SUNU Assurance announces N4.2bn GPW in 2020


L –  Executive Director, SUNU Assurances, Mr Adeleke Hassan, Managing Director and Chief Executive Officer, SUNU Assurances, Mr Samuel Ogbodu and Chairman Board of Directors, SUNU Assurances, Mr Kyari Abba Bukar at the 2020 Annual General Meeting of SUNU Assurances PLC held today in Lagos.


By Favour Nnabugwu



SUNU Assurances Nigeria Plc has announced a Gross Written Premium (GWP) of N4.209 billion in the financial year 2020.from N3.060 billion in 2019

The Group also recorded a growth in its  Profit Before Taxation (PBT) of N313.41 million in 2020.

This represented growth of N1.149 billion in value and 37.5 per cent in percentage terms and the growth was due to the Group’s strategic decisions on revenue generation.

The net claims incurred for the Group increased by 14 per cent from N658 million in 2019 to N752 million in 2020.

However, the underwriting profit grew by 38% from N1.189 billion in 2019 to N1.636 billion in 2020. This was due to 34 per cent increase in total underwriting income from N2.429 billion in 2019 to N3.246 billion in 2020.

The Group operating expenses for 2020 totalled N1.846 billion, which was 3.5 per cent decrease when compared to 2019 figure of N1.913 billion. This decrease was as a result of the Group’s deliberate strategy to improve its operational efficiency using information technology.

The investment income for the year amounted to N345.58 million, a decrease of 52 per cent over 2019 figure of N719.53 million. This was attributed to the fall in investment rate on placements held with financial institutions and FGN Securities in most part of 2020 financial year when compared to 2019.

The company recorded a loss before taxation of N188 million in 2019, despite the effects of COVID -19 pandemic.

The Chairman of the company, Kyari Abba Bukar while presenting the results to shareholders today at the 34th annual General Meeting of the Company held in Lagos, said he excited that the Group has returned to profitability during the year under review.

He disclosed that the company has proceeded with its plan to raise capital, noting that the Board of Directors in exercise of the mandate by Shareholders mandated SUNU Participations Holding SA and SUNU Assurances Vie Cote D’Ivoire SA on behalf of the company to pay-off the holders of all the JPY1,350,000,000 Zero Coupon Bonds 2026 issued by the company the sum of USD$7,800,000.00, representing the outstanding indebtedness owed to the Bondholders by the company as at 31st December, 2019.

He explained that upon the repayment of the debt, the total refinancing amount which was converted to equity through the allotment of ordinary shares to SUNU Participations Holding SA and SUNU Assurances Vie Cote D’Ivoire SA was agreed at N3,010,800,000.00 ($USD7,800,000 converted to Naira at N386/USD$1 using the exchange rate at I&E window at the date of the consummation of the transaction).

He said: “The issuance of 3,010,800,000 ordinary shares of 50 kobo each at N1.00 per share by way of private placement to SUNU Participations Holding SA and SUNU Assurances Vie Cote D’Ivoire SA was completed with the regulatory approvals received from NAICOM, SEC, Federal High Court, NSE, CSCS, CAC and FRCN.

“The shareholders fund increased from N3.66 billion as at 31st December, 2020 to N6.67 billion as the date of the AGM. It is expected that the second stage of the raising of additional capital by way of Rights Issue of N3.5 billion would commence in July 2021 and would be completed by 30th September, 2021.

“I would therefore urge the minority shareholders to take advantage of the Rights Issue offer to increase their shareholding given the requirement of the free float rule of the NSE which requires the company to maintain twenty percent (20%) of its issued share capital to be made available to the public and held by not less than three hundred (300) shareholders,” he added.

Nigerians in Germany to bid Oguchi Unachukwu farewell

Oguchi Unachukwu (middle) was a beloved member of the Nigerian community in Hamburg, Germany/Photo: Private


By admin


Nigerians from across the length and breadth of Germany will gather in Hamburg today, Saturday, to bid farewell to Oguchi Unachukwu, who was shot in May while he was visiting his homeland.

Unachukwu, a very active member of several Nigerian organisations in Hamburg, was shot by a yet to be identified officer of the Nigerian Airforce on 31 May in the presence of his wife, two of his children and a relative while he was driving into the premises of the Owerri airport to catch his flight to Lagos for his return journey to Germany.

