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Category: Insurance

  • Annual 41st AGM: Lasaco Delivers Awesome Performance In 2020, Grow Stakeholders Value, Despite Challenges  –Teju Philips

    Annual 41st AGM: Lasaco Delivers Awesome Performance In 2020, Grow Stakeholders Value, Despite Challenges  –Teju Philips

     

    The Chairman of Lasaco Assurance Plc, Mrs Olateju Philips, has disclosed that in spite of the challenging situation experienced in the year 2020 has a result of the COVID-19 pandemic, the company was able to deliver an awesome performance with a record Gross Premium Written of N10.937billion.

     

    Mr Philips who made this known during the company’s 41st Annual General Meeting held at Marriott Hotel, Ikeja GRA Lagos, added that Lasaco Assurance Plc was able to generate N8.05billion in net underwriting income as against N6.71billion made in 2019, signifying an increase of 20% year on year.

     

    According to her,”In spite of the challenging situation experienced during the course of the year, the company was able to deliver an awesome performance in 2020 and grew stakeholders’ value. We recorded a Gross Premium Written of N10.937billion.

     

    “This signifies a 17% growth in performance compared to Gross Premium Written in 2019. The company made N8.05billion in net underwriting income as against N6.71billion made in 2019 signifying an increase of 20% year on year.

     

    “100% increase was recorded in profit before tax from N315.7billion in 2019 to N679.4million in 2020. Our total asset grew from N18.5billion to N20.5billion signifying 11% increase while shareholders’ fund declined by 2% from N7.98billion in 2019 to N7.80billion in 2020.

     

    Speaking further, she said that with the array of economic events which the company was able to manage in the previous year and strategies put in place by the leadership of the organization, 2021 promises to be better for Lasaco Assurance Plc.

     

    “We are also hopeful that the economic policy adjustments and reforms will aid the business environment positively.

     

    “In the last one year, we have worked assiduously to map out strategies to improve our identity and visibility to increase sales and market share. Our strategies to improve our identity and visibility to increase sales and market share.

     

    “Our strategic digital transformation plan will aid customer experience and the diversification of income streams deepening will add tremendous value to the bottom line.

     

    “Plans have also been devised for the diversification of our Investment portfolio. This will spur the organization to growth through increase in investment income.

     

    She lamented that the COVID-19 pandemic placed Nigeria in a critical condition in 2020 as the country locked down economic activities at the beginning of quarter 2020 in order to minimize the spread of COVID-19 virus.

     

    She said the country entered the crisis with the failing per capital income, high inflation, and governance challenges which affected every aspect of business and economic lives.

     

    “The Nigeria’s economy experienced a 3.6% contraction in the first three quarters of 2020 leading to the worst recessions in decades, oil prices improved and the authorities employed policies to counter the economic distress.

     

    “The economy even with the various unrest experienced across the country, returned to growth albeit marginally, in the final quarter of year 2020, with GDP expanding 0.11% year -on year beating market expectations of 1.9% decline.

     

    “Inflation galloped to a 34- month high 15.75% in December 2020 from 11.98% same period in 2019, fueled by increase food prices due to constraints on domestic supplies and the effect of an exchanged premium that widened to about 24%.

     

    Mrs Philips lamented that citizens agitations in many parts of the country, especially End SARS protest also disrupted lots of activities leading to lost of lives and properties.

     

    She stated that this affected insurance businesses in the country as claims in both high frequency,high severity and near  catastrophy were recorded country wide.

     

    “In 2020, Nigeria financially markets based her actions on the monetary policy. The equity market rose to 50% in 2020. It tops performance is over a decade. However, stock performance in 2021 depends on the direction of monetary policy and relative to business environment.

     

    “Nigeria economy is anticipated to grow by 1.8% in 2021. Despite the current encouraging external situation with oil prices recovery and growth in advance  economies, reform shortfall would hinder the renewed economic expansion and undermine progress towards Nigeria’s development goals.

     

    “Hopefully, policy adjustments and reforms designed to shift the country from it dependence on oil and to diversify the economy towards private sector -led growth will set Nigeria on a more sustainable path to recovery,” she averred.

     

    She assured the shareholders, board members, management, and staff of Lasaco Assurance Plc, that it is the dawn of new era adding that together with their continuous supports, the legacy of the organization will be sustained.

