Category Archives: Insurance

Mutual Benefits posts N3.6b profit

Mutual Benefits Assurance Plc has  recorded a profit after income tax of N3.61 billion in the year ended 2019, a 214 per cent increase from N1.15 billion recorded in 2018.

According to the firm, its gross premium rose by 18 per cent from N15.84 billion in 2018 to N18.7 billion last year.

AXA Mansard records N21b gross premium

Despite the challenging operating environment, AXA Mansard Insurance Plc, in its unaudited financial report 2020, has announced a Gross Written Premium (GWP) of N21.08 billion as at March, 2020 up by 21 per cent from N17.42 billion in same period in 2019.

The company’s Net Premium Income also grew N8.25 billion, up 39 per cent from N5.95billion in March 2019.

Lagos State pays N93m death insurance claims

The Lagos State Government has said it paid insurance benefits worth N93m to relatives of deceased civil servants in three months.

This was disclosed in its report, titled ‘Towards a greater Lagos.’

NEM Insurance grows gross premium income to N19.8bn

The Chairman, NEM Insurance, Dr Fidelis Ayebae, has said the group recorded N19.8bn gross premium income at the end of 2019 financial year.

“The company’s performance has been a consistent upward progression,” he said at the 50th annual general meeting of the company.

FBNInsurance records N37.63bn gross premium

FBNInsurance has said its gross premium written rose to N37.63bn at the end of the 2019 financial period.

The firm disclosed this in a statement on its 2019 audited annual report.

AXA Mansard Insurance Supports Children’s Online Education

AXA Mansard Insurance Plc, a member of AXA, has said it supported children’s online education during the Children’s Day celebration.

A statement from the firm said many children participated in the programme, tagged ‘AXAKidsRock’, to win prizes such as laptops, school supplies and data bundles to support the educational learning online.

PenCom waives requirements, orders PFAs to pay retirees

The National Pension Commission has ordered Pension Fund Administrators to temporarily waive the National Identity Number that was a mandatory requirement for retirees to get their benefits following mounting complaints from retirees.

It stated this in a circular to all licensed PFAs which was obtained by our correspondent on.

Firm to provide health insurance for 500,000

Aella, a fintech start-up, has stated its readiness to provide quality health insurance coverage for over 500,000 Nigerians in 2020 by making available to them a 30-day N800, 000 worth of health care cover whenever they signed up on its Aella app.

The company which recently launched Aella Care, a health insurance scheme in partnership with Hygeia; a foremost HMO in Nigeria to support the Federal Government’s drive in boosting the country’s insurance scheme, said the resolve to make it more attractive to get more people on board was arrived at when they saw the high number of those that signed up in their first pilot week.

Insurer unveils scholarships for female undergraduates

The Managing Director/Chief Executive Officer, African Alliance, Funmi Omo, has launched an initiative to support five female undergraduates with scholarships of up to N300,000 each for every academic year.

A statement from the company described the FunmiOmo Initiative as a show of continued support to outstanding young women across the country.

Insurance worth N450b, says Royal Exchange MD

The insurance industry is worth N450billion and has opportunities for growth, the Group Managing Director, Royal Exchange Plc, Olawale Banmore, has said.

Banmore spoke at Babcock University Students Association (BUSA) Community Students Week in Ilishan, Ogun State,Nigeria.