“We are appealing to all Africans, friends and well-wishers here in Hamburg and within Germany to please come out en masse and support us on Saturday, the 31st of July 2021, for the wake keep of my brother Late Mr Oguchi Unachukwu,” Chi chi Unachukwu Uwadiegwu, a brother of the deceased, appealed in a Facebook post.
Among the activities planned for the farewell on Saturday are a football match between the Nigerian Community Germany FC Hamburg and Billstrasse Boys which will take place at 2pm and a wake keeping ceremony later at 5pm.

Meanwhile, calls continue to be made to the authorities in Nigeria to identify the military officer who shot Unachukwu and bring him to justice. The issue has also been tabled in the Federal House of Representatives, with the parliamentarians calling on the military authorities to find and punish the murderer of the Hamburg-based Nigerian.

The southeastern region of Nigeria, where Unachukwu was killed, is currently mired in insecurity. In reaction to arson attacks against police stations and other government installations by unknown persons, security forces have been accused of committing extra-judicial executions and other grave human rights violations

Aon records 16% increase in revenue for Q2 2021

By admin




Aon has reported that its overall revenues grew 16 percent to $2.9 billion, backed by organic revenue growth of 11 percent across its broking, consulting and advisory businesses.

Insurance and reinsurance broker Aon reported particularly strong growth for Q2, with 9 percent organic revenue growth in reinsurance overall.

Aon got double-digit growth in capital market transactions such as catastrophe bonds and insurance-linked securities (ILS).

Organic revenue growth continues to be very strong for the brokers and Aon reported 14 percent growth in commercial risk broking and 9 percent in reinsurance broking for the second-quarter.

As a result, reinsurance revenues reach $500 million for the quarter for Aon, 12 percent higher than the $448 million reported in the prior year period.

Reflecting high-levels of activity in the insurance-linked securities (ILS) market during the second-quarter of the year, which you can read all about in our latest report here, Aon reported a particularly strong quarter for its Aon Securities unit.

Aon said that its 9 percent reinsurance organic revenue growth reflects growth in treaty, thanks to net new business wins globally, and solid growth in facultative reinsurance placements as well.

But outpacing those, Aon also reports that it experienced double-digit growth in capital markets transactions.

Aon has a particularly active capital market unit (in Aon Securities), with a significant market share in ILS structures, especially catastrophe bonds, as our leaderboard shows.

Capital market transactions, such as ILS and catastrophe bonds, can deliver significant revenues, but tend to be lumpy across the year, due to peaks of issuance.

This year promises to perhaps be a little more balanced, as both the first and second quarters have already been active, while Q3 is already quite active for the time of year and more cat bonds are expected later this quarter.

The final quarter of the year is also anticipated to be busy and Aon recently said it expects a strong chance of a record year for the catastrophe bond market.

That should give the broker further opportunity to drive organic revenues higher with the help of capital market and ILS transactions over the rest of 2021.

25,645 workers transfered N102.59bn RSAs to other PFAs

By Favour Nnabugwu




A total numbe of 25,645 workers who were displeased with their Pension Fund Administrators have transferred N102.59 billion in their Retirement Savings Accounts to other PFAs.

The National Pension Commission disclosed this in a presentation titled ‘Understanding the RSA transfer process’ during a seminar for journalists in Lagos.

According to the presenter,  done by Hajiya Maryam Bello (Assistant General Manager, National Databank Management of the Commission, ” 2,799, 12,681 and 10,165 workers transferred N18.90bn, N47.78bn and N35.91bn in fourth quarter of 2020, Q1, 2021 and Q2, 2021 respectively.
The pension regulator opened the transfer window in November 2020″

She made mentioned of section 13 of the Pension Reform Act 2014 which empowered an RSA holder to transfer their RSA to any PFA of choice, not more than once a year.

Bello informed that effective transfer of RSAs from one PFA to another required an accurate and reliable database as it was important to ensure that the pension assets transferred belonged to the bona-fide RSA holders initiating the transfers.

PenCom stated that opening of the RSA transfer window was delayed to ensure that robust IT infrastructure that would drive the process was put in place.