     

  • Heirs Insurance , Heirs Life Deliver on Promise to Help Customers Purchase Insurance in Five Minutes

    Heirs Insurance , Heirs Life Deliver on Promise to Help Customers Purchase Insurance in Five Minutes

    By Adejuwon Osunnuyi

     

    Digital insurance companies, Heirs Insurance Limited (HIL) and Heirs Life Assurance (HLA), have confirmed that customers are now able to purchase insurance policies from their websites, www.heirsinsurance.com and www.heirslifeassurance.com, in five minutes.

     

    The revolutionary, interactive websites—first of their kind in Nigeria—ensure that customers have access to quick insurance, completing transactions in minutes wherever they are, without any human intervention.

     

    This development signals the kick-off of the companies’ ambition to digitalise insurance and provide a viable alternative for customers to purchase products and request claims without delay, as well as learn more about insurance.

     

    Niyi Onifade, MD, Heirs Life Assurance, explained that the websites were designed to remove the barrier of accessibility.

    Onifade

    He said: “For us at Heirs Insurance and Heirs Life, our business revolves largely around satisfying our customers and we understand the important role technology plays in making that happen, as well as widening the scope of our offering to underserved markets.  Presently, our websites offer a web app feature that allows customers to buy and pay for policies in just five minutes and request for claims within 24 hours. This, we believe, is the ease customers truly deserve and we are glad to be pioneering that”.

     

    Dr. Adaobi Nwakuche, Ag. MD/CEO, Heirs Insurance Limited, confirmed the companies’ stance on technology offering ease and comfort to customers.

     

    She said: “We are delighted that customers can now purchase products via our websites. This milestone speaks to the innovation we are bringing into the insurance industry and more importantly, our commitment to our customers. Our promise of simple, quick, accessible, and reliable insurance service is closer than ever”.

    Dr. Nwakuche

     

    The duo of Nwakuche and Onifade have repeated severally in their series of media engagement that the companies will constantly be at the intersection of technology and innovation, leveraging the power of both factors to provide for customers, well-tailored, value adding products at affordable prices. 

     

    Heirs Insurance Limited (HIL), the general insurer, with the mandate to protect people’s properties, and specialist life insurance company, Heirs Life Assurance Limited (HLA), with a vision to provide financial security and life insurance plans for people, are positioned to become the leading Nigerian insurers leveraging digital to provide simple, quick, reliable, and accessible insurance to individuals and businesses.

     

    With paid-up share capitals of N10billion and N8billion respectively, HIL and HLA commenced full operations with a workforce of astute and experienced professionals, and a robust financial capacity to underwrite all classes of general and life insurance businesses.  The companies are supported by top-notch Reinsurers to provide second-layer security for clients’ insurance portfolios. Both companies are subsidiaries of Heirs Holdings, a pan-African investment group with presence across twenty three countries worldwide.

     

  • N69.4bn Debt: AMCON Takes Over NICON Insurance, Nigeria Reinsurance From Jimoh Ibrahim

    N69.4bn Debt: AMCON Takes Over NICON Insurance, Nigeria Reinsurance From Jimoh Ibrahim

     

    In a bid to bring stability in the operation of organisations, the Asset Management Corporation of Nigeria (AMCON) has taken over the major investor’s interests in NICON Insurance Limited and the Nigeria Reinsurance Corporation (Nigeria Re).

     

    The two companies belonging to the embattled businessman and politician, Jimoh Ibrahim, were taken-over over an alleged N69.4 billion debt.

     

    National Insurance Commission (NAICOM), however, approved the new board and management of the two firms.

     

    According to AMCON, reason for the changes in the board and management of the two insurance firms is sequel to the takeover of the major investor’s interests in the two organisations.

     

    The new board of NICON Insurance Limited has Mr. Lamis Shehu Dikko FIoD as Chairman, Dr. Henry Uko Ationu, ACIIN as Managing Director/Chief Executive Officer and Mr. John Abuh Oyidih FCA ACIIN as Executive Director, Finance & Admin.

     

    The insurance firm also has Mr. Alexander Ayoola Okoh, the Director-General of Bureau for Public Enterprises (BPE) as Non-Executive Director and Mr. Ahmed Dahiru Modibbo FIBA ACIS as Non-Executive Director (Independent).

     

    Similarly, the board and management of Nigeria Reinsurance Corporation has Mr. Mela Audu Nunghe SAN as Chairman, Mr. Olugbenga Falekulo ACII serves as Managing Director/Chief Executive Officer and Mr. Olusegun Ilori FCA ACIIN comes in as Executive Director, Finance & Admin.

