Prestige Assurance Plc: Notice of Board Meeting.

Prestige Assurance Plc has notified its shareholders, the investing public and other relevant stakeholders that it will be hosting a Board of Directors Meeting on Thursday, November 25, 2021.

This is according to a notice signed by the Acting Company’s Secretary, Chidinma Ibe-Louis, and filed with the Nigerian Exchange Limited (NGX).

According to the notice, the board meeting is scheduled to enable the directors consider the company’s budget for 2022 financial year, as well as issues relating to the company’s recapitalization.

In line with the statutory provisions of the NGX, the company disclosed that it had already commenced a closed period from Monday, November 8, 2021. The closed period will last until 24 hours after the decisions taken at the Board meeting are made public

Consequently, all insiders and their connected persons, including but not limited to: directors, managers, employees, consultants and advisers to the company, are prohibited from trading (i.e. buying, selling, transferring or otherwise dealing) in the company’s shares.

 

For more information about the disclosure, click HERE.

 

AIICO Insurance Plc to hold 51st Annual General Meeting (AGM) on November 30

The Board of AIICO Insurance Plc has announced that it will be hosting its 51st Annual General Meeting on the 30th of November, 2021. The meeting will be virtually held at Lagos Marriot Hotel, Ikeja, Lagos by 12:00 pm prompt.

This is according to a statement issued by the company and made available on the website of the Nigerian Exchange Limited (NGX).

Some of the issues to be discussed at the AGM include;

  • Of special interest to the board is the allocation of bonus shares of 20,917,299,938 ordinary shares of 50k each to qualified members whose names appear in the Register of members at the close of business on the 23rd of November, 2021.The bonus shares worth about N10.46 billion will be distributed in the proportion of 12 shares for every 9 shares already held by such member on that date.
  • In addition, the audited financial statement of the firm for the year ended December 31, 2020, as well as the report of its Directors, auditor, and the audit committee will be considered.
  • Board appointments will also be considered and ratified.
  • Managers and Directors remuneration for FY 2021 will be considered.
  • To elect shareholders’ representatives of the statutory audit committee, among others.

In view of the directives on physical distancing and the restriction on maximum number of people at every gathering due to the COVID-19 pandemic, the meeting will hold by proxy in accordance with section 254 of the Companies and Allied Matters Act 2020 and as approved by the Corporate Affairs Commission.

Additionally, the AGM will be streamed live online, to enable shareholders and other relevant stakeholders who will not be attending the meeting physically to also be part of the proceedings. The link for the live streaming will be made available on the company’s website: www.aiicoplc.com.

For more information about the AGM, click HERE.

NEM Insurance PLC Reports 46.90% Increase in Net Premium Income in Q3 2021

NEM Insurance PLC has released its unaudited financial statement for the third quarter ended 30th of September 2021. 

  • Gross premium written during the period stood at N23.18 billion. (+23.48% YoY) 
  • Gross premium earned during the period was N21.35 billion. (+36.50% YoY) 
  • Net premium income for the period was N15.31 billion. (+46.90% YoY) 
  • Fee and commission income during the period was N1.17 billion. (+9.88% YoY) 
  • Net underwriting income of N16.48 billion was recorded. (+43.46% YoY) 
  • Profit before income tax for the period was reported as N2.45 billion. (+85%) 
  • Profit after tax for the period was N2.07 billion. (+85%) 
  • Loans and advances to customers for the period was N6.7 billion (+40.29 YoY) 
  • Total assets during the period stood at N35.23 billion. (+4.06 bn YtD) 

See link to results 

Guinea Insurance Plc reports Net profit of N95.76 million in third quarter 2021

Guinea Insurance Plc released its unaudited financial results for the third quarter of the year ended 30th of September 2021.

  • Gross premium written during the period was N286.52 million. (+1.83% YoY)
  • Gross premium income for the period was N346.69 million (+32.07%)
  • Net premium income stood at N221.53 million. (+20.59% YoY)
  • Underwriting profit for the period was N223.97 million. (+324.35% YoY)
  • Profit before tax of N96.68 million was recorded during the period.
  • Profit for the period stood at N95.76million from a loss after tax of N65.93million YoY
  • Total assets during the period stood at N3.48 billion.
  • Earnings per share of 1.6 kobo Vs –0.41 kobo YoY.

See full result here.

AIICO Insurance Plc declares Bonus shares to be issued to existing shareholders

AIICO Insurance Plc has declared that 12 bonus shares will be issued for every 9 ordinary shares held by existing shareholders for the financial period ended September 30, 2021.