This process was finalised in June 2019 with the deployment of an enhanced registration system for the pension industry.

The pension regulator stated that ECRS incorporated extensive validations, controls and data requirements that would deliver high data integrity standards for the pension industry.

On the need to thatu upgradeof RSA holders’ details to meet the ECRS standards was, therefore, a prerequisite for RSA transfers.

Those who registered with various PFAs from inception of the Contributory Pension Scheme to June 2019 were required to get recaptured.

To ensure that all RSA holders who needed to be recaptured were speedily recaptured, PenCom would have to approved the appointment of two agents to carry out a nationwide recapture exercise, beginning August 2021.

Bello said the agents were to recapture all staff of various employers, both in the public and private sectors, irrespective of their PFAs.

The exercise would be structured and carried out in accordance with the timetable approved by PenCom, while she added that respective employers would be contacted by the agents during the period scheduled for the recapture of their employees.

Bello stated that the PFAs would continue to recapture their clients who had urgent need for such.

Naicom grants CHI operational license for microinsurance

By Favour Nnabugwu



Consolidated Hallmark Insurance (CHI Plc) has added a new line to its expanding insurance interests through the new operational licence granted to one of its subsidiaries – CHI MicroInsurance Limited (Life Assurance), by the National Insurance Commission (NAICOM).

The Group Managing Director of CHI Plc who also doubles as the Chairman of CHI Microinsurance Limited, Mr. Eddie Efekoha, said that the addition of Micro Life Assurance company to the stable of the Group is part of the long-term goals of the firm as a one-stop-shop for financial services solution. It is all about achieving full customer satisfaction, especially in the retail segment.

Mr. Efekoha said that the low insurance penetration rate in Nigeria will improve significantly if operators continue to take advantage of the large population to offer retail products, not only in general insurance business but also in life assurance. According to him, the market remains largely untapped due to focus on big ticket corporate transactions by many operators.

CHI MicroInsurance Limited has already put together a team of highly experienced and professional staff headed by Mr. Pius Karieren as Managing Director/CEO. The company has already obtained NAICOM approval for four retail products – the Esusu Plan, Welfare Plan, Credit Life, and the Cooperative Group Life Plans, all designed to meet the needs of the mass market. The business office complex is positioned in a central and accessible location at Anthony, Gbagada Lagos and properly backed by technology.

The MD/CEO, Pius said that he is greatly excited by the grant of the operational license and that they are in the market to change the face of Microinsurance for the benefit of the customers. He further said that arrangements are being finalised for the formal launch of the company.

CHI MicroInsurance Limited joins Grand Treasurers Limited and Hallmark Health Services Limited (Hallmark HMO) who have continued to play their role in consistently growing the key fundamentals of the Group.

Consolidated Hallmark Insurance (CHI Plc) Group is made up of Consolidated Hallmark Insurance (CHI Plc), providing General Insurance Business, CHI Microinsurance Limited, providing Micro Life Assurance, Hallmark Health Services Limited, which is a Health Management business, Grand Treasurers Limited, which is a CBN licensed Finance Company providing loans and finance for the individual and SMEs licence, among others

FG releases N2.4bn to pay 594 public officers retirees

By Favour Nnabugwu


Federal government has released N2.4 billion to 594 retired public officers, Head of Service of the Federation, Dr. Folasade Yemi-Esan stated.

Dr. Yemi-Esan who made this known in Abuja at a town hall meeting on “Effective Pension Administration in the Public Service,” also pledged the readiness of government to improve on the welfare of retirees and serving officers of the federal public service.

According to her, “following the release of N2.5billion to pay backlog of death benefits to the next of kin of deceased officers, the Office has paid over N2.4 billion to over 594 beneficiaries. The balance will be paid to other beneficiaries once the Office receives the requisite banks’ attestation.

“Furthermore, the federal government through the Office of the Head of Service has provided Group Life Assurance Cover for federal government employees in 48 MDAs for the year 2021/2022 through the Federal Executive Council approval of a total sum of N9.2 billion as premium to be handled by 15 underwriters.”

