Category: Insurance

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FCMB Pensions Limited acquires 60% stake in AIICO Pensions.

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FCMB Pensions Limited, a subsidiary of FCMB Group Pc, has announced the acquisition of a 60% stake in AIICO Pension Managers Limited (‘’AIICO Pensions’’).

This is according to a notice issued by the FCMB Group and made available on the website of the Nigerian Exchange Group Limited (NGX), as seen by Nairametrics.

The breakdown of the acquisition shows that FCMB pensions acquired a 33.9% stake held by AIICO Insurance Plc and 26.1% stake held by other shareholders in AIICO Pensions.

Back story:

On 25th of June 2020, FCMB Pension Limited announced that it is in talks with AIICO Pensions to acquire a total of 96.3% stake in the latter.  The deal was confirmed by both firms in two separate disclosures filed with the defunct Nigerian Stock Exchange (now known as the Nigerian Exchange Limited).

According to the template of the initial deal, FCMB Pensions proposed to acquire 70% stakes held by AIICO Insurance Plc and 26% stake held by other stakeholders in AIICO Pensions.

In a bid to facilitate the deal, the parties sought for prerequisite regulatory approvals, particularly from the Federal Competition and Consumer Protection Commission as well as the National Pension Commission.

Having obtained regulatory approvals, the acquired stake was reduced from the initial 96.3% so as to comply with the transaction structure approved by regulators.

What this deal means

According to the notice, the goal of the recent acquisition is to combine the businesses of FCMB Pensions and AIICO Pensions so as to build a stronger and more resilient business. By the virtue of the deal, AIICO Pensions will now be an indirect subsidiary of FCMB Group Plc.

 

FCMB Pensions Limited (formerly Legacy Pension Managers Limited) is a private limited liability company incorporated on 7th of April 2005. It is duly licensed by the National Pension Commission (PenCom), to carry on business as a Pension Fund Administrator (PFA) as defined under the Pension Reform Act, 2014. FCMB Pensions is a subsidiary of FCMB Group Plc.

Universal Insurance Plc posts profit after tax of N168.3 million in Q1 2021.

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

  • Gross premium for the period was N1.6 billion. (+17.83% YoY)
  • Total claims paid was N55.4 million (+575.6% YoY)
  • Underwriting profit was N531.4 million. (-6.1% YoY).
  • Total expenses of N360.34 million. (+7.65% YoY)
  • Profit after tax was N168.3 million. (+54.5% YoY)
  • Earnings per share of 1.1kobo Vs 2.3kobo YoY.

See link to results.

 

 

2021 Q1 Results: Lasaco Assurance profit after tax slumps by 32% to N181.4 million.

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LASACO Assurance Plc released its unaudited financial statements for the period ended 31st of March, 2021.

  • Gross premium for the period was N6.7 billion. (+67.4% YoY)
  • Net claims of N1.9billion. (+3,489.5% YoY)
  • Operating expenses totalled N720.34 million. (-5.8% YoY)
  • Profit after tax was N181.4 million. (-31.9% YoY).
  • Earnings per share of 0.1 kobo Vs 0.04 kobo YoY.
  • Net asset per share of 6.1 kobo Vs 1.1 kobo YoY.
  • Total shareholders fund for the period was N11.14 billion.

See link to results.

 

 

 

Mutual Benefits Assurance Plc set to hold 25th General Meeting on July 29.

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The Board of Mutual Benefits Assurance Plc has announced that it will be hosting its 25th Annual General Meeting on the 29th of July, 2021.

According to a notice issued and signed by the company’s secretary, Jide Ibitayo, the meeting will be held at Radisson Hotel, GRA Ikeja-Lagos by 10:00am on the aforementioned date.

Some of the key issues that will be discussed 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.

What you should know:

  • Mutual Benefits Assurance Plc had earlier reported a profit after tax of N5.11 billion in FY 2020, indicating an increase of about 41% when compared with FY 2019 figures.
  • In line with CAC guidelines, attendance at the AGM will be by proxy. Sequel to this, a list comprising of six (6) representatives authorized to represent shareholders, have been made available.
  • Register of Members will be closed from 19th-23rd of July, 2021 to enable the Registrar prepare for the Annual General Meeting.
  • The link for the Annual General Meeting will be made available on the company’s website: www.mutualng.com

 

For more information about the AGM, click HERE.

 

 

NEM Insurance Plc set to pay N902.97m dividend to shareholders.

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The Board of NEM Insurance Plc has approved a total dividend of N902.97 million representing 9 kobo per share for the 2020 financial year at the 51st Annual General Meeting of the company, held at NEM House in Obanikoro, Lagos on 24th of June, 2021.

This is according to a notification signed by the company’s secretary, Olajumoke Philip-Akede and seen by Nairametrics

An abstract of the resolution read: ‘’ That the dividend payment of 9k for every ordinary share of 50k each be and are hereby payable to all shareholders whose names appear on the Company’s Register of Members at the close of business on the 4th of June, 2021.’’

