Coronation Insurance Records Profit Growth
Coronation Insurance Plc said it achieved 461 per cent growth in its Profit After Tax (PAT) for the year ended Dec. 31, 2020. The underwriting firm also said it generated a gross premium income of N17.2 billion in 2020, as against N15.8 billion achieved in 2019 financial year.
This was contained in the company’s consolidated and separate financial statements recently released on the floor of the Nigerian Exchange Limited.
The company, during the period under review, posted PAT of N1.2 billion, compared with N214.33 million recorded in the comparative period of 2019.
Group gross written premium rose to N16.19 billion from N15.20 billion in 2019.
However, the company’s gross premium written grew to N11.64 billion from N10.71 billion recorded in 2019. The insurer said it paid N6.91 billion as claims in 2020, signifying a 69.5 per cent increase year-on-year.
According to the insurer, fee and commission income for the year under review increased by 26. 7 per cent to N2.11 billion.
The total underwriting profit rose from N2.9 billion to N3.2 billion within the period under review, while its investment income rose to N922.1 million from N912.2 million it was in 2019.
It said other operating income as well, grew to N1 billion from N479.3 million within the period under review.
Unveiling the Top Insurance Companies in Nigeria: Your Comprehensive Guide
When it comes to protecting your assets, health, and future financial stability, insurance plays a vital role. In Nigeria, the insurance industry is growing rapidly, offering a wide range of services to cater to the diverse needs of individuals and businesses.
In this article, we will delve into the top insurance companies in Nigeria, highlighting their strengths, coverage options, and reliability. Whether you’re searching for life insurance, health insurance, auto insurance, or any other type of coverage, this guide will assist you in making an informed decision.
Leadway Assurance Company Limited:
With over five decades of experience in the Nigerian insurance market, Leadway Assurance Company Limited is a prominent player known for its exceptional services. Leadway provides various insurance products, including life insurance, education plans, motor insurance, travel insurance, and more. The company’s solid financial stability, efficient claims settlement process, and extensive network of branches across Nigeria make it a popular choice.
AIICO Insurance Plc:
AIICO Insurance Plc is a leading composite insurer in Nigeria, offering a comprehensive range of insurance solutions. The company provides life insurance, health insurance, general insurance, and investment management services. AIICO boasts a strong capital base and a robust network of branches nationwide, ensuring prompt service delivery and seamless claims processing.
AXA Mansard Insurance Plc:
AXA Mansard Insurance Plc is a member of the AXA Group, a global leader in insurance and asset management. With a solid reputation for innovation and customer-centric solutions, AXA Mansard offers various insurance products tailored to meet the needs of individuals and businesses. Their services include life insurance, health insurance, motor insurance, travel insurance, and pension plans.
Custodian and Allied Insurance Limited:
Custodian and Allied Insurance Limited is a reliable insurance company that has been operating in Nigeria for over 60 years. The company offers a wide range of insurance products, including general insurance, life insurance, health insurance, and asset management services. Custodian and Allied Insurance has earned a reputation for its strong financial stability, prompt claims settlement, and excellent customer service.
FBNInsurance Limited is a subsidiary of FBN Holdings Plc, one of the largest financial services groups in Nigeria. The company offers life insurance, annuity, and health insurance products to cater to the diverse needs of individuals, families, and businesses. FBNInsurance focuses on delivering innovative insurance solutions and has a solid track record of excellent customer service.
Choosing the right insurance company is essential to protect your assets, health, and financial well-being. The insurance companies mentioned above represent some of the top players in Nigeria’s insurance industry. While this article provides an overview of their offerings and strengths, it is crucial to conduct further research and seek professional advice before making a final decision. Remember to consider factors such as coverage options, financial stability, claims settlement process, and customer feedback when selecting an insurance company in Nigeria. With the right insurance coverage in place, you can have peace of mind knowing that your future is secured.
Life Insurance: FG Approves Over N9 Billion for Public Servants
The N9.24 billion will cover life insurance for the period of 2022 and 2023
The Federal Government has approved over N9 billion as life insurance for Nigerian public servants, the Minister of Finance, Budget, and National Planning, Mrs. Zainab Ahmed, disclosed this at the end of the weekly Federal Executive Council meeting in Abuja.
