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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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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AIICO to list additional 4.3bn shares at NSE

AIICO, Insurance, NSE,

AIICO Insurance Plc has submitted an application to the Nigerian Stock Exchange, seeking approval for some 4.3 billion ordinary shares of N0.50 each which it plans to list on the Nigerian bourse. A statement signed on Monday by Godstime Iwenekhai, the NSE’s head of listing regulation, said the application for the rights issue was submitted by Magnartis Finance and Investment Limited, AIICO’s stockbroker. It was further disclosed that the shares would be purchased at N0.80, on the basis of five new ordinary shares for every thirteen shares already held by…

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COVID-19: NAICOM segments recapitalization target for insurance firms

COVID-19: NAICOM segments recapitalization target for insurance firms

The National Insurance Commission (NAICOM) has extended deadlines for recapitalization of insurance companies in Nigeria even as it segmented the process meeting the target for them. It revealed this via a circular labeled NAICOM/DPR/CIR/25-04/2020 and dated June 3. According to NAICOM, the latest development as part of its efforts to cushion effects of Coronavirus pandemic on insurance companies in the country. “The incidences of COVID-19 pandemic have made it difficult to proceed with the 31st December, 2020 recapitalisation deadline. A review of the capitalization deadline therefore became imperative in order…

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