She noted that in a collective bid to support retirees in resolving challenges of prompt payment of pensions, “the Office of the Head of the Civil Service of the Federation established a standing committee on Pension Matters comprising the Office of the Head of the Civil Service of the Federation, National Pension Commission, PENCOM and the Pension Transitional Arrangement Directorate, PTAD.”

Despite the laudable milestone, the Head of Service expressed displeasure over complaints emanating from both serving and retired officers on the implementation of the Contributory Pension Scheme as well as management of the Defined Benefit Scheme.

Also speaking, Dr. Chioma, Ejikeme, Executive Secretary, PTAD, noted that pensioners under the scheme have been paid their entitlements, adding that the pension payroll is always on the 15th of every months to ensure hitch-free payment to beneficiaries at the end of the months.

Representative of the Director General of PENCOM, Dr. Farouk Aminu however got more than he expected as some pensioners on the commission’s platform expressed displeasure in the manner the scheme is being run.

The event was attended by top government functionaries including Dr. Evelyn Ngige, Permanent Secretary, Service Welfare Office, Office of the Head of the Civil Service of the Federation and Olusola Idowu, Permanent Secretary, Federal Ministry of Finance among others.

Aon set Executive team after merger  cancellation with Willis

By admin


The new Aon Executive Committee (AEC) will be responsible for executing the broker’s Aon United Blueprint, which is designed to create new sources of value for clients, deliver more effective client service, drive innovation at scale and ensure a unique and sustaining colleague experience, the company said.

“Our Aon United operating model has been further strengthened through the combination planning process and we’re moving forward at speed without the overhang of regulatory uncertainty or distraction of restructuring,” Aon CEO Greg Case explained. “Our new Executive Committee is an incredibly capable team of leaders with a clear perspective on what it will take to reach the full potential of Aon United.

“This team knows how to work together across geographies, solution lines and functions to bring the best of our firm to clients and is fully committed to accelerating innovation to better address unmet client need.”

The Aon Executive Committee is split across four solution lines of business, five regions and five shared service functions, as you can see in the diagram below:
The four solution lines sitting underneath Aon President Eric Andersen are: Commercial Risk Solutions, Health Solutions, Reinsurance Solutions and Wealth Solutions.

The company says that these “Global solution lines will play a critical role in understanding macro client trends and producing new solutions that address their unmet needs.”

However, it seems Aon Securities and its insurance-linked securities (ILS), or capital market focused, activities continue to sit under Reinsurance Solutions.

Which could perhaps be considered a missed opportunity to elevate this function to a level where it can input more broadly to risk transfer and management across both Aon’s commercial risk clients and its reinsurance clients.

We’ve said a number of times over the years that forward-thinking brokers may in time move to lift capital markets and ILS functions up to a level in their businesses where a single centre of excellence can provide support across both insurance and reinsurance business lines.

So it is a shame not to see Aon’s capital market and ILS activities getting higher billing in this re-org, especially since this is a true opportunity for providing greater client utility and innovation, particularly in addressing the unmet needs the broker mentions.

Of course ILS is still a far smaller revenue line for Aon than its insurance or reinsurance broking business.

But, as a function that provides significant client value, innovation and can create new solutions for any risk transfer opportunity along the risk-to-capital market chain, it might provide a more capital market integrated approach if it sat higher up in the organisational structure.

The Exec Committee chart also includes four regions: North America, Latin America, the United Kingdom, EMEA and APAC.

Aon said the “regions serve as the distribution arm of the Aon United operating model and are responsible for delivering one-firm capabilities to clients every day.”

But should a regional broker want to access the capital markets as a source of capacity for her or his corporate clients, they might need to refer down through the Reinsurance Solutions org chart to find the right people for the job.

There is still an issue in the global insurance and reinsurance broking industry, that clients can struggle to gain exposure to the full range of risk transfer options and forms of capital available to them.

We speak to protection buyers regularly who want to understand how to access ILS markets, but that aren’t given clear information by their brokers, or find it hard to get engaged in capital market opportunities due to differences in priorities between regional brokers and centralised capital market teams.

Of course, this is a function of ILS still being new to so many protection buyers and education continuing to be required.

