Category: Insurance

You can add some category description here.

Linkage Assurance Plc forecasts profit after tax of N624 million in Q4 2021.

Chidi Emenike Leave a comment

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

  • Gross Premium is projected to hit N1.13 billion.
  • Net claims projection of N336.7 million.
  • Net operating income is projected at N1.76 billion.
  • Profit before tax is projected at N640 million
  • Tax is projected at N16 million
  • Profit after tax is projected at N624 million.

See link to results.

Prestige Assurance projects N1.1 billion PAT in Q4 2021.

Chidi Emenike Leave a comment

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

  • Turnover is projected to hit N9.25 billion
  • Profit before tax is projected at N1.39 billion
  • Tax is projected at N278 million
  • Profit after tax is projected at N1.11 billion.

The forecasts were made based on the following assumptions;

  1. There will be no serious Government restrictions on trade that will affect the insurance business.
  2. The company will not suffer any major catastrophe which will necessitate liquidation of investment portfolio for claims payment.
  3. There will not be any considerable reduction in the level of interest rate.
  4. The capital Market activities will improve significantly from the bearish position to the bullish.
  5. The country political climate shall be stable for carrying out business activities across the nation.
  6. The company will continue to deal with its present range of insurance policies.
  7. The company will enhance its present treaty arrangement due to recapitalization.
  8. The accounting policies will not change.
  9. The basis of taxation will not change materially.
  10. The company would maintain its present work force and additional hands will be employed to take care of increased business activities.
  11. There will be vigorous effort to improve upon the present market share.
  12. A part of the Proceed from recapitalization will be invested in government gilts to enhance investment income.
  13. There shall be no protest, pandemic and other pandemonium which might affect business transactions negatively.
  14. There will be availability of forex to meet up with the company’s obligation denominated in foreign currencies.

See link to forecasts.

Sunu Assurances Nigeria forecasts profit after tax of N241.9 million in Q4 2021.

Chidi Emenike Leave a comment

Sunu Assurances Nigeria Plc released its earnings forecasts for the fourth quarter of the year (Q4, 2021).

  • Net premium income is expected to hit N3.04 billion during the period under review.
  • Net claims projection of N750.6 million.
  • Operating expenses projection of N1.55 billion.
  • Income tax is projected at N179.3 million.
  • Profit after tax is projected at N241.9 million.

See link to forecasts.

AIICO Insurance Plc projects a loss after tax of N1.4 billion in Q4 2021.

Chidi Emenike Leave a comment

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

  • Net premium income is expected to hit N59.62 billion during the period.
  • Net claims projection of N41.95 billion.
  • Underwriting profit is projected at N33.15 billion.
  • Total operating income is projected at N8.41 billion.
  • Tax is projected at N334.4 million.
  • Loss after tax is projected at N1.42 billion.

See link to forecasts.

LASACO Assurance Plc appoints Razzaq Abiodun as new Managing Director.

Chidi Emenike Leave a comment

The Board of LASACO Assurance Plc has approved the appointment of Mr Razzaq Abiodun as the new Managing Director of the company, following the retirement of the former Managing Director, Mr Segun Balogun.

This is according to a notice signed by the company’s secretary, Gertrude Olutekunbi, which partly read: ‘’ LASACO Assurance plc (Lasaco) wishes to inform the Nigerian Exchange Limited (NGX), its distinguished shareholders and the general public that at the Board of Directors Meeting of the Company held on Friday, 27th August ZOZL, the Board approved the appointment of Mr. Razzaq Abiodun as the Managing Director following the retirement of Mr. Segun Balogun’’

Until his recent appointment, Mr Abiodun was the Deputy Managing Director (Technical) of the firm.