     

    Mr. Alexander Ayoola Okoh, the Director-General of Bureau for Public Enterprises (BPE) comes in as Non-Executive Director while Mrs. Yvonne Isichei MIoD, FCIB joins as Non-Executive Director (Independent).

     

    The reconstitution of the board and management team of two insurance institutions in Nigeria is to ensure that the firms continue in their quest for transparent and accountable management of insurance in the country and continue to deliver value to its stakeholders.

     

    NICON Insurance Limited, which is one of Africa’s leading Insurers in the country was originally owned by the Federal Government of Nigeria.

     

    The Corporation was established by Decree No.22 of 1969 (now Cap 263 law of 1990 as amended) with the main objective of assisting in the development of the insurance industry in Nigeria and specifically to ensure that Federal Government assets and property are fully protected by way of insurance.

     

    However, consequent upon the commencement of the second phase of the Federal Government Privatisation Policy, NICON Insurance was privatised in December 2005.

     

    With an asset base of N46.9bn gathered over a 50-year period of operation, many branches, and regional offices, it is therefore modest to classify NICON as a colossus in the insurance and other financial services sector.

     

    Nigeria Reinsurance Corporation on the other hand was established under the Nigeria Reinsurance Corporation Act No. 49 of 1977. It commenced operations on January 1st, 1978, as Nigeria’s flag reinsurer, wholly owned by the Government of the Federal Republic of Nigeria.

     

    In 2002, the Corporation was transformed from being a Federal Government wholly owned Corporation to a privatised company with the government retaining some shares.

     

    The Corporation, which has over 40 years of operations is in the business of assuming risks, providing reinsurance services and risk management solutions to its clients.

     

  • World Blood Donor Day: Heirs Life Assurance Partners Avon Medical

    World Blood Donor Day: Heirs Life Assurance Partners Avon Medical

     

    Newly launched specialist life insurance company, Heirs Life Assurance (HLA) has partnered Avon Medical to organize a blood drive in commemoration of the 2021 World Blood Donor Day.

     

    The event, which was held on Monday, June 14, 2021, at the ultramodern Avon Medical Dialysis Centre in Ikeja, Lagos had individuals present to donate blood for those in dire need of medical attention.

     

    This year’s edition, the first partnership between both companies, set out to increase awareness of the importance of safe blood for transfusion and highlight the critical role voluntary blood donors play in national health.

     

    The Chief Marketing Officer, Heirs Life Assurance, Ifesinachi Okpagu confirmed that the partnership is in line with the company’s goal of promoting, not just the importance of life insurance, but wholesome living.

     

    “At the core of our business operations at Heirs Life Assurance is care for people and their families and we are pleased to have demonstrated this with our partnership with Avon Medical. There are several statistics that show that blood donation is of much benefit to the end user as much as it is to donors and here today, we are raising awareness for the need to encourage this culture and celebrate as many that have come out to be superheroes”, she said.

     

    Shekinah Olagunju, Head, Marketing and Corporate Communications at Avon Medical, also expressed delight in the partnership, describing it as laudable especially as it helps both companies further their commitment to building a healthier nation and, in the process, improving the economy and transforming Africa; values held by the companies within the Heirs Holdings group portfolio.

     

    Since its official launch on Tuesday, June 1, 2021, Heirs Life has continued to actively push its offering of life insurance that is simple, quick, accessible, and reliable with its array of value adding products, served on several easy-to-use platforms.

     

     Heirs Life’s product offerings comprise of insurance-backed savings plans and life insurance security for individuals, families, children’s education, debtors, creditors, entrepreneurs, and employees. The company is backed by top-notch Reinsurers to provide second-layer security for its clients’ insurance portfolios

  • FBNInsurance Rewards Agents to Drive Retail Market

    FBNInsurance Rewards Agents to Drive Retail Market

     

    FBNInsurance Limited said it rewarded its outstanding financial advisors, sales managers, senior sales manager and area sales managers to motivate its retail sales force and in line with its corporate strategy.

     

    It said in a statement titled ‘FBNInsurance rewards retail agents’ that they were recognised during its 2020 MD/CEO Ember Award and The Retail Annual Competition Award in Lagos.

     

    Speaking on the awards at the ceremony, the Executive Director, Retail Business Distribution, FBNInsurance Limited, Mr Odinakachi Umekwe, commended the efforts of the retail team for the outstanding performances they put forward despite the pandemic.