According to a notice filed with the Nigerian Exchange Limited (NGX) and signed by the company’s secretary, Donald Kanu, 8 of the bonus shares will be issued from the share premium account, while the remaining 4 bonus shares will be issued from the retained earnings.

The notice further stated that these bonus shares are being issued to enable the company to meet up with the new minimum capital requirement as directed by the National Insurance Commission (NAICOM).

In order to facilitate the process, the Register of Shareholders will be closed from Wednesday, 24th of November to Monday, 29th of November, 2021.

Shareholders are urged to ensure that their names appear on the Company’s Register of Members as at the aforementioned date and shareholders who are yet to complete the e-dividend registration are advised to download the form on the Registrar’s website, complete the form and submit it to the Registrar or their respective banks.

Furthermore, shareholders with dividend that have remained unclaimed or are yet to be presented for payment have been advised to contact the registrar.

What you should know

AIICO Insurance Plc has reported a 15.84% growth in its Gross premium written to N54.67 billion for the 2021 Q3 Period. Similarly, Underwriting Profit appreciated by 233% to N29.74 billion. During the period, earnings per share (EPS) declined to 15 kobo, decreasing by 66.67% YoY.

Regency Alliance Insurance projects profit after tax of N808.2 million in Q4 2021.

Regency Alliance Insurance Plc released its earnings forecasts for the fourth quarter of the year (Q4, 2021) ending 31st of December, 2021.

  • Net premium is projected at N3.01 billion
  • Net claims projection of N957.82 million
  • Net operating income is projected at N2.38 billion
  • Underwriting/Management expenses projection of N955.54 million
  • Tax is projected at N70.3 million
  • Profit after tax is projected at N808.2 million.

See link to forecasts.

Standard Alliance Insurance Plc: Notice of Board Meeting

Standard Alliance Insurance Plc has notified its shareholders, the investing public and other relevant stakeholders that it will be hosting a Board of Directors Meeting on Thursday, October 28, 2021.

This is according to a notice signed by the company’s secretary, Kasoki Hart Olekanma, and filed with the Nigerian Exchange Limited (NGX).

According to the notice, the board meeting is scheduled to enable the Directors deliberate on and approve the company’s unaudited financial accounts for the third quarter ended 30th of September, 2021.

Consequently, in line with Rule 17.18 of the Rulebook of the Nigerian Exchange Limited (NGX), the company disclosed that it had already commenced a closed period from October 1, 2021. The closed period will last until 24 hours after the financial results have been released to the NGX and made public.

During the closed period, all insiders such as: Director, persons discharging managerial responsibilities, and advisers of the Company and their connected persons  are prohibited from trading (i.e. buying, selling, transferring or otherwise dealing) in the company’s shares.

 

For more information about the disclosure, click HERE.

 

DEAL: AfricInvest acquires minority stake in Royal Exchange General Insurance Company.

AfricInvest, a leading Pan-African asset management company has announced the acquisition of a minority stake in Royal Exchange General Insurance Company (REGIC). The investment was made through its private equity fund, FIVE, in the form of a subscription to a capital increase.

According to a notice issued by the company and filed with the Nigerian Exchange Limited (NGX), the new investment has already been approved by National Insurance Commission (NAICOM).

Following the recent investment, the Board of REGIC will be subsequently restructured to reflect this new reality. New directors from FIVE (the private equity arm of AfricInvest), will join the Board of REGIC, alongside Royal Exchange Group and Blue Orchard’s InsuResilience Investment Fund (IIF) that had earlier invested in the company in July 2019.  These new directors are expected to bring their wealth of experience and expertise in their various fields into play and chart a new strategic direction for REGIC, especially as the company seeks to be among the top 3 general insurance companies in Nigeria within the next 5 years. The appointment of these new Directors is awaiting approval from the primary regulatory body, NAICOM.

Why this matters: The investment will avail REGIC the opportunity to expand its underwriting capacity in key priority areas considered as the future of insurance, such as the retail mass market, agricultural insurance and insurtech, among others. In this light, the firm will be empowered to participate in more large-ticket corporate transactions, diversify its existing business and product lines as well as diversify its delivery channels.

In addition, the firm (REGIC) disclosed that the recent investment will help strengthen its execution capabilities at top and middle management in order to ensure the successful implementation of an ambitious growth plan for the company within the next 5-7 years.

