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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Unitrust inflates paid-up capital to N6.4bn via N1.45bn right issue

Unitrust Insurance Company Limited says it has successfully raised N1.45 billion through rights issue and has over N6.4 billion qualifying capital as required by the National Insurance Commission (NAICOM) for the ongoing recapitalisation process in the industry. It disclosed this in a statement entitled ‘Unitrust Insurance held annual general meeting and increased paidup capital to N6.4bn’, just released to the press. According to the statement, John Ijerheime, Unitrust’s managing director, disclosed this during the company’s annual general meeting while presenting its 2019 financial accounts. The financial account showed the gross…

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AXA-Mansard targets N8bn PAT, N48bn premium by Q4

AXA-Mansard Insurance Plc has projected to achieve N48.012 billion gross premium written for the fourth quarter ending December 2020. In its Q4 earning forecast obtained from the Nigerian Stock Exchange (NSE), the insurance firm also projected N7.59 billion as profit after tax and N9.17 billion as profit before tax for the period. AXA Mansard Insurance recently announced its divestment from its subsidiary, AXA Mansard Pension Limited, after agreeing to sell its stake to Eustacia Limited, a member of the Verod Group. This is part of the insurance firm’s plan to…

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Fitch: Outlook for $438.9bn global reinsurance sector remains negative

global reinsurance sector, fitch rating

Citing losses from the coronavirus (COVID-19) pandemic, Fitch Ratings has said that the outlook for $438.9 billion global reinsurance sector remains negative for 2021. In a new report, the credit rating agency said that the mounting losses from the pandemic, the effect of the global economic contraction on premium volumes, and ultra-low interest rates, will weigh on the financial performance of the sector. However, it said Fitch-rated reinsurers were generally well-positioned to absorb pandemic- related losses – helped by strong capital – and most rating actions over the next 12…

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AXA Mansard Insurance posts 180% surge in Q2 profit

AXA MANSARD INSURANCE

AXA Mansard Insurance Plc has announced a profit before tax of N4.4 billion for the first half of the year, indicating a 180 per cent increase from N 1.6 billion recorded same period in 2019. The firm also revealed that its gross written premium rose by 4 per cent to N30.54 billion from N29.36 billion posted in 2019 while its net premium income grew by 29 per cent to N15.63 billion from N12.08 billion. According to Ngozi Ola-Israel, the chief financial officer of the underwriter, the company’s operating expenses grew by…

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Cyber Insurance in Nigeria, an untapped diamond in the rough

Cyber Insurance in Nigeria, an untapped diamond in the rough

Cyber security challenge across the globe is being fought with various measures to sail ahead of its dangers or at least cushion its effects when it strikes organizations. This move has led to cyber insurance which in Nigeria still remains fertile and untapped. BusinessMerticsNG reports. The Africa’s largest economy has over the years counted losses to the incidence of cyber attacks which have continued to affect businesses and corporate organizations of both private and public statuses in diverse ways. Observers have attributed this to various factors ranging from technical to…

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Prestige Assurance activate subscription for 13.64bn right issues

Prestige Assurance activate subscription for 13.64bn right issues

Prestige Assurance Plc has opened the floor for subscription to a new sum of 13,635,796,006 ordinary shares for investors in the Nigerian stock market. It notified dealing members and the investing community of the 13,635,796,006 ordinary shares of 50 Kobo each at 50 Kobo per share on the 38 new ordinary shares for 15 ordinary shares held via a corporate announcement at the bourse on Monday. “Further to our Market Bulletin of 17 March 2020, with reference number: NSE/RD/LRD/MB21/20/03/17, Dealing Members are hereby notified that Prestige Assurance Plc’s Rights Issue…

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