     

    He stated, “The retail team is the company’s potent sales force. This team of over 2,000 vibrant men and women all over Nigeria has sold insurance under the most challenging environment to ensure the company stays ahead in the retail space despite the limitations imposed by COVID-19.

     

    “This award ceremony is to adequately reward the top financial advisors and motivate others to strive more.”

     

    The statement said, “At the award presentation for the Ember Award, the Abuja Sales Area won the Best Performing Area for the period under review while Enugu and Aba Area came second and third respectively. The winning areas were given cash reward for their efforts.”

     

    The Managing Director/Chief Executive Officer of the company, Mr Val Ojumah, presented a brand-new Hyundai car to the overall winner of the 2020 TRAC Award (Financial Advisors category), Nkechi Okonkwo.

     

    Winners in other categories got cash prizes, return tickets to United States of America, a trip to Dubai as well as training opportunity at the South African Business School, University of Stellenbosch.

     

    Commenting on retail business, Ojumah stated that the future of the retail business was going digital.

     

  • Sanwo-Olu Lauds Elumelu As Heirs Holdings Launches Two Insurance Firms

    Sanwo-Olu Lauds Elumelu As Heirs Holdings Launches Two Insurance Firms

    By Adejuwon Osunnuyi

     

    The Lagos State Governor, Babajide Sanwo-Olu, and the Commissioner for Insurance, Mr Sunday Thomas, inaugurated on Tuesday Heirs Holdings’ new insurance businesses – Heirs Insurance and Heirs Life Assurance.

     

    Heirs Towers, a seven-storey headquarters of Heirs Holdings developed by Afriland Properties Plc, one of the investment companies of Heirs Holdings, was also unveiled at the inauguration ceremony.

     

    Sanwo-Olu commended the pan-African investment company for its bold vision to democratise access to insurance.

     

    The Chairman, Heirs Holdings, Tony Elumelu, introduced Dr Adaobi Nwakuche as the Managing Director/Chief Executive Officer of Heirs Insurance Limited, and Mr Niyi Onifade as the MD/CEO of Heirs Life Assurance Limited.

     

    Heirs Insurance and Heirs Life Assurance have a paid-up share capital of N10bn and N8bn respectively, and are backed by leading reinsurers, providing a second layer of security for clients’ insurance portfolios, according to Elumelu.

     

    Sanwo-Olu said, “Heirs Insurance and Heirs Life are bringing insurance that is simple, accessible, and affordable – three strong words that businesses of today need to thrive in highly saturated markets.

     

     “I am aware that both Heirs Life and Heirs Insurance are two of the most liquid and well-capitalised insurance companies in the country right now.”

     

    He said the timing of the launch could not have been more auspicious, adding, “The insurance commission is currently rolling out different initiatives for national development.

     

    “To Heirs Insurance and Heirs Life, I want to say thank you for coming into our industry, making a difference, impacting the economy, and helping us to deepen the insurance sector in Nigeria.”

  • Heritage Bank Partners Road Transport Workers On Insurance Scheme For Travellers

    Heritage Bank Partners Road Transport Workers On Insurance Scheme For Travellers

     

    Heritage Bank in partnership with the Road Transport Employee’s Association of Nigeria (RTEAN) has launched the Travelers’ Accident Insurance Scheme (TAIS) to assist road accident victims across the country.

     

    The scheme which was launched on Friday, aims to address deaths associated with inability of travelers involved in accident to offset hospital bills.

     

    The Regional Executive, Abuja and North, Heritage Bank Plc, George Okoh-Oboh, speaking at the launch of the scheme in Abuja, commended the thoughtfulness of the Association in coming up with such program to save the lives of accident victims.

     

    He stated that the partnership would help address the road safety crisis due to the tragic loss from a road crash death or severe injury which was compounded by the harm to families, social networks, and national economies.

     

    According to him, the majority of victims are part of the working-age population (between 15 and 64 years old). In fact, road crashes have become the #1 killer of the young worldwide.

     

    He pledged the continued support of the bank in ensuring the success of the scheme.

     

    Okoh-Oboh said, “At Heritage Bank, we believe in this project and we are ready to support it as it seeks to address accidents on the road.

     

    “This project will save lives of many Nigerians, so we are not just here to see what comes in but we are here to add value and ensure that it succeeds.”

