All Posts in "Day: November 23, 2020"

AXA Mansard Insurance Plc. has announced its plans to embark on a share consolidation and issuance of bonus shares exercise required to take the company’s share capital to N18 billion.

This announcement is contained in a notice signed by the firm’s Secretary Omowunmi Mabel Adewusi and sent to the Nigerian Stock Exchange market.

The corporate decision is part of the resolutions of the Board of Directors of AXA Mansard Insurance Plc. subject to shareholders’ approval and other regulatory requirements.

Some key highlights of the notice are:That the Management of the Company is set to carry out the share consolidation and issuance of bonus shares exercise required to take the Company’s share capital to N18billion.

That the bonus issue exercise may be done at once or in phases, provided the Company meets the September 30, 2021 deadline set by the Commission.T

That subject to regulatory approvals, the Company would hold an Extra Ordinary General Meeting to obtain shareholders’ approval of the Share consolidation and Bonus Shareh

That the Board and Management be and are hereby authorized to appoint such advisers, professionals, and parties that they deem necessary, upon such terms and conditions that the Directors may deem appropriate with regard to the aforementioned Share Consolidation and Bonus Issue Exercise.T

That the Board of Directors be and are hereby authorized to take all steps and do all acts that they deem necessary for the successful implementation of the above stated resolutions.

The corporate action is a deliberate and strategic way of meeting up with the new and revised minimum paid up share capital requirements for composite firms, which is currently pegged at N18 billion.

Patoma Admin by — November 23, 2020 in Insurance 0

Operators in the financial service sector want the insurance industry to cultivate data reporting and proper Investment plan  to ensure business continuity.

Speaking at the 2020 National Association of Insurance and Pension Correspondents (NAIPCO) Members’ Training  on Developmental Financial Journalism in Lagos recently, financial analyst and Shareholder, Mr. Nona Awo, urged insurers to avail Insurance journalists of data to ensure proper dissemination of information to their respective shareholders and stakeholders.

Awo, who is a facilitator at the training,  stressed that, though, insurance revolves round  paying of premium and claims, it is, however, first an Investment targeted at curbing risk.

He revealed that, there are a lot of Investment windows in the country when maximised can place the industry on a better pedestrian to increase its contribution to the nation’s Gross Domestic Product(GDP).

“It is important to talk about Investment in Insurance as it tells you about today and tomorrow returns,” he said. He called on insurers to appoint  investment experts on their board of Directors to make good profit from investment made.

He highlighted poor investment habit as one of the major reasons why some insurers find it difficult to settle claims when it arises. “One of the major challenges in the industry is claims settlement which can be resolved with proper investment plans that gives outstanding returns,” he stressed.

Also speaking, a media career development specialist, Mr. Lekan Otufodunrin, who spoke on Developmental Reporting and Opportunities,  described data journalism as the ability to analyse and examine numbers and to know how to manage large data sets and read them correctly.

During his address, Otufodunrin urged journalists to focus more on reporting and analyzing data while reporting insurance activities to promote awareness and sensitise the public on the need to insure.

According to him, story telling should be enhanced with infographics, data analysis, transcripts, to mention but a few

He stressed that, the industry needs a workflow that consists of digging deep into data by scraping, cleansing and structuring it, filtering by mining for specific information, visualizing and making a story.

“Our platforms are no longer traditional, we are now multi-media, our audience are now more sophisticated and have access to multiple sources of information” he said.

 

Patoma Admin by — November 23, 2020 in Insurance 0