Category: Insurance

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NEM Insurance Plc appoints Idowu Semowo as new Chief Financial Officer

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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.

Sovereign Trust Insurance Plc notifies stakeholders of 26th Annual General Meeting.

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The Board of Sovereign Trust Insurance Plc has notified relevant stakeholders of its imminent Annual General Meeting (AGM) scheduled to hold on the 27th of May, 2021.

According to a notification signed by the company’s secretary, Yetunde Martins, the 26th AGM is expected to hold at The Bay Lounge Hall, Lekki Phase 1, Lagos by 11:00 am. 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.
  • Board appointments will also be considered and ratified.
  • To deliberate on and approve the proposed Directors’ fees for FY 2021 pegged at N3.8 million.
  • Managers and Auditors remuneration in FY 2021 will be discussed and fixed.
  • To elect shareholders’ representatives of the statutory audit committee.

What you should know:

  • Sovereign Trust Insurance Plc had earlier reported a profit after tax of N687.7 million in FY 2020.
  • 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.
  • The Annual General Meeting will be streamed live from the company’s website: www.stiplc.com

For more information about the AGM, click HERE.

Linkage Assurance Plc proposes N500million as final dividend for 2020, and a bonus issue on its existing shares.

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The Board of Linkage Assurance Plc has proposed a final dividend of N500 million and a bonus issue to existing shareholders of the company for the period ended 31st December 2020.

The company’s Board made this announcement in a notification published on the website of the Nigerian Exchange Group Plc (NGX), stating that a dividend of 5 kobo per share will be paid on all the issued 9,999,999,994 ordinary shares of the company.

In addition to the payment of the cash dividend of 5 kobo per share, shareholders will also be issued a bonus of 2 (two) new shares for every 5 (five) existing shares held in the company, amounting to N2 billion.

Qualifying conditions

The following conditions must be met by shareholders, to benefit from the recent bonus issue and dividend;

  • Only shareholders, whose names appear in the Register of Members at the close of business on the 30th of April, 2021 will be considered.
  • Shareholders must have completed the e-dividend registration and must have mandated the Registrar (Centurion Registrars) to pay their dividends directly into their bank accounts.
  • For the purpose of the dividend payment, the Register of Shareholders will be closed from 3rd to 10th of May, 2021

Sequel to the aforementioned points, the dividend will be electronically paid to qualified shareholders on the 26th of May, 2021.

What you should know:

  • Linkage Assurance Plc had earlier declared a profit after tax of N2.4 billion in FY 2020, and consequently proposed a final dividend of 5 kobo per share.
  • It is pertinent to note that the firm did not declare any cash dividend last year. However, it announced a bonus issue of 1 (one) share for every 4 (four) shares held by existing shareholders, amounting to N1 billion in the same period.
  • Therefore, the recent bonus issue is 50% higher than what was declared in the preceding year.
  • Linkage Assurance shares is currently trading at 80 kobo as at the period of reporting this.

2020 FY Results: Guinea Insurance Plc reports a loss of N227.7 million.

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Guinea Insurance Plc released its full-year audited results for the year ended 31st of December, 2020.

  • Net premium income for the year was N733.95 million. (-18.7% YoY)
  • Total claims paid during the period was N155.2 million (-39.1% YoY)
  • Underwriting profit was N374.1 million. (-13.8% YoY)
  • Loss for the year was N227.7 million
  • Loss per share of -4 kobo vs -13 kobo YoY.

See link to results.

Guinea Insurance Plc reports a loss of N142.13 million in 9M 2020.

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Guinea Insurance Plc released its audited results for the nine months period ended September 30, 2020.

  • Net premium income of N557.13 million. (-13.2% YoY)
  • Total claims paid during the period was N176.57 million (+36.4% YoY)
  • Underwriting profit of N236.53 million. (-34.5% YoY)
  • Loss after tax for the period was N142.13 million
  • Loss per share of -2kobo Vs -12 kobo YoY.

See link to results.

2020 FY Results: Sovereign Trust Insurance Plc records a 37% increase in profit after tax.

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Sovereign Trust Insurance Plc released its audited full-year results for the period ended 31st December, 2020.

  • Net premium income for the year was N6.54 billion (+10%YoY)
  • Net claims expenses totalled N3.49 billion. (+58% YoY)
  • Underwriting profit of N1.99 billion. (-4% YoY)
  • Profit after tax was N687.7 million. (+37% YoY)
  • Earnings per share of 8kobo vs 6kobo YoY.
  • No dividend was announced

See link to results.

Cornerstone Insurance Plc notifies stakeholders of late submission of financial statements.

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The Management of Cornerstone Insurance Plc has notified stakeholders of its inability to meet up with the time frame earmarked for the submission of its Audited Financial Statements for the year ended December 31, 2020, as well as the Unaudited Financial Statements for the period ending March 31, 2021.

This is according to information available on the website of the Nigerian Stock Exchange, as seen by Nairametrics.

The company attributed the failure to file its audited accounts by the due date of 31st March, 2021 to the delay encountered in completing the actuarial valuation audit review. It also explained that due to this failure, it won’t be able to proceed with the submission of its unaudited financial statements for Q1 2021 within the regulatory date of 30th of April, 2021.

Sequel to this, the firm assured that its audited financial statements will be submitted to The Exchange subject to the finalization of its audit review and approval by its primary regulator- NAICOM.

For more information about the disclosure, click HERE.

2020 FY Results: NEM Insurance Plc reports a 112% increase in profit after tax.

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NEM Insurance Plc released its full-year results for the year ended December 2020.

  • Net premium income of N15.9 billion. (+25.7% YoY)
  • Total claims paid during the year was N6.05 billion (+53.8% YoY)
  • Underwriting profit of N5.98 billion. (+37.5% YoY)
  • Profit after tax for the year was N5.08 billion. (+112.3% YoY)
  • Earnings per share of 96 kobo Vs 45 kobo.
  • The Shareholders’ fund of the company increased by 4.3 billion representing a 30.2% rise YoY.
  • A final dividend of 9 kobo was proposed.

See link to results.

Mutual Benefits Assurance Plc boosts post tax profits by 25.9%

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Mutual Benefits Assurance Plc released its full-year results for the year ended December 2020.

  • Net Premium Income of N16.02 billion (+4.76% YoY).
  • Total claims paid during the year was N7.84 billion. (+32.22% YoY)
  • Underwriting profit of N4.01 billion. (-25.68% YoY)
  • Profit after tax for the year was N4.55 billion. (+25.92% YoY)
  • Earnings per share 40 kobo vs 36 kobo YoY.

See link to results.

2020 FY Results: Prestige Assurance Plc reports a 50.44% increase in profit.

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Prestige Assurance Plc released its full-year results for the year ended December 2020.

  • Net Premium Income of N3.47 billion. (+17.44% YoY)
  • Total claims paid during the year was N1.62 billion. (+13.06 YoY)
  • Underwriting profit of N819.93 million. (+60.21% YoY)
  • Profit after tax for the year was N649.66 million. (+50.44% YoY)
  • Earnings per share 10.21 kobo vs 8.02 kobo YoY.
  • The Shareholder’s Fund of the Company increased by N3.8 billion representing 45.05% rise YoY.

See link to results.