share for every 50 kobo ordinary share to shareholders. Meanwhile, management of the bourse on Friday placed the shares of the company on full suspension, implying a total cessation of trading activities on the shares. The NSE explained that…

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2020: Global life & health insurance becomes biggest industry with $4.4trn revenue

2020: Global life & health insurance becomes biggest industry with $4.4trn revenue

According to the research data analyzed and published by ComprarAcciones.com, life and health insurance will be the biggest industry globally in 2020. The sector has been growing at an average rate of 2.4 per cent from 2015 to 2020 and will surpass $4.384 trillion. According to Global Data, the insurance sector as a whole raked in $2.611 trillion in 2019 and was the sixth largest. Notably though, an Allianz Global insurance report projects a decline of 3.8 per cent for the industry worldwide in 2020. 2019 was a great year…

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Insurance assets grow 11.8% to hit N1.8tn in 6 month

Insurance assets grow 11.8% to hit N1.8tn in 6 month

The Nigerian insurance industry’s assets has recorded upswing by 11.8 per cent from N1.61 trillion at the end of the 2019 financial year to N1.8 trillion in June 2020. The Central Bank of Nigeria (CBN) disclosed this in a report, titled ‘Insurance sector (general and life) consolidated balance sheet’, in June 2020 statistical bulletin. According to the National Insurance Commission, the total assets stood at N1.26 trillion as of the end of 2018 financial period. NAICOM expressed its drive to achieve 40 per cent financial inclusion in the insurance industry.…

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