NEM Insurance Plc set to hold 51st Annual General Meeting on June 24.

The Board of NEM Insurance Plc has announced that it will be hosting its 51st Annual General Meeting on the 24th of June, 2021.

This is according to a notification signed by the company’s secretary, Olajumoke Philip Akede, and seen by Nairametrics. Sequel to this, the following issues will be discussed;

  • The audited financial statement for the year ended December 31, 2020, and the report of its Directors, auditor, and the audit committee.
  • The firm’s proposed dividend of 9 kobo per share will be considered and approved. It is worthy to note that if ratified, the dividend will paid on 24th of June, 2021.
  • 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.

Special Business

  • A proposal to reconstruct the firm’s shares in the ratio two (2 )ordinary shares held by each shareholder for one (1) new ordinary share, will be discussed.
  • The company’s Memorandum and Articles of Association will be amended to reflect the changes.

 

What you should know:

  • NEM Insurance Plc had earlier reported a profit after tax of N5.08 billion in FY 2020.
  • In line with CAC guidelines, attendance at the AGM will be by proxy. A list of 7 proxies  have been made available for shareholders to choose from,
  • The link for the Annual General Meeting will be made available on the company’s website: www.nem-insurance.com

 

For more information about the AGM, click HERE.

Wole Onasanya resigns as a Director from the Board of Veritas Kapital Assurance Plc.

The Board of Veritas Kapital Assurance Plc has announced the resignation of Mr Wole Onasanya as an Executive Director of the company.

This announcement was made in a notification issued by the Company Secretary, Saratu Umar Garba, as seen by Nairametrics.

According to the notice, the resignation of Mr Onasanya as an Executive Director (Finance and Investment) from the Board of Veritas Kapital Assurance Plc became effective on 31st of May, 2021. His resignation was considered and ratified during the 179th Board meeting of the company held on the 29th of April, 2021.

In this light, the Board and Management of the company wishes him all the best in his future endeavours.

About Mr Wole Onasanya

Wole Onasanya is an investment, finance and insurance executive with several years of experience. His areas of technical competence include; M&A, financing, strategic planning, corporate development and entrepreneurship.

Onasanya is a graduate of the prestigious University of Ibadan and Northwestern University (Kellogg School of Management), where he obtained a Bachelors’ degree in Economics and an MBA respectively. He was appointed into the Board of Veritas Kapital Assurance Plc as an Executive Director in October 2019.

Prestige Assurance approves dividend worth N331.3 million to shareholders, set to raise additional capital of N3.4 billion

The Board of Prestige Assurance Plc has approved the sum of N331.3 million as dividends to be paid to shareholders for the period ended December 2020.  This is in addition to a plan of raising an additional capital of N3.4 billion at a price and quantum to be determined by the Directors.

These decisions are part of the resolutions reached during the recently concluded Annual General Meeting of the firm, held on the 26th of May, 2021.

An abstract of the ordinary resolutions reached during the AGM reads: ‘’ A dividend of 02.5k  per 50k ordinary share, amounting to a gross dividend of N331,314,047.20 out of Profit After Tax for the twelve months ended 31st December 2020 be and is hereby declared payable to shareholders whose names appear in the Register of Members as at the close of business on Monday 17th May 2021.’’

Other resolutions reached at the Annual General Meeting include;

  • The appointment of Dr Adedoyin Salami and Mrs Funmi Oyetunji into the company’s Board as Directors were reviewed and approved.
  •  The remuneration of the Non-Executive Directors for the year ending 31st December, 2021 was fixed at N14, 300,000.

What you should know:

  • Recall that Prestige Assurance Plc had earlier reported a profit after tax of N649.66 million in FY 2020.

For more information about the disclosure, click HERE.

Ngozi Nkem retires as Non-Executive Director of Consolidated Hallmark Insurance Plc.

The Board of Consolidated Hallmark Insurance Plc has notified shareholders and the investing public, of the retirement of one of its Non-Executive Directors, Mrs Ngozi Nkem from her position after many years of meritorious service.

This is according to a notification signed by the Company’s Secretary, Rukevwe Falana and sent to the Nigerian Exchange Group Plc.

