Category: Insurance

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Royal Exchange grows profit by 10% to N22.76 million in Q1 2021.

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Royal Exchange Plc released its unaudited consolidated financial statements for the quarter ended 31 March, 2021.

  • Net premium income during the period was N2.6 billion. (+22% YoY)
  • Fees and commission income of N120.4 million. (+14% YoY)
  • Underwriting profit of N822.41 million. (+69% YoY)
  • Total expenses of N850.24 million. (+62% YoY)
  • Total assets stood at N27.63 billion during the period under review.
  • Profit after tax was N22.76 million (+10% YoY)
  • Total shareholders fund was N3.29 billion. (-10% YoY)
  • Loss per share of -N2 Vs. -N3 YoY

See link to results.

African Alliance Insurance Plc reports profit after tax of N5.05 billion in H1 2021.

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African Alliance Insurance Plc released its unaudited financial results for the period ended 30th of June, 2021.

  • Net premium income for the period was N3.22 billion. (+38.5% YoY)
  • Fees and commission income of N116.91 million. (+100% YoY)
  • Net underwriting profit of N11.07 billion. (+778% YoY)
  • Total assets during the period stood at N46.7 billion.
  • Profit after tax for the period was N5.05 billion.

See link to results.

African Alliance Insurance Plc reports a loss of N3.53billion in Q1 2021.

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African Alliance Insurance Plc released its unaudited financial results for the period ended 31st of March, 2021.

  • Net premium income for the period was N1.95 billion. (+12.9% YoY)
  • Fees and commission income of N22.05 million. (+100% YoY)
  • Net underwriting loss of N153.4 million.
  • Total assets during the period stood at N52.14 billion.
  • Loss for the period was N3.53 billion.

See link to results.

Royal Exchange reports a loss after tax of N77.12 million in FY 2020.

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Royal Exchange Plc released its audited full-year results for the year ended December 31, 2020.

  • Net premium income for the period was N8.19 billion. (-6% YoY)
  • Fees and commission income of N663.21 million. (+38.3% YoY)
  • Net claims expenses of N2.7 billion. (-16% YoY)
  • Underwriting profit was N1.12 billion. (+22.2% YoY)
  • Operating expenses totalled N2.3 billion. (-3.6% YoY)
  • Loss after tax was N77.12 million.
  • No dividend was declared during the period.

See link to results.

AXA Mansard Insurance Plc completes share reconstruction exercise.

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AXA Mansard Insurance Plc has announced the successful completion of its share reconstruction exercise, and the subsequent lifting of the closed period embarked upon by the firm during the period.

This was confirmed by the firm in a recent press release signed by its secretary, Mrs. Omowunmi Mabel Adewusi, and filed with the Nigerian Exchange Limited (NGX).

Recall that in an earlier notice dated 7th of September 2021, the Insurance firm had notified shareholders and the investing public of its plans to reconstruct or redenominate its shares from a nominal value of 50 kobo to N2 per share. The firm claimed that it had obtained approval from its shareholders during its Extraordinary General Meeting to proceed with this.

In a bid to facilitate the reconstruction exercise, trading in the shares of AXA Mansard Insurance Plc were suspended from Thursday 9th of September, 2021, so that shareholders’ register can be updated with the reconstructed shares.

However, in a recent development, the firm has notified its shareholders and the general public that it has completed the exercise and lifted the embargo placed on the trading of its shares. Confirming the recent development, the insurance giant  in the recent press release said: ‘’Following the communication to the Nigerian Exchange Limited and to the esteemed shareholders, dated 7 September 2021, on the planned suspension of trading on the shares of AXA Mansard Insurance Plc (“AXA Mansard” or the “Company”) on 09 September 2021, in order to effect the share reconstruction / redenomination of AXA Mansard shares, kindly note that the share reconstruction has now been effected, and the reconstructed shares have been credited to each shareholder’s account.

‘’The suspension of trading on the Company’s shares has also been lifted and the shares can now be traded. Please take this as notice in respect of the above.’’

