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Chuks Udo Okonta
Insurance operators accumulated assets worth N1.17 trillion in six years, Inspenonline reports.
Data obtained by this medium showed that underwriters’ total assets as at 2016 was N974.09 billion and moved to N2.14 trillion in 2021, an increase of N1.17 trillion.
According to the Nigerian Insurers Association (NIA) insurance companies recorded tremendous growth on their assets within the period. Of which the breakdown showed that a firm like Leadway Assurance Limited increased its total assets by N357.13 billion between 2016 and 2020, moving from N166.06 billion to N523.19 billion.
FBNInsurance Limited also increased its total assets by N129.63 billion between 2016 and 2020, (N29.51 billion – N159.14 billion); AIICO Insurance Plc increased its by N120.52 billion (N75.82 billion – N196.33 billion); Custodian Life Assurance Limited, recorded N73.67 billion (N24.67 billion – N98.34 billion) and Cornerstone Insurance Plc, achieved N18.11 billion (N18.37 billion – N36.48 billion).
NEM Insurance recorded an increase of N16.64 billion (N14.53 billion – N31.17 billion); Mutual Benefits Life Assurance, N16.46 billion (N36.18 billion – N52.64 billion); Mutual Benefits Assurance Plc, N13.74 billion (N16.58 billion – N30.32 billion); Linkage Assurance Plc, N13.55 billion (N20.33 billion – N33.88 billion) and African Alliance Insurance Plc, N12.66 billion (N41.35 billion – N54.02 billion).
Others are: FBN General Insurance Limited, N9.9 billion (N6.06 billion – N15.96 billion); NSIA Insurance Limited, N8.97 billion (N13.15 billion – N22.12 billion); Custodian & Allied Insurance Limited, N8.14 billion (N29.68 billion – N37.82 billion); Anchor Insurance Company Limited, N7.74 billion (N5.78 billion – N13.55 billion) and Coronation Insurance Limited, N7.56 billion (N20.59 billion – N28.15 billion).
Unitrust Insurance Company Limited had N7.18 billion (N11.54 billion – N18.72 billion and sovereign Trust Insurance Plc, N5.32 billion (9.511 billion – N14.83 billion).
The National Insurance Commission (NAICOM) said unaudited Gross Premium Income (GPI) for the insurance industry stood at N630,362.35 billion in 2021, as against audited N514 billion recorded in 2020.
The Head, Corporate Communications and Market Development, NAICOM, Rasaaq Salami, told Inspenonline that the industry also paid net claims of N238,050.49 billion in 2021 and that the sector’s total assets was N2,139,203.39 trillion.
According to Salami, the figures were derived from the quarterly reports submitted by the operators in 2021.