But it’s also something that org structures have not responded to and there often remain incentives to keep the placement volume as high as possible at the reinsurance broker level and not to carve some of that placement out to the capital markets via a centralised team

But it is worth considering how capital market and ILS-focused functions may sit in a global insurance and reinsurance broking operation in future, as the importance of ILS-style risk transfer continues to grow and as ceding clients continue to look for a growing range of solutions to access third-party capital and capital market investors.

Interestingly, Aon has also broken out new top-level exec functions for Enterprise Clients and International Business, two areas where again the capital markets are important and growing options for risk transfer.

It’s easy to see how the capital market and ILS capabilities are applicable to many of these top-level exec areas of the Aon business and we’d expect the Aon Securities team to be busy serving across all client-focused areas of the business.

Perhaps, in years to come, we’ll get to see more deeply into the org structure how the capital markets are set to be brought to the wider Aon client-base.

Many companies around the globe, in a huge range of industries, are moving away from top-down hierarchies to use new organisational structures based on modern theories of working, to try and expose the central functions that can add significant value to a broad, multi-vertical and regional global client-base.

We’d imagine the insurance and reinsurance broking world will also move in this direction in time, with areas such as capital markets, ILS and also technology, data, modelling and risk or insurance management services, more prominently positioned in their org charts. Or at the least, more clearly labelled and linked to show how these expert areas of the business fit in.

For now, this reset announced today seems designed to provide client confidence in the wake of the collapse of the Willis Towers Watson merger, as Aon positions itself to continue delivering value.

Cornerstone records N17.53 bn gross premium for 2020


L- Managing Director/Chief Executive Officer, Cornerstone Insurance, Mr Ganiyu Musa, Mrs Chidinma Onwubere, Company Secretary, Cornerstone Insurance and Chairman of the Board, Mr Segun Adebanji at the 29th Annual General Meeting of the insurance firm held in Lagos


By Favour Nnabugwu


Cornerstone Insurance Plc, attained a Gross Premium of N 17.53 billion for the year ended December 31, 2020,

The company’s chairman, Mr Segun Adebanji, at the Annual General Meeting in Lagos, explained that the amount represented an increase of 34 percent over the previous year, despite the challenging environment of the year under review.

He said: “Premiums from life insurance grew from N3.84 billion in the previous year to N5.54 billion in 2020 and accounted for 31 percent of the gross premium written.

“The largest contributors to general business gross premium written were oil, gas, aviation, engineering; while motor classes contributed N3.53 billion, N2.86 billion and N1.52 billion respectively,” he said.

According to him, “The investment portfolios of the underwriter also yielded positive figures, driven mainly by the effect of changes in foreign exchange rates and also from sales of foreign currency denominated assets during the year.

The Chairman said investment and treasury activities contributed N3.73 billion to the overall revenue.

Adebanji said the gross claims ratio for the year under review stood at 41 percent and had been relatively stable year on year since the company put in place stricter risk acceptance parameters.

“Even though the overall ratio of claims to revenue has remained relatively stable, the effects of the fourth quarter 2020 protests are clearly noticeable in our financial statements.

“As non-life gross claims incurred increased by 62 percent when compared with the previous year, and gross claims from the fire class specifically rose by 85 percent, from N816 million in 2019 to N1.51 billion,” he said.

Adebanji explained that personnel and other operating costs dropped by close to 7 percent as the management executed remote working protocols and other measures to safeguard the welfare of staff.

He noted the insurance firm’s investment in a robust nationwide technology infrastructure over the years ensured that normal operations were carried out unabated.

“Consequently, our Group ended the year with a profit before tax of N1.76 billion. The global and domestic economic events of the year 2020 had significant repercussions for the financial services sub-sector in Nigeria.

“The ramifications of the novel Coronavirus pandemic and ensuing governmental responses were felt across the globe.

“The impact of the economic situation and the pandemic on the insurance industry was multifaceted,as the revenues and disposable incomes of corporate and individual customers alike were affected, so too were insurers’ premiums,” he said.

According to the Chairman, the board and management of the insurance company, however, acted proactively to minimise the effects on its financial performance.

Adebanji lauded the insurance company shareholders for their support and sustained interest in the growth of the company and the staff for their unrelenting efforts.

“While 2021 may not be a year for expansion, it is a year in which we are discovering new strengths and capabilities as the world embraces new ways of working and communicating through technology,” he said.