What you should know:

  • A share reconstruction exercise also known as ‘reverse stock split’ is just a way of technically reducing the number of outstanding shares of a company and increasing its share price without affecting market value. For instance, a firm with 10 billion units of ordinary shares of 50k each with a market price of N5 can decide to reconstruct 2 shares into 1. This will reduce the firm’s number of issued share capital, but not the value of shares held by shareholders.
  • Consequently, AXA Mansard Insurance Plc’s entire issued share capital of 36,000,000,000 ordinary shares of 50 kobo each at N0.50 per share prior to the share capital reconstruction exercise was delisted from the Nigerian Exchange Limited (NGX) daily official list, while 9,000,000,000 ordinary shares of 50 kobo each at N2 per share arising from the share capital reconstruction were listed on the exchange’s daily official list.

Prestige Assurance Plc gets new Director.

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Prestige Assurance Plc has announced the appointment of Mrs Rekha Gopalkrishnan into its Board as a Non-Executive Director, with effect from September 13, 2021. The appointment has been ratified by the National Insurance Commission (NAICOM).

This is according to a notice issued by the Insurance firm, which partly reads: ‘’Prestige Assurance Plc (the Company) wishes to inform the Nigerian Exchange Limited (NGX), its shareholders and the investing public that the National Insurance Commission (NAICOM) has approved the appointment of Mrs Rekha Gopalkrishnan as a Non-Executive Director with effect from September 13, 2021.’’

About Mrs Rekha Gopalkrishnan

Mrs Rekha Gopalkrishnan is an accomplished insurer and administrator with over 35 years of experience. She started her working career with The New India Assurance Company Limited, Mumbai in 1985, and worked in various capacities in the Divisional and Regional offices. Her services in the aforementioned firm cuts across technical and administrative functions, she was also in charge of the Reinsurance functions in 2010, having garnered international business exposures with expertise in arranging placements of the reinsurance programmes. She was later promoted to the rank of a General Manager, where she became responsible for corporate communication department, reinsurance, credit insurance, government audit, investment, foreign business department and internal audit portfolios with functions of financial advisor. In 2019, she was appointed as Nominee Director of Stock Holding by GIPSA.

Rekha holds a bachelor and Masters degrees in Commerce.

What you should know:

  • Prestige Assurance Plc is a subsidiary of The New India Assurance Company Limited, Mumbai and was founded in 1952, with its headquarters currently situated in Lagos, Nigeria. The Nigerian based insurance company provides non-life insurance services, some of its product offerings include; motor, marine, bond, engineering, fire, aviation, oil and gas, and general insurance. The insurance firm also provides all risk insurance and products for group personal accident, burglary, fidelity guarantee, workmen’s compensation, machinery breakdown, fire and allied perils, consequential loss insurance and liability insurance.
  • The insurance firm closed trading today 23rd of September, 2021 with a share price of 47 kobo per share.

AIICO Insurance Plc: Notice of Board Meeting.

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AIICO Insurance Plc has announced that its Board of Directors will meet on Thursday, 21st of October 2021, to review and approve cogent issues affecting the company.

This is according to a notice signed by the company’s secretary, Donald Kanu, and sent to the Nigerian Exchange Group Limited (NGX).

According to the notice, the meeting will enable the Board Directors to review and approve the company’s unaudited financial statement for the nine months period ending 30th of September, 2021.

In addition, the Board will seize the opportunity to fix a date for its 2020 (51st) Annual General Meeting of the Company. Consequently, decisions reached at the meeting will be duly communicated.

Finally, the firm also announced that it will commence its closed period from 1st of October, 2021 until 24 hours after the company’s unaudited financial statement and outcome of the board meeting have been made public in line with Rule 17:17 of the Closed Period, Rulebook of the Exchange, 2015 (Issuers’ Rule) as amended.

It is important to state that during the closed period, all insiders and their connected persons are strictly prohibited from transacting the shares of the company.

Here is a link to the notice.

 

Guinea Insurance Plc appoints Chinenye Nwankwo as Company Secretary.

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The board and management of Guinea Insurance Plc, a leading insurance company, have notified the Nigerian Exchange Group Limited (NGX) of the appointment of Mrs. Chinenye Nwankwo as the new company secretary.

This is according to a statement signed by the Managing Director/CEO of the company, Mr. Ademola Abidogun, dated 17th of September, 2021.

According to the notice, Mrs. Nwankwo was appointed as the new in-house Company Secretary cum Legal Adviser of the Company following the resignation of the former secretary, Mrs. Oluranti Oke. It is pertinent to note that Mrs. Oke resigned from her position following the disengagement of DSCL Corporate Services Limited which served as the outsourced company secretary of Guinea Insurance Plc.

