Category Archives: Finance

AXA Mansard Insurance Recommences Annuity Business

AXA Mansard Insurance plc, one of the leading insurance companies in Nigeria and a member of the AXA Group, a global leader in insurance and asset management, has recommenced the sale of Annuities nationwide in line with the joint guidelines released by the National Insurance Commission (NAICOM) and the National Pension Commission (PenCom).

AXA Mansard’s Annuity offering ensures regular payments in retirement for the duration of a person’s life providing security and peace of mind.

Mr. Kunle Ahmed, the Chief Executive Officer, in a comment on the development, said, “We are pleased to recommence sales of our annuity products. We welcome the opportunity to continue our business relationship with all Pension Fund Administrators (PFAs) and our business partners nationwide in providing this much needed service to the Nigeria public, who will benefit from the strength, expertise and security of AXA Mansard and the AXA Group.”

LIST OF REGISTERED INSURANCE BROKERS IN NIGERIA

THE NIGERIAN COUNCIL OF REGISTERED INSURANCE BROKERS
(for professionalism, Service and Integrity(Established by NCRIB Act No 21 of 2003)

In accordance with the provisions of sections 7, 8 and 10 of the NCRIB Act 21 of 2003, the Governing Board of the Council hereby publishes names of Registered Insurance Brokers in Nigeria, in conformity with the law. However, it is noteworthy that Registration with NCRIB is a pre-condition for Licensing by the National Insurance Commission (NAICOM) after which an Insurance Broker has the legal right to operate.

Individual or corporate bodies who patronize Unregistered Insurance Brokers do so at their own risk.

Financial Sector Loans to Housing Development Yet to Pick up -NIA

The volume of financial packages in the forms of loans and mortgage finances, which Nigerian banks traditionally provide to the country’s housing industry remain very low and yet to pick up from the country’s decent into an economic recession, the Nigerian Institute of Architects (NIA) has indicated.

According to NIA, though the federal government had insisted that Nigeria was on her way out recession, the impact of the recession on the country’s housing industry, have rather remained extremely harsh, and could cut down the sector’s contributions to the country’s Gross Domestic Product (GDP).

Speaking at a press briefing on Monday, to intimate journalists of the programme of events for its forthcoming annual ‘Archibuilt’ conference and exhibition in Abuja, the NIA explained that activities in Nigeria’s housing sector have remained stagnant while banks’ financial services to operators and consumers have also slowed down.

NAICOM Approves Universal Insurance 2016 Financial Report

The insurance industry regulatory agency, the National Insurance Commission (NAICOM), has approved the 2016 audited financial report of Universal Insurance Plc.

The letter of approval dated 25th of July 2017 and signed by the Director (Supervision) of the commission, Mr. O. Oba, stated that the Commission has no objection to the publication of the audited financial statement for the year ended December, 31, 2016 as submitted. The statement maintained that an approval was granted after confirmation that Universal Insurance has substantially complied with regulatory requirements.

While the audited financial summary indicated that Universal Insurance assets grew to N11.896billion, its shareholders’ funds stood at N8.855billion as at end of December 2016. In the same vein, the firm’s solvency margin increased to N4.740billion as net operating result grew to N121.680million.

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