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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

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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.

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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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