According to the notice, the retirement decision was duly considered and ratified at the Board of Directors’ meeting of the company, held on 28th of April, 2021. The disclosure is in line with the Corporate Governance Code and Guidelines of the National Insurance Commission (NAICOM).

About the retiree

Ngozi Nkem is an experienced banker with many years of experience. She is an alumna of Abia State University, where she obtained a BSc. degree in Banking and Finance.

Mrs Nkem currently manages Zopon Nigeria and also sits in the board of three other firms- Transglobe Securities Nigeria Limited, Binez Hotel Limited and Abia State Hotels Limited.

2021 Q1 Results: Cornerstone Insurance Plc grows profit by 39% to N658.15 million.

Cornerstone Insurance Plc released its unaudited results for the first quarter of the year (Q1, 2021).

  • Net premium earned during the period was N2.82 billion. (+97.7% YoY)
  • Total claims paid during the period was N1.3 billion (+20.01% YoY)
  • Underwriting profit of N1.49 billion. (+566.6% YoY)
  • Personnel expenses totalled N598.25 million. (+33.3% YoY)
  • Profit after tax was N658.15 million. (+38.5% YoY)

See link to results.

Sovereign Trust Insurance records a 43% surge in profit after tax to N392.1 million in Q1 2021.

Sovereign Trust Insurance Plc released its unaudited results for the first quarter of the year (Q1, 2021).

  • Net premium written for the period was N1.9 billion. (+18% YoY)
  • Total claims paid during the period was N1.27 billion (+17% YoY)
  • Underwriting profit of N851 million. (+53% YoY)
  • Profit after tax was N392.11 million. (+43% YoY)
  • Earnings per share of 3.45 kobo Vs 3.3 kobo YoY.
  • Net assets per share of 79 kobo.

See link to results.

CHI Plc post profit after tax of N291.45 million in Q1 2021.

Consolidated Hallmark Insurance Plc released its unaudited results for the first quarter of the year (Q1, 2021).

  • Net premium income for the period was N2.25 billion. (+24.05% YoY)
  • Total claims paid during the period was N915.08 million (+76.3% YoY)
  • Underwriting profit was N918.2 million. (+16.4 YoY)
  • Profit after tax was N291.45 million. (+39.1% YoY)
  • Earnings per share of 4 kobo Vs 3 kobo

See link to results.

Guinea Insurance Plc reports a loss after tax of N61.2 million in Q1 2021.

Guinea Insurance Plc released its unaudited results for the first quarter of the year (Q1, 2021).

  • Net premium income for the period was N198.12 million. (-3.4% YoY)
  • Total claims paid during the period was N40.2 million (-55.2% YoY)
  • Underwriting profit of N99.42 million. (-9.1% YoY)
  • Loss after tax of N61.2 million was recorded.
  • A loss per share of -1 kobo was recorded during the period.

See link to results.

NEM Insurance Plc appoints Idowu Semowo as new Chief Financial Officer

NEM Insurance Plc has announced the appointment of Mr Idowu Semowo as its new Chief Financial Officer (CFO) effective from 1st of February, 2021.

This is according to a disclosure signed by the firm’s secretary, Olajumoke Philip-Akede and made available on the website of the Nigerian Exchange Group Plc (NGX), as seen by Nairametrics.

As part of his responsibilities, Idowu will support the Board in driving the Group’s strategic vision and harnessing greater wealth building opportunities for shareholders. Sequel to this, the board expressed optimism and trust in the capability of the new CFO to deliver.

Profile

Mr Idowu is a financial industry expert with over thirty years of experience in banking, stock broking and auditing, having worked for firms like Universal Trust Bank, MBC International Bank and Kinley Securities Limited, among others.

He is a fellow of both the Institute of Chartered Accountants of Nigeria and the Chartered Institute of Bankers of Nigeria, and an Associate of the Chartered Institute of Stockbrokers of Nigeria [ACS].

What you should know:

  • NEM Insurance Plc is one of the oldest financial institutions in Nigeria. It started insurance business in Nigeria in 1948 and it currently offers life and non-life insurance services.
  • The firm recently posted a profit after tax of N5.08 billion in FY 2020, indicating a surge of about 112.3% YoY.

 

For more information about the recent appointment, click HERE.