Corroborating this, an abstract of the recent notice issued by the company and filed with the Nigerian Exchange Limited (NGX) read thus: ‘’Following the resignation of Mrs. Oluranti Oke and disengagement of DSCL Corporate Services Limited, as the outsourced Company Secretary of Guinea Insurance Plc (GIPLC or the Company), we wish to formally notify the Nigerian Exchange Limited (NGX), our distinguished Shareholders and the General public of the appointment of Mrs. Chinenye Nwankwo, as the in-house Company Secretary cum Legal Adviser of the Company.’’

About Mrs. Nwankwo

Mrs. Chinenye Nwankwo is a seasoned legal practitioner with over 10 years of experience and expertise in litigation, corporate governance, legal and regulatory compliance, company secretarial practice, capital market, legal audit and due diligence, corporate restructuring and commercial dispute resolutions. Before joining Guinea Insurance Plc, she led the legal and compliance unit at Financial Derivatives Company Limited, Nigeria. She has also functioned as Company Secretary to other similar public quoted companies, multinationals and startups in the technology sector.

In terms of education, Mrs. Nwankwo is a Law graduate from the University of Nigeria, Nsukka (UNN) and was called to the Nigerian Bar in 2009. She is a member of the Nigerian Bar Association, an accredited practitioner with the Corporate Affairs Commission and registered practitioner, Financial Reporting Council and student member of the Institute of Chartered Secretaries and Administrators, Nigeria.

 

 

AXA Mansard announces Director’s resignation.

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Mr. Ohis Ohiwerei, an Independent   Non-Executive Director of AXA Mansard Insurance Plc, has resigned from the company’s board, effective from August 31, 2021.

This was announced via a notice signed by the company’s secretary, Omowunmi Mabel Adewusi, and made available on the website of the Nigerian Exchange Limited (NGX).

The Board seized the opportunity to express their appreciation to Mr. Ohiwerei for his leadership and overall contribution to Company’s growth during his tenure on the Board, an indication that his resignation was unanimously accepted and approved by the Board.

In addition, the company also stated that it is currently awaiting the approval of the regulators to announce his replacement.

About Mr. Ohis Ohiwerei

Mr. Ohis Ohiwerei was appointed into the Board of AXA Mansard Insurance Plc as Independent Non-Executive Director, since August, 2016. He also serves in the Board of other notable companies like Notore Chemical Industries Limited, and Orange One Finance Limited, among others.

He has over twenty three years’ experience in the banking industry, having worked in Guaranty Trust Holding Company (formerly GTBank), from 1992 till 1998. He then joined Ecobank Plc in 1998 as Country Treasurer for Nigeria and a member of the regional treasury audit team till 2000 when he joined Diamond Bank Plc.

He served as Chief Financial Officer of Diamond Bank Plc and became Executive Director (Corporate Banking) of Diamond Bank Plc from 2005 till his retirement in 2010. While at Diamond Bank, he also served as the Chief Financial Officer and (Non-Executive) Director of ADIC Insurance Limited.

Ohiwerei holds a Bachelors’ degree in Engineering and Masters in Business Administration (MBA) from the prestigious University of Benin.

What you should know:

  • AXA Mansard Insurance Plc was incorporated on the 23rd of June, 1989 as a private limited liability company and was issued a composite insurance licence by the National Insurance Commission (NAICOM) in March 2004.
  • The company is duly registered by the Securities and Exchange Commission of Nigeria (SEC) and functions as a multi-expert asset management company within the AXA Mansard Group.
  • AXA Mansard Plc closed trading today 14th of September, 2021 with a share price of 83 kobo.

Royal Exchange Plc projects profit after tax of N70.16 million in Q4 2021.

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Royal Exchange Plc released its earnings forecasts for the fourth quarter of the year (Q4, 2021).

  • Net premium is projected to hit N368.5 million.
  • Total underwriting expenses projection of N348.7 million.
  • Net operating income is projected at N389.6 million.
  • Profit before tax is projected at N103.17 million
  • Tax is projected at N33.01 million
  • Profit after tax is projected at N70.16 million.

See link to results.