In light of this, the approved dividend will be paid on all the issued 10,032,955,535 ordinary shares of the company.

In addition, the board also agreed to consolidate the company’s shares in the ratio one (1) new ordinary shares for every two (2) ordinary shares previously held by its shareholders. This will consequently raise the nominal value of the ordinary shares from 50 kobo each to N1 per share.

Other key decisions reached at the AGM include;

  • Two Directors were re-elected into the Board, namely: Dr. Fidelis Ayebae and Mrs. Olayinka Aletor.
  • Directors and Auditors remuneration for the 2021 financial year were fixed.
  • Five persons were elected as members of the statutory audit committee for the 2021 financial year.
  • The board also approved the amendment of the company’s Memorandum and Articles of Association to reflect the changes brought about by the share consolidation exercise.
  • The board finally approved that the transfer of N272,551,000 representing the value of 4.7 billion ordinary shares, from the Company’s Share Premium account and Retained Earnings account to the Share Capital account.

What you should know:

  • NEM Insurance Plc had earlier reported a profit after tax of N5.08 billion in FY 2020, indicating a surge of about 112.3% when compared to the sum declared in the corresponding period of 2019.

2021 Q1 Results: Coronation Insurance profit surge by 79% to N648.2 million.

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Coronation Insurance Plc released its unaudited interim financial results for the first quarter of the year ended 31st of March, 2021.

  • Net premium income for the period was N2.32 billion. (+2.2% YoY)
  • Fees and commission income of N228.15 million. (-47.3% YoY)
  • Total claims paid during the period was N1.64 billion (+43.01% YoY)
  • Underwriting profit was N755.85 million. (-41.7% YoY)
  • Operating expenses totalled N1.36 billion. (-10.8% YoY)
  • Profit after tax was N648.2 million. (+79.4% YoY)

See link to results.

Sunu Assurance Plc announces the resignations of Company Secretary and CFO.

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Sunu Assurance Nigeria Plc has announced the resignations of its Chief Financial Officer, Mr Akeem Adamson and Company Secretary, Head of Legal and Chief Compliance Officer, Mr John Akujieze from the service of the company.

The recent shake up was communicated through two separate disclosures, made available on the website of the Nigerian Exchange Group Limited (NGX).

Affirming the recent development, the firm disclosed that the aforementioned personalities tendered their resignation letters and it has been accepted by the Board. In line with this, their resignations will become effective from 7th of September, 2021.

The Board and Management of the company also seized the opportunity to thank the eminent staffs for their contributions and wished them well in their future endeavours.

On the other hand, the board also approved the appointment of Mrs Taiwo Kuku and Mr Theo Lyile as new acting company secretary and CFO respectively.

Sunu Assurances Nigeria Plc (formerly known as Equity Assurance Plc), is an insurance company offering non-life insurance, asset management and health management services to both retail and corporate clients.

 

 

Sovereign Trust Insurance Plc projects profit before tax of N1.27 billion in Q4 2021.

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

  • Gross premium written was projected at N12.6 billion.
  • Net claims incurred was projected at N2.75 billion
  • Total underwriting expenses projection of N2.03 billion.
  • Underwriting profit was projected at N2.69 billion
  • Management expenses was projected at N2 billion
  • Profit before tax was projected at N1.27 billion.

See link to forecasts.

Royal Exchange Plc appoints new company secretary.

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Royal Exchange Plc has announced the appointment of Mazars Ojike and Partners as its new company secretary, effective from 30th of May, 2021.

This is contained in an official disclosure sent to the Nigerian Exchange Group Limited (NGX) which reads: ‘’Royal Exchange Plc (the company) wishes to inform its shareholders and the investing public that the company has appointed Mazars Ojike and Partners as its new Company Secretary.’’

By the virtue of its appointment, Mazars Ojike and Partners will offer secretarial services and act as representative of Royal Exchange Plc.

About Mazars

Mazars Ojike and Partners is part of an international audit, tax and advisory firm. It has six distinct service lines which include; accounting and outsourcing solutions, audit, consulting, financial advisory, legal/corporate commercial and tax solutions. The firm was indigenously established in June 1975 and currently boasts of over 90 professionals (including 4 partners)

 

For more information about the recent disclosure, click HERE.

 

Prestige Assurance Plc projects profit after tax of N1 billion in Q3 2021.

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Prestige Assurance Plc released its earnings forecasts for the third quarter of the year (Q3, 2021).

  • Turnover was projected at N7.5 billion
  • Profit before tax was projected at N1.25 billion
  • Tax was projected at N250 million.
  • Profit after tax was projected at N1 billion.

The forecasts were made based on numerous assumptions, among which are;

  • There will be no serious Government restrictions of trade that will affect the insurance business.
  • The company will not suffer any major catastrophe which will necessitate reduction of investment portfolio for claims payment.
  • There will not be any considerable reduction in the level of interest rate.
  • The capital Market activities will improve significantly from the bearish position to the bullish.
  • The country political climate shall be stable for carrying out business activities across the nation.

For more information about the disclosure, click HERE.