Briefing State House correspondents at the end of the Council meeting presided over by Vice President Yemi Osinbajo, Zainab Ahmed noted the memo was presented to Council by the Head of the Civil Service of the Federation, Dr Folashade Yemi-Esan.
The sum of N9.24 billion which was approved will cover the period of 2022 and 2023. It will cover all government officials irrespective of the department or agency within the period.
“The Head of Service of the Federation presented a memo to the Council on Group Life Insurance Cover for the period 2022 to 2023″.
“This is an insurance cover that is covering all government officials in all government agencies, paramilitary and intelligence agencies.
“Council approved the total sum of N9.24 billion naira for the insurance cover for 2022 to 2023.
Investors King could recall that in June 2021, the Federal Government also approved N9.2 billion as a premium for insurance companies who will manage insurance coverage for federal civil servants for the year 2021-2022.
In addition, the Minister of Finance added that 2022 to 2023 insurance cover will take effect from the date of payment, noting that the insurance cover is 30 percent of the annual emolument of any dead staff of government.
Section 4 (5), of the Pension Reform Act, 2014 maintained that “every employer shall maintain a group life insurance policy in favour of each employee for a minimum of three times the yearly total emolument of the employee”
“As you know, the insurance will take effect from the date of payment and in Nigeria, by our laws, the insurance cover is 30% of the annual emolument of any staff of government that is deceased.
“And this cover is paid by the insurance company to the beneficiaries of the deceased staff,” she said.
Prudential Zenith Life Insurance Grows Profit After Tax by 75 in 2021
Prudential Zenith Life Insurance Limited grew profit after tax by a whopping 75% to ₦1.13 billion, up from ₦646 million recorded in 2020.
Despite rising economic uncertainties and the challenging business environment experienced in 2021, Prudential Zenith Life Insurance Limited grew profit after tax by a whopping 75% to ₦1.13 billion, up from ₦646 million recorded in 2020.
The company disclosed this in its audited financial statement for the period ended December 31, 2021, and obtained by Investors King on Monday.
In the financial statement approved by the National Insurance Commission (NAICOM), Gross Written Premium (GWP) and Annualized Premium Equivalent (APE) expanded by 16.3% and 9.3%, respectively. This was a result of the 27% growth recorded in new business acquisition for Group Life written during the period.
Similarly, investment income grew by 30% year-on-year due to a significant increase in the interest-generating assets of the company, and commission income also increased by 43% during the period.
The financial performance is a testament to the continued focus on investments, as the company remains committed to building a strong market-leading position in Nigeria by enhancing its capabilities, strengthening its digitally enabled multi-channel distribution network, and broadening the range of products and services that are available to customers in order to meet their needs.
Despite the challenges experienced during the Covid-19 pandemic in 2020, Prudential Zenith was able to achieve this strong growth in 2021 and is poised to continue improving its performance in the upcoming financial years. Prudential Zenith will continue to develop and launch unique products to meet customers’ needs, leveraging technology and its core corporate governance structure to deliver faster claims settlement. The company will also continue to prioritize the health, safety, and welfare of customers, who subscribe to its unique insurance product offerings.
Prudential Zenith Life Insurance Ltd (PZL) is a subsidiary of Prudential Plc., established in 2017 when Prudential Plc acquired a 51% holding in Zenith Life Insurance. PZL is one of the most capitalized companies in the Nigerian insurance industry with a wide range of individual products including savings & investments-linked products, endowment, and protection products designed to meet the needs of individuals and their families. For corporate clients, the company’s product offerings include Group Life, Key-Man Assurance, Credit Life, School Fees Protection, and Mortgage Protection, ensuring that the welfare of clients’ staff and families are met.
Prudential Plc provides life and health insurance, and asset management in Africa and Asia, helping people get the most out of life by making healthcare affordable and accessible and by promoting financial inclusion. Prudential protects people’s wealth, helps them grow their assets, and empowers them to save for their goals. It has more than 19 million life customers and is listed on stock exchanges in London (PRU), Hong Kong (2378), Singapore (K6S), and New York (PUK).
Prudential Plc has insurance operations in eight countries in Africa: Nigeria, Cameroon, Cote d’Ivoire, Ghana, Kenya, Togo Uganda, and Zambia. With over 1 million customers, Prudential Africa works with over 11,000 agents and six exclusive bank partnerships, with access to over 600 branches to bring value-added insurance solutions to its customers.
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