Category: Insurance

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Mutual Benefits Assurance Plc appoints Apel Capital Ltd. as new company Registrar.

Chidi Emenike 1 Comment

Mutual Benefits Assurance Plc has announced the appointment of Apel Capital Registrars Limited as its new company registrar, with effect from 1st of September, 2021.

In a statement signed by the company’s secretary, Ide Ibitayo, and made available on the website of the Nigerian Exchange Limited (NGX), the firm stated that the new registrar will take over from Meristem Registrars and Probate Service Limited.

Confirming the recent development, an extract of the recent notice read: ‘’Mutual Benefits Assurance Pic (Mutual Benefits Assurance or the Company) wishes to inform its valued shareholders, investing public and key stakeholders that the Company has appointed a new registrar – Apel Capital Registrars Limited. The appointment takes effect from September 2021. Apel Capital Registrars Limited will replace Meristem Registrars and Probate Services Limited.’’

What you should know about Apel Capital Registrars Limited.

Apel Capital Registrars Limited is a private company limited by shares, and a wholly owned subsidiary of Apel Group. It is one of the leading registrars in Nigeria, offering diverse services such as; primary market services, investor relations, employee share plan, dividend reinvestment plan, post primary market services, among others. Some of its notable clients include Chapel Hill Denham, Lasaco Assurance Plc, AIICO Balanced Fund, International Breweries Plc, NEM Insurance Plc, among others.

 

 

NGX Gives Prestige Assurance Three Years Grace Period to Comply With Free Float Requirements.

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The Nigerian Exchange Limited (NGX) has granted a three-year grace period for Prestige Assurance Plc to meet up with its free-float requirements, effective till 20th of August, 2024.

The extension is to enable the firm meet up with the free float requirements of 20% issued and fully paid share capital or N20 billion free float market capitalization for companies listed on the NGX Main Board.

This is according to a statement signed by the company’s secretary, Chidinma Ibe-Louis, which partly reads: ‘’Prestige Assurance Plc (the Company) wishes to inform the Nigerian Exchange Limited (NGX or the Exchange), its shareholders and investing public that the NGX has granted an approva;l for a three-year extension of time to cure the Company’s free float deficiency, till 20th August 2024. This is to enable the company to comply with NGX’s free float requirements of 20% issued and fully paid share capital or Twenty Billion Naira free float market capitalization for companies listed on its Main Board.’’

In addition, based on the provisions of Rule 3.1.4 of the Exchange’s Rules Governing Free Float Requirements for Listed Companies, NGX reserves the right to suspend trading in the company’s securities if it fails to achieve the required free float threshold within the extended period.

What you should know:

  • NGX had earlier given UACN Property Development Company Plc (UPDC Plc) a 2 year grace period to meet up with its free-float requirements.
  • Prestige Assurance closed trading today 24th of August, 2021 with a share price of 47 kobo per share.

Universal Insurance Plc set to hold 51st Annual General Meeting (AGM) on September 8.

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Universal Insurance Plc has announced that it will be hosting its 51st Annual General Meeting on the 8th day of September, 2021 at 9:00am prompt.

According to a statement signed by the company’s secretary, Chinedu Anthony Onyilimba, and made available on the website of the Nigerian Exchange Group Limited (NGX), the meeting will be held at Radisson Blu Hotel, Ikeja GRA-Lagos on the aforementioned date and time.

Sequel to this, the following topical 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.
  • 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.

Furthermore, due to the COVID-19 pandemic, attendance of the AGM will be by proxy. Additionally, the firm also announced that the AGM will be streamed live online for shareholders and other stakeholders who will not be attending physically. The link for the AGM online live streaming will be made available on the company’s website at www.universalinsuranceplc.com.

For more information about the AGM, click HERE.

 

Coronation Insurance Plc: Notice of Annual General Meeting.

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The Board of Coronation Insurance Plc has announced that it will be hosting its 62nd Annual General Meeting (AGM) in Lagos on the 3rd of September, 2021.

According to a notice signed by the company’s secretary, Mary Agha and sent to the Nigerian Exchange Group Limited (NGX), the meeting will hold at the head office of the insurance firm in Ikoyi-Lagos on the aforementioned date and by 10:00am prompt.

In light of 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.
  • 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.

For more details about the AGM, click HERE.

 

CHI Plc to hold Annual General Meeting on 2nd of September

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The Board of Consolidated Hallmark Insurance Plc has announced that it will be hosting its 26th Annual General Meeting on the 2nd of September, 2021.

According to a notice signed by the company’s secretary, Rukevwe Falana, and sent to the Nigerian Exchange Limited (NGX), the meeting will hold at Four Points by Sheraton, Victoria Island-Lagos, by 11:00am prompt.

In light of 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.
  • 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.

For more details about the AGM, click HERE.

CHI Plc approves interim dividend worth N214.09 million for 2021 half year.

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The Board of Consolidated Hallmark Insurance Plc has approved the payment of an interim dividend of N214.09 million representing 2 kobo per share on all the outstanding 10,704,500,000 shares of the company for the period ended June 30, 2021.

According to a notice signed by the company’s secretary, Rukevwe Falana and filed with the Nigerian Exchange Group Limited (NGX), the dividends will be paid on the 2nd of September, 2021, to all qualified shareholders whose names appear on the Register of Members as at close of business on Friday, August 13, 2021.

