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PTAD Issues AIICO Certificate of Non-Indebtedness

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The Pension Transitional Arrangement Directorate has issued a Certificate of Non-Indebtedness to AIICO Insurance Plc.

PTAD said that the move cleared the underwriter from any claim of non-remittance of pension assets.

In a statement on Sunday titled ‘PTAD issues AIICO Certificate of Non-Indebtedness’, it said this was disclosed at a meeting held to formally hand over redeemed properties ceded by the company in 2017 in lieu of legacy funds and assets to PTAD.

The process was subsequent upon confirmation of receipt of the full payment from AIICO and completing all reconciliation activities, it stated.

The Executive Secretary, PTAD, Dr Chioma Ejikeme, who was represented by Godwin Iheabunike said, “In acknowledgment of the payments made by AIICO Insurance Plc, PTAD has issued a Certificate of Non-Indebtedness to AIICO Insurance Plc and will update relevant institutions of this development in due course.”

She added, “We thank AIICO Insurance Plc for its commitment towards the liquidation of this liability within the shortest period of time.

“My congratulations go to the managing director/chief executive officer and his team for this uncommon accomplishment.

“I call on other insurance underwriters holding on to legacy funds and assets to do the needful as a matter of urgency. This will enable the directorate to meet its obligation to pensioners.”

In his remarks, the Managing Director/Chief Executive Officer, AIICO Insurance Plc, Mr Babatunde Fajemirokun, expressed appreciation to the PTAD leadership and team for working with the AIICO team through the detailed reconciliation for final closure.

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Heirs Insurance Group Unveils Revolutionary Website for Seamless Insurance Experience

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Heirs Insurance Group has launched a website designed to revolutionize the insurance experience for its customers.

With a focus on simplicity, accessibility, and personalized service, the new website aims to streamline the process of obtaining insurance coverage and empower customers to make informed decisions about their insurance needs.

The website boasts a range of innovative features that make navigating insurance options easier than ever before.

From simple and intuitive navigation menus to personalized insurance recommendations, the website is designed to guide customers through every step of the insurance process quickly and efficiently.

According to Ifesinachi Okpagu, the Chief Marketing Officer of Heirs Insurance Group, the new website embodies the company’s commitment to delivering exceptional customer service.

“Today’s customers want simplicity, and this new website delivers on that request,” Okpagu said. “We are empowering customers to take control of their lives, their businesses, assets, and their most cherished people.”

One of the key features of the website is its personalized insurance experience, which takes customers through a short journey to help them identify the best insurance plan for their needs.

Whether customers are looking for coverage for their home, car, business, or loved ones, the website provides tailored recommendations to ensure they find the right insurance solution quickly and easily.

With its user-friendly interface and innovative features, the new website from Heirs Insurance Group sets a new standard for the insurance industry, making it easier than ever for customers to protect what matters most to them.

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AIICO Insurance Boosts Infrastructure Development with 5% Stake in InfraCredit

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AIICO Insurance Plc has acquired a five percent shareholding in Infrastructure Credit Guarantee Company Limited (InfraCredit).

This strategic investment positions AIICO as the second domestic institutional investor admitted by the infrastructure credit guarantee institution, following Leadway Assurance Plc.

The infusion of capital from AIICO is set to elevate InfraCredit’s paid-in capital base to an impressive $175.14 million (approximately NGN 148.55 billion), translating into an aggregate guarantee issuing capacity of up to NGN 742.77 billion (about USD 875.7 million).

This equity injection will become part of InfraCredit’s core capital, enhancing its guarantee issuing capacity and contributing to the sustenance of its coveted ‘AAA’ credit rating.

InfraCredit, known for deploying innovative credit enhancement solutions, has been pivotal in mobilizing private sector financing for infrastructure projects across various sectors of the Nigerian economy.

AIICO’s investment underscores its commitment to bridging the infrastructure gap in the country, marking the evolution of a long-term partnership with InfraCredit.

Babatunde Fajemirokun, the Chief Executive Officer of AIICO Insurance, emphasized the company’s dedication to supporting infrastructure development.

He stated, “This investment is the evolution of what we at AIICO Insurance believe will be a long-term partnership with InfraCredit. Over the past two years, AIICO Insurance has invested in InfraCredit guaranteed bonds and participated in novel financing arrangements promoted by the company to bring infrastructure investment to areas that have been significantly underserved.”

The Chairman of the InfraCredit Board of Directors, Sanjeev Gupta, welcomed AIICO as a new shareholder and highlighted the importance of fostering a strong partnership between the public and private sectors.

Gupta said, “AIICO’s investment is in line with our vision of creating a strong partnership between the public and private sectors. This partnership aims to attract private sector capital for infrastructure financing sustainably.”

Chinua Azubike, the CEO of InfraCredit, expressed enthusiasm about AIICO’s admission as the second private domestic institutional investor.

Azubike stated, “The admission of AIICO Insurance, the second private domestic institutional investor in InfraCredit, reinforces the confidence in the sustainability of InfraCredit’s unique business model.”

The AIICO Insurance equity investment is expected to further strengthen InfraCredit’s core capital base, expand its guarantee capacity, and facilitate deeper market penetration.

This collaboration aims to advance sustainable finance for impactful infrastructure projects in Nigeria, aligning with the nation’s broader goals for economic growth and development.

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Resilience Amid Challenges: Nigerian Insurance Giants Report 165% Surge in Profits

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Against a backdrop of a challenging business environment and meager insurance penetration in Nigeria, thirteen leading insurance companies have displayed resilience by declaring a collective profit before tax (PBT) of N57.1 billion in the first nine months of 2023.

This signifies a 165% increase compared to the N21.51 billion reported during the same period in 2022.

The standout performers among these insurers include AXA Mansard Insurance, Cornerstone Insurance, and AIICO Insurance, which collectively contributed significantly to the sector’s stellar performance.

AXA Mansard Insurance, particularly, recorded a remarkable 471% increase in profit before tax, reaching N15.1 billion in the nine months ending September 30, 2023.

Notably, AXA Mansard Insurance stands out as the sector leader, declaring an interim dividend of 6 kobo per N2 ordinary share, payable to shareholders on December 15, 2023, showcasing a commitment to rewarding investors.

The remarkable financial performance of these insurers has had a tangible impact on the NGX Insurance Index, reflecting a 68.44% Year-to-Date growth as of November 17.

Analysts attribute this positive trajectory to the sector’s resilience and profitability.

However, the sector grapples with impending recapitalization efforts and the need for regulatory reforms. The proposed Consolidated Insurance Bill awaits presidential assent, promising transformative changes for the industry.

Analysts believe these changes, coupled with increased budgetary allocations from the Federal Government, will strengthen the sector’s capacity to contribute significantly to the nation’s GDP and employment creation.

As the industry anticipates legislative support, stakeholders remain hopeful for a new era of growth and global best practices in the Nigerian insurance landscape.

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