     

    The National President of RTEAN, Musa Muhammed in his remarks said that the scheme aims at promoting the welfare of passengers, while ensuring security for passengers’ property.

     

    He explained that the scheme would provide support to passengers who may be involved in accident at the course of their journeys.

     

    “This scheme covers all Nigerians involved in accidents that require medical attention while on a road trip.

     

    “This is part of effort to assist and improve the Nigerians transport system,” he added.

     

    According to him, the scheme will cover only parks owned and operated by members of the Road Transport Workers Association.

     

    He further stressed on the need for the government to deepen investments in road infrastructure, while ensuring security along the major road.

     

    Nicholas Tofowomo, Senator representing Ondo South Senatorial District of Ondo State at the 9th National Assembly, urged transporters to ensure that workers are properly licensed and vehicles insured.

     

    This, he noted, would ensure the effective implementation of the scheme.

  • Stanbic IBTC Expands Services With Life Insurance Subsidiary

    Stanbic IBTC Expands Services With Life Insurance Subsidiary

     

    Stanbic IBTC Holdings PLC, a member of Standard Bank Group, has introduced an insurance subsidiary – Stanbic IBTC Insurance, thereby adding to its ever-growing bouquet of financial services available to the public.

     

    The addition of the insurance subsidiary followed regulatory approvals as well as the issuance of a license from the National Insurance Commission (NAICOM) which granted the new entity the right to commence its business operations.

     

    Speaking at the launch of the new business, Akinjide Orimolade, Chief Executive, Stanbic IBTC Insurance stated that the new business will continue in the vision and tradition of the Group through the provision of innovative and customer-friendly insurance products.

     

    Stanbic IBTC Insurance has developed a variety of simple Life insurance products that will address the unique insurance needs of its customers.

     

    It will also facilitate long-term insurance for individuals by offering them innovative and seamless insurance solutions that can be accessed electronically with ease. This means that consumers will be able to purchase insurance products, make timely claims submissions quickly and efficiently from wherever they are.

     

    While commending the government and industry regulator – NAICOM, on the great achievements made in the insurance industry, Mr. Orimolade highlighted some improvements that would aid industry growth and enhance customer experience. At the top of the list would be for the National Insurance Commission to continue to collaborate with service providers to encourage the use of technology in delivering seamless insurance solutions to everyone.

     

    The Chief Executive also spoke on the low level of insurance penetration in the Nigerian market. He emphasised that there are bountiful opportunities to grow the Nigerian insurance market since less than 10 per cent of the Nigerian populace are currently insured, not to mention that more and more Small and Medium Enterprises (SMEs) are now seeking out insurance solutions. This is a clear indicator of room for growth in the industry. It will also be ideal for insurance to partner with Telcos to improve on the lives of customers.

     

    “The industry will develop as there will be an increasing need for business owners to prioritise insurance to protect their properties and lives,” Orimolade stated. He further highlighted the need to innovate and evolve to meet the changing needs of the insurance ecosystem and this is where Stanbic IBTC Insurance comes in.

     

    “The birth of Stanbic IBTC Insurance can be described as meeting a pressing need at the right time. The journey of a thousand miles, they say, begins with a single step and for us, several giant strides have been made. We are positive that this venture will bring smiles to the faces of our customers”; the Stanbic IBTC Insurance Chief Executive added.

  • Niger Insurance Set To Offset N15bn Property To Recapitalise

    Niger Insurance Set To Offset N15bn Property To Recapitalise

    Niger Insurance Plc has disclosed that it plans to sell off real estate and investment property valued at N15bn.

     

    The underwriter said this would help to boost its cash flow and efforts to meet the recapitalisation requirements of the insurance industry.

     

    The Managing Director, Mr Edwin Egbiti, spoke during the company’s 2019 annual general meeting which was held virtually in Lagos recently.

     

    He said, “Subsequent to the requisite approvals of the board on behalf of shareholders, a number of the company’s real estate and investment property valued at N15bn have been put on sale in order to improve liquidity/cash flows, ensure reserve adequacy and improve solvency margins.

     

    “We are encouraged by the progress made so far, and confident that both capital restructuring and recapitalisation efforts will be successful in line with National Insurance Commission’s regulatory timelines.”

     

    In addition to addressing legacy claims, financial strength and reputational concerns, he said, it recognised that its people were the company’s most critical assets without whom its goals and plans would remain elusive.