What they are saying: Commenting on the new investment by AfricInvest, the Chairman of Royal Exchange Plc, Mr. Kenneth Ezenwani Odogwu, Chairman of Royal Exchange Group added, “Being the first insurance company in Nigeria and having been in business for over 100 years, I am excited and hopeful that we will be just as prominent for the next 100 years. The investment by AfricInvest and Blue Orchard is an important inflection point on this journey. Under the auspices of a new board led by a seasoned professional like Mr. Ike Chioke (awaiting NAICOM approval), I am confident that we will continue to provide relevant services and products to a new generation of insurance customers

Mehdi Gharbi, Senior Partner at AfricInvest and Co-head of FIVE, commented, “REGIC represents a perfect fit with the investment strategy of FIVE as it combines return and impact. REGIC’s expansion plan will allow the Company to achieve sustainable and strong growth, facilitating access to insurance while creating value for stakeholders. I’m excited to join the REGIC’s board and to contribute alongside my colleagues the emergence of a new champion in the Nigerian insurance market.”

Ernesto Costa, Head of Private Equity Investments at BlueOrchard and representative of IIF in the board of REGIC added, “One of the key drivers behind our decision to invest in REGIC in 2019 was the history of the company, as well as the commitment of the key shareholders and management team to chart a new strategic direction for the company towards retail and improving the resilience of small-scale farmers, SMEs and households against the effects of climate change. We are happy with the addition of AfricInvest, a like-minded and experienced investor, as a strategic shareholder and together, we will offer the necessary expertise, leadership and direction from the Board to ensure REGIC continues on its growth trajectory.’’

Sylma du Plessis, Partner at Alkebulan and advisor to the Royal Exchange Group commented, “This transaction is testament to REGIC’s strong management and opportunity set that it could successfully attract investors of the caliber of FIVE. We are proud to have played a part in securing funding for and giving financial advice to the Royal Exchange Group.”

What you should know:

  • Royal Exchange General Insurance Company (REGIC) is one of Nigeria’s biggest private insurance companies established in 2008, following the restructuring of the then Royal Exchange Assurance Nigeria (REAN) which had been in operation for over a century in Nigeria.
  • AfricInvest is a leading private equity firm in Africa that has raised over $1.9 billion in funds. It was founded in 1994 and has made over 180 investments in more than 25 countries across the African continent in a variety of sectors.
  • Financial Inclusion Vehicle (FIVE) is the private equity arm and the evergreen investment vehicle of AfricInvest. It was raised in December 2017 and dedicated to the financial sector in Africa.
  • For this transaction, Royal Exchange General Insurance Company had Messrs Alkebulan and Co as its Financial Advisers, while Sefton Fross were its Legal Advisers. On the other hand, Udo Udoma, Bello Osagie (UUBO) and Co acted as the Legal Adviser for FIVE, while Punuka International Law Centre acted as the Legal Adviser for Royal Exchange Plc.

 

Royal Exchange Plc to hold 52nd Annual General Meeting (AGM) on October 28

The Board of Royal Exchange Plc has announced that it will be hosting its 52nd Annual General Meeting on the 28th of October, 2021. The meeting will be virtually held at the company’s operations office in Oshodi, Lagos, by 10:00 am prompt.

This is according to a statement issued by the company and made available on the website of the Nigerian Exchange Limited (NGX).

Some of the issues to be discussed at the AGM include;

  • The audited financial statement for the year ended December 31, 2020, and the report of its Directors, auditor, and the audit committee.
  • Board appointments will also be considered and ratified.
  • To fix remuneration of managers and Directors in FY 2021.
  • To elect shareholders’ representatives of the statutory audit committee, among others.

In view of the directives on physical distancing and the restriction on maximum number of people at every gathering due to the COVID-19 pandemic, the meeting will hold by proxy in accordance with section 254 of the Companies and Allied Matters Act 2020 and as approved by the Corporate Affairs Commission.

Additionally, the AGM will be streamed live online, to enable shareholders and other relevant stakeholders who will not be attending the meeting physically to also be part of the proceedings. The link for the live streaming will be made available on the company’s website: www.royalexchangeplc.com

What you should know:

  • Royal Exchange Plc had earlier reported a 62% decline in its 2021 half year profit to N233.12 million.

For more information about the AGM, click HERE.

 

2021 H1 Results: Royal Exchange half year profit slumps by 62% to N233.12 million.

Royal Exchange released its unaudited consolidated financial statements for the half year period ended June 30, 2021.

  • Net premium income for the period was N3.66 billion. (-11% YoY)
  • Fees and commission income of N307.2 million. (+13% YoY)
  • Underwriting profit was N892.04 million. (-22% YoY)
  • Total expenses of N1.11 billion. (+14% YoY)
  • Profit after tax was N158.5 million. (-62% YoY)
  • Loss per share of 1 kobo Vs 5 kobo YoY.
  • Total shareholders’ fund for the period was N3.31 billion. (-10% YoY)

See link to results.