In his remark, the Managing Director/Chief Executive Officer of the insurance company, Mr Ganiyu Musa, commended the insurer’s shareholders for their constructive feedback and promised that the board would address grey areas pointed out.

Musa attributed the financial performance of the insurance firm to its focus on strengthening its enterprise risk management framework over the past few years.

Olugbenga Falekulo takes over as new MD/CEO of Nigeria Re

By Favour Nnabugwu





The reorganisation of the board and executive management of Nigeria Reinsurance in which Mr Olugbenga Falekulo came on board as the new Managing Director, is to ensure that the firms continue in their quest for transparent and accountable management of insurance in the country.

Falekulo with over 25 years of experience spanning across the sector said he brought his wealth of experience and professionalism to the fore.

The new Managing Director stated that he and his team are prepaid to take Nigeria Re to the next level in the market.

Nigeria Re is taking a new dimension in the insurance industry though he did not disclose the strategic plans he and his team have put together but promise that a new era is here for the reinsurance company

He has BSc in Insurance, Masters in Business Admin, a.member of the Chartered Insurance Institute of London. He worked the NICON Insurance, Great Nigeria and Continental Re, he left Continental and an Exexutive director before he left in 2014 and went into his private business until this appointment.

He is well travelled and has attended so many course within and outside Nigeria. He is married with children.

Supporting Falekulo is the Executive Director, Fiance & admin, Mr Olsegun Ilori,  as astute professional as well

The board and management of Nigeria Reinsurance Corporation has Mr Mela Audu Nunghe SAN as Chairman, Gbenga Falekulo ACII serves as Managing Director/Chief Executive Officer and Mr Olusegun Ilori FCA ACIIN comes in as Executive Director, Finance & Admin. Mr Alexander Ayoola Okoh, the Director-General of Bureau for Public Enterprises (BPE) comes in as Non-Executive Director while Mrs Yvonne Isichei MIoD, FCIB joins as Non-Executive Director (Independent).

Nigeria Reinsurance Corporation on the other hand was established under the Nigeria Reinsurance Corporation Act No. 49 of 1977. It commenced operations on January 1st, 1978, as Nigeria’s flag reinsurer, wholly owned by the Government of the Federal Republic of Nigeria.

In 2002, the Corporation was transformed from being a Federal Government wholly owned Corporation to a privatised company with the government retaining some shares. The Corporation, which has over 40 years of operations is in the business of assuming risks, providing reinsurance services and risk management solutions to its clients.

PenCom to begin online enrollment for retirees next month

By Favour Nnabugwu



The National Pension Commission (PenCom) will next month commence the pilot run of its online pre-retirement verification and enrolment exercise for retirees in government ministries, departments and agencies (MDAs).

PenCom announced during a two-day workshop for journalists, titled “Positioning the Pension Industry in a Post-COVID era, says the enrolment will take off in August 2021.

The commission said it recently developed an online application which has the capability to register, verify and enrol prospective retirees of treasury-funded federal government MDAs for the purpose of computing their accrued pension rights and budgetary allocation.

“As a prelude to the formal deployment of the online Enrolment Application, PenCom would commence a Pilot Run of the exercise from 2nd to 20th August 2021 with selected MDAs in the six Geo-Political Zones and the Federal Capital Territory (FCT) in order to test-run the application with real-time data,” it said.

“Accordingly, the online Enrolment Application would be hosted on PenCom website:

“The application would GO-LIVE after the conclusion of the pilot run on a date to be announced by PenCom in due course.”

PenCom said prospective retirees are required to undergo the data recapturing exercise with their respective pension fund administrators (PFAs) as it is a prerequisite for the online enrolment.

Mrs Maryam Bello, PenCom’s assistant general manager of the national databank management department, said since the commencement of the retirement savings account (RSA) transfer system  25,645 workers has transferred a total value of N102.59 billion to other PFAs.

Bello explained that 2,799, 12,681 and 10,165 workers transferred N18.90 billion, N47.78 billion and N35.91 billion in the fourth quarter (Q4) of 2020, Q1 2021 and Q2 2021 respectively.

Meanwhile, the commission said pension fund assets surged to N12.66 trillion as at June 30, 2021, with 9.38 million registered RSAs