Confirming the recent development, a part of the notice filed with the Exchange read: ‘’ An interim dividend of 2Kobo per ordinary share of 50Kobo subject to appropriate withholding tax will be paid to shareholders whose names appear in the Register of Members as at the close of business on Friday, August 13, 2021’’

To fast track the process, the company also announced that it will close the register of its shareholders from 16th of August to 20th of August, 2021.

To effectively participate in the recent corporate action, shareholders are to fulfill the following requirements;

  • Shareholders must have completed e-dividend registration.
  • Shareholders must have authorized the company’s registrar (Meristem Registrars and Probate Services Limited) to pay the dividends directly into the respective shareholder’s bank account.

What you should know:

  • CHI Plc had earlier reported a profit after tax of N436.5 million for the half year period ended June 30, 2021, indicating an increase of about 47.7% YoY. Earnings per share also printed at 5.4 kobo during the period under review
  • CHI Plc is currently trading on the floor of the NGX at 59 kobo/share.

 

 

Coronation Insurance profit dip by 20% to N796.5 million in half year 2021.

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Coronation Insurance Plc released its unaudited financial statements for the period ended June 30, 2021.

  • Gross premium written for the period was N10.8 billion. (+33.9% YoY)
  • Fees and commission income of N1.14 billion. (+63.8% YoY)
  • Total gross claims paid during the period were N2.28 billion. (+10% YoY)
  • Underwriting profit was N2.52 billion. (+394.8% YoY)
  • Personnel expenses totalled N931.65 million. (+5.8% YoY)
  • Profit for the period was N796.5 million. (-20.4% YoY)

See link to results.

Mutual Benefits Assurance Plc reports a loss of N1.98 billion in HY 2021.

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Mutual Benefits Assurance Plc released its unaudited financial results for the period ended June 30, 2021.

  • Net premium income for the period was N11.97 billion. (+52.1% YoY)
  • Fee and commission income of N359.18 million. (+7.4% YoY)
  • Net benefits and claims totalled N3.61 billion. (+26.2% YoY)
  • Underwriting profit was N5.53 billion. (+106.7% YoY)
  • A loss after tax of N1.98 billion was recorded during the period.
  • Loss per share of -10 kobo (-242.9% YoY)

See link to results.

SUNU Assurances Nigeria Plc confirms Taiwo Kuku as substantive secretary.

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SUNU Assurances Nigeria Plc has notified its stakeholders and the investing public about the appointment of Mrs Taiwo Kuku as its substantive Secretary/Head of Legal Services, with effect from 1st of August, 2021.

She was appointed Acting Secretary of the company on 7th of June, 2021 following the exit of her predecessor, Mr John Akujieze. The decision to confirm her appointment was taken at the recently concluded Board meeting of the Company held on 29th of July, 2021.

By the virtue of her appointment, Mrs Taiwo will guide the Board of the Company in ensuring strict compliance with regulatory and statutory requirements.

Profile

Taiwo Olubunmi Kuku is a lawyer with over 18 years of cognate experience spanning across company secretarial services, corporate governance practices, compliance and general legal practice.

She holds an LLB degree from the Olabisi Onabanjo University (formerly Ogun State University) 2002; and she was subsequently called to the Nigerian Bar in 2003. She is a member of the Nigerian Bar Association (NBA), an Associate Member of the Institute of Chartered Secretaries and Administrators of Nigeria (ICSAN) and the Nigerian Institute of Chartered Arbitrators of Nigeria.

 

 

Anjan Dey resigns as a director from the board of Prestige Assurance Plc

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The Board of Prestige Assurance Plc has announced the resignation of Mr. Anjan Dey from its Board as a Non-Executive Director, effective from 27th of July, 2021.

The announcement was made in a statement signed by the Acting Secretary of the company, Chidinma Ibe-Louis, which reads: ‘’Prestige Assurance Plc (the Company) wishes to inform the Nigerian Exchange Limited (NGX), its shareholders and investing public that Mr. Anjan Dey, a Non-Executive Director of the company, has resigned from the Board, effective 27th July, 2021.’’

Recall that few weeks back, the company also announced the retirement of another Non-Executive Director, Mr. Gopalan Raghu, from its board effective from 28th of April, 2021. Mr. Raghu retired from his position after over nine years of meritorious service to the board.

What you should know about Mr. Anjan Dey

  • Anjan Dey is an astute Insurance Professional, who has cut an edge in insurance underwriting, marketing and new products development.
  • He joined the parent company of Prestige Assurance (The New India Assurance Company Limited) as direct recruit on 1st of July, 1986. He rose through the ranks to become the country Head for New India Assurance Co. Ltd, Aruba, Dutch Caribbean from the year 2000 to 2005. He held the unique position of Chief underwriter for the Regional office and as well served as Member of Regional Claims Committee from 2005 to 2008.
  • He is a first class graduate from university of Allahabad and holds a post graduate degree from Monirba-Premier Institute under University of Allahabad with specialization in Marketing Research and management. He is also an Associate of Insurance Institute of India.
  • He was appointed into the board of Prestige Assurance on 29th of July, 2019.

As at the period of reporting this, Prestige Assurance share price trades at 45 kobo on the floor of the Nigerian Exchange Limited (NGX).