Insurance

Linkage Assurance Offers Comprehensive Insurance Plan To SMEs

By Nse Anthony-Uko (Sundiata Post) — Linkage Assurance Plc has promised to insure the Small and Medium Enterprises(SMEs) in the country through its ‘SMEComprehensive Insurance Plan’. The cover, according to the firm, was meant to provide financial protection to small and medium- sized businesses against an array of insurable risks for their business continuity. A statement from the insurance company ...

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Allianz Group Pays $35m For 98% Stake In Ensure Insurance

By Nse Anthony-Uko (Sundiata Finance) – Allianz Group has acquired 98 per cent stake in Ensure Insurance Plc, thus, dethroning the current core shareholder, Greenoaks Global Holdings Limited GGH). The Group is paying $35 million for 98 per cent stake in Nigerian insurer in a push for growth in Africa, where many people are uninsured or underinsured. Ensure Insurance Plc ...

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Foreign Insurers Jostle For Stake In Nigeria’s Insurance Industry

(Sundiata Finance) – Germany-based insurance giant, Allianz has become the latest foreign entrant into Nigeria’s insurance industry. Even though most local players in the industry have found Nigeria’s insurance terrain challenging, foreign players are seeing prospects in the country’s increasing infrastructure spending and burgeoning middle class. The nation’s insurance sector has attracted an estimated $100 million, equivalent to N36 billion ...

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Surge In Group Life Business Bolster Niger Insurer’s Premium Income

(Sundiata Finance) – A surge in group life business has shored up the premium income of Niger Insurance Plc for the half year-ended June 2017, propelling it 467.94 per cent to N4.43 billion. The Nigerian insurer had restructured its investment by reclassifying some investment properties to non-current assets held for sale. An efficient underwriting performance, buoyed by favourable combined ratios, ...

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Foreign Investors, Wapic In Race To Acquire Ensure Insurance

(Sundiata Finance) – The Nigerian insurance industry landscape is about to witness another major change, as three international insurers, including Hollard of South Africa, Allianz of Germany and a local Nigerian company, Wapic Insurance Plc, are jostling to acquire Ensure Insurance Plc. Ensure Insurance Plc, formerly Union Assurance Plc, was acquired three years ago by Greenoak Global Holding Limited of ...

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AIICO Insurance Commence Talks With Investors To Raise Capital

By Nse Anthony-Uko (Sundiata Finance) — More than a year after its shareholders approved that it raise its share capital up to N25 b8llion, AIICO Insurance Plc on Thursday, announced that it has commenced talks with investors willing to invest in the company. The  company secretary and legal adviser, Donald Kanu, in a statement, said AIICO has opened discussions with ...

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Staco Insurance Pays N1.9bn Claims

By Nse Anthony-Uko (Sundiata Finance) – Staco Insurance Plc paid a total claims of N1.99 billion in its 2016 financial years, even as a substantial part of it was paid in dollar denomination. This is an indication of the company’s commitment to settle genuine claims as and when due. Speaking at the company’s 21st Annual General Meeting (AGM) held in ...

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NEM Insurance Reports 11% Profit Growth For Q2

By Nse Anthony-Uko (Sundiata Finance) — NEM Insurance Plc has reported nine per cent profit growth for the second quarter ended June 30, 2017. The company in its result released on the Nigerian Stock Exchange showed that profit after tax increased to N1.25 billion compared to N1.12 billion reported same quarter 2016. Gross premium rose by 37.72 per cent to ...

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Guinea Insurance Records N907m Gross Premium

By Nse Anthony-Uko (Sundiata Finance) — Guinea Insurance Plc recorded N907 million Gross Written Premium (GWP) in its 2016 financial statement as against N870 million it reported in 2015, representing 4.18 percentage growth. The Executive Director, Finance and Administration of the company, Pius Edobor, in a statement on Wednesday added that the firm’s Shareholders’ Fund in 2016 was 2.897billion and N2.899billion ...

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