About Mr Razzaq Abiodun

Mr Razzaq Abiodun has over 30 years’ experience in the insurance industry spanning claims, underwriting and marketing. He began his insurance career with City Union Insurance Company where he rose to the position of Deputy Manager, Claims/Reinsurance. He was also a Senior Manager at Metropolitan Trust Insurance Company (now Consolidated Hallmark). Abiodun also worked at WAPIC Insurance Plc where he was an Assistant General Manager, before his appointment as pioneer Managing Director of WAPIC Insurance (GHANA) Ltd.

He holds a Master’s degree in Business Administration from Lagos State University; and is a Graduate of Law from the Ghana Institute of Management and Professional Studies (GIMPA). Abiodun is an Associate of the Chartered Insurance Institute of United Kingdom and a Fellow of the Chartered Insurance Institute of Ghana.

 

 

AXA Mansard Insurance obtains regulatory approval to reconstruct its shares.

Chidi Emenike 1 Comment

AXA Mansard Insurance Plc has obtained pre-requisite regulatory approvals to reconstruct its shares, from a nominal value of 50 kobo to N2 per share.

This is according to a disclosure signed by the company’s secretary, Mrs Omowunmi Mabel Adewusi, which partly reads: ‘’ Following the Extraordinary General Meeting of AXA Mansard Insurance Plc (“AXA Mansard” or the “Company”) held on Monday, 07 December 2020, the Company secured the approval of its shareholders for the share reconstruction / redenomination of AXA Mansard’s shares from a nominal share value of N0.50 to N2.00.’’

Buoyed by the support it got from its shareholders, the insurance giant further sought and obtained necessary regulatory approvals from the National Insurance Commission (NAICOM) on Monday, 19 July, 2021, and the Securities & Exchange Commission (SEC) on Monday, 16 August 2021, respectively.

Consequently, the shares of the company will be suspended from trading on the Nigerian Exchange Limited (NGX) on Thursday, 09 September 2021, so that the shareholders’ register can be updated with the reconstructed shares. Once this is concluded, the suspension will be lifted and trading on the shares shall recommence.

What you should know:

  • Share reconstruction is just a technical process of reducing the total number of a company’s outstanding shares, by cancelling out shares it does not need. The exercise will increase the nominal value of the company’s share, whilst retaining its market value.
  • AXA Mansard Insurance Plc closed trading on the 7th of September, 2021 with a share price of 88 kobo per share, and a total outstanding shares of 36,000,000,000

 

 

Cornerstone Insurance forecasts N417.3 million PAT in Q4 2021.

Chidi Emenike Leave a comment

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

  • Gross premium income is expected to hit N5.5 billion
  • Net claims expense projection of N989.6 million.
  • Net operating income is expected to hit N1.8 billion.
  • Operating expenses projection of N929.3 million
  • Tax is projected at N178.9 million
  • Profit after tax is projected at N417.3 million

See link to results.

AXA Mansard Insurance projects profit of N4.4 billion in Q4 2021.

Chidi Emenike Leave a comment

AXA Mansard Insurance Plc released its earnings forecasts for the fourth quarter of the year (Q4, 2021).

  • Net premium income is expected to hit N53.5 billion
  • Net claims expense projection of N24.3 billion.
  • Underwriting profit is expected to hit N11.97 billion.
  • Operating expenses projection of N9.21 billion
  • Tax is projected at N1.7 billion
  • Profit after tax is projected at N4.4 billion

See link to results.

Guinea Insurance Plc to hold 63rd Annual General Meeting (AGM) on September 23

Chidi Emenike Leave a comment

The Board of Guinea Insurance Plc has announced that it will be hosting its 63rd Annual General Meeting on the 23rd of September, 2021. The meeting will be held at the company’s head office in Jibowu Lagos, by 11:00 am prompt,

This is according to a statement issued by the company and signed by its secretary, Chinenye Nwankwo. 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.guineainsurance.com/agm

What you should know:

  • Guinea Insurance Plc had earlier reported a loss after tax of N90.59 million in HY 2021.
  • As at the period of reporting this, the firm is currently trading at 20 kobo on the floor of the Nigerian Exchange Limited (NGX).

For more information about the AGM, click HERE.