Tag: Prestige Assurance Plc

Prestige Assurance Plc has notified its shareholders, the investing public and other relevant stakeholders that it will be hosting a Board of Directors Meeting on Thursday, November 25, 2021.

This is according to a notice signed by the Acting Company’s Secretary, Chidinma Ibe-Louis, and filed with the Nigerian Exchange Limited (NGX).

According to the notice, the board meeting is scheduled to enable the directors consider the company’s budget for 2022 financial year, as well as issues relating to the company’s recapitalization.

In line with the statutory provisions of the NGX, the company disclosed that it had already commenced a closed period from Monday, November 8, 2021. The closed period will last until 24 hours after the decisions taken at the Board meeting are made public

Consequently, all insiders and their connected persons, including but not limited to: directors, managers, employees, consultants and advisers to the company, are prohibited from trading (i.e. buying, selling, transferring or otherwise dealing) in the company’s shares.

For more information about the disclosure, click HERE.

Prestige Assurance Plc has announced the appointment of Mrs Rekha Gopalkrishnan into its Board as a Non-Executive Director, with effect from September 13, 2021. The appointment has been ratified by the National Insurance Commission (NAICOM).

This is according to a notice issued by the Insurance firm, which partly reads: ‘’Prestige Assurance Plc (the Company) wishes to inform the Nigerian Exchange Limited (NGX), its shareholders and the investing public that the National Insurance Commission (NAICOM) has approved the appointment of Mrs Rekha Gopalkrishnan as a Non-Executive Director with effect from September 13, 2021.’’

About Mrs Rekha Gopalkrishnan

Mrs Rekha Gopalkrishnan is an accomplished insurer and administrator with over 35 years of experience. She started her working career with The New India Assurance Company Limited, Mumbai in 1985, and worked in various capacities in the Divisional and Regional offices. Her services in the aforementioned firm cuts across technical and administrative functions, she was also in charge of the Reinsurance functions in 2010, having garnered international business exposures with expertise in arranging placements of the reinsurance programmes. She was later promoted to the rank of a General Manager, where she became responsible for corporate communication department, reinsurance, credit insurance, government audit, investment, foreign business department and internal audit portfolios with functions of financial advisor. In 2019, she was appointed as Nominee Director of Stock Holding by GIPSA.

Rekha holds a bachelor and Masters degrees in Commerce.

What you should know:

• Prestige Assurance Plc is a subsidiary of The New India Assurance Company Limited, Mumbai and was founded in 1952, with its headquarters currently situated in Lagos, Nigeria. The Nigerian based insurance company provides non-life insurance services, some of its product offerings include; motor, marine, bond, engineering, fire, aviation, oil and gas, and general insurance. The insurance firm also provides all risk insurance and products for group personal accident, burglary, fidelity guarantee, workmen’s compensation, machinery breakdown, fire and allied perils, consequential loss insurance and liability insurance.
• The insurance firm closed trading today 23rd of September, 2021 with a share price of 47 kobo per share.

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.

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 20^th 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.

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).

Prestige Assurance Plc has announced the retirement of Mr Gopalan Raghu from its Board as a Non-Executive Director, effective from 28th of April, 2021.

This is according to a disclosure 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 Gopalan Raghu, a Non-Executive Director of the company, has retired from the Board, effective 28th April, 2021.’’

What you should know:

• Mr Raghu is a Chartered Accountant and an Associate of Company Secretaries, India. He holds a Bachelor of Science degree from Loyola College, Madras, India.
• Mr Raghu is a Director of various companies including; J. T. Chanrai & Co (PH) Ltd, Woollen & Synthetics Textile Mfg. Co Ltd, Standard Biscuits Nig. Ltd, Agro Products Nig. Ltd and Polythene Enterprises Nig. Ltd and a Trustee of Indian Language School, Lagos.
• He was appointed into the Board of Prestige Assurance Plc on 12th of April, 2012. He also served as a member of the Establishment and Governance Committee, and Finance and Investment Committee until his retirement.

Meanwhile, Prestige Assurance Plc last traded its shares on the floor of the Nigerian Exchange Limited (NGX) at N0.46 per share.

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.