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Chuks Udo Okonta
Old Mutual Insurance Company Limited; ARM Life Plc and Ensure Insurance Plc are amongst insurance firms expected to transform underwriting businesses due to acquisition of their stakes by foreign investors, but the expectations are gradually eroding as they have in three years – 2013 to 2015, posted losses.
According to a report obtained from the Nigerian Insurers Association (NIA), 11 insurance firms posted losses within the period and investigations also revealed that most of the firms sustained their loss position in 2016.
The 11 firms are: Alliance & General Insurance Company Limited; Alliance & General Life Assurance Plc; ARM Life Plc; Ensure InsurancePlc; Goldlink Insurance Plc; Industrial and General Insurance Plc; Investment & Allied Insurance Plc and NICON Insurance Plc.
Others are: Old Mutual Life Assurance Company Limited; SpringLife Assurance Plc and UNIC Insurance Plc.
The report also revealed that between 2014 to 2015, Universal Insurance Plc; International Energy Insurance Plc; Guinea Insurance Plc; Great Nigerian Insurance Plc posted losses.
