All Posts in "Day: October 29, 2021"

PILA to commission ‘PILA HOUSE’ November 2, 2021

By Favour Nnabugwu

 

 

The Professional Insurance Ladies Association (PILA), the body for women in Insurance across Africa, is puting fining touches to ts multimillion naira Secretariat, PILA House, which is set for commissioning on November, 2, 2021

PILA House located on the high brow Iwaya Road, Yaba, the Secretariat is set to become
the hub of all PILA related activities in Nigeria and other countries

President of PILA, Mrs Joyce Ojemudia stated the body cannot but acknowledge the contributions of all past presidents, as well as leading industry figures to the completion of the project.

Ojemudia also exressed special thanks
go to body’s donors, both corporate and individuals as well as the wonderful in-house committee that brought all these together.

“The official opening of our PILA House coming at this point is testament to the grit, passion, drive and focus that is synonymous with our Association”.

“PILA House is finally open for activities to the glory of God and the advancement of our industry,” She added.

All dignatries expected the grace the commissioning of the PILA House, she stated include the Commissioner for Insurance, Oludare Thomas and the Chairman, House Committee on Insurance, Hon Darlington Nwokocha as the Special
Guests of Honour while Dr Rabiu Olowo, Honourable Commissioner for Finance, Lagos State would be the Guest of Honour.

It will be recalled that the acquisition of the land for the PILA House was done in 2005 under the presidency of Yomi Onabanjo.

Over the next 16 years, various Presidents have contributed their bits to the project before being finally completed by the administration of Joyce Ojemudia.

Also, in line with its tradition; the association, in conjunction with the Chartered Insurance Institute of Nigeria, is set to host the annual PILA Night. This year’s event, themed Effizy Night, will hold at Park Inn by Radisson on November 3, 2021, a day after the commissioning of the Secretariat.

Patoma Admin by — October 29, 2021 in Insurance 0
WTW announces rise in organic revenue to $1,97bn in Q3 2021

By admin

 

 

Global insurance and reinsurance broker, Willis Towers Watson (WTW), has announced a 4 percent or 7 percent on an organic basis rise in revenue to $1.97 billion for the third quarter of 2021, as net income improved year-on-year by a huge 646% to $903 million.

willis towers watsonFor the first nine months of the year, WTW’s revenue and organic revenue increased by 6 percent to $6.3 billion, while net income jumped by 250 percent when compared with the prior year period, to $1.8 billion.

At the same time, income from operations for Q3 and 9M 2021 totalled $1.1 billion and $1.5 billion respectively, representing year-on-year growth for both periods.

The broker notes that all GAAP profitability metrics include the benefit of the $1 billion it received from rival Aon following the termination of their proposed combination.

Within its Investment, Risk & Reinsurance (IRR) segment, revenue fell by 22 percent in Q3 to $172 million. WTW explains that the IRR revenue excludes the reinsurance line of business which has been reported as discontinued, following the agreement to sell the treaty operations of Willis Re to Gallagher.

However, on an organic basis revenue was up 10 percent at the IRR division, attributable to advisory-related fees that resulted in growth in both the firm’s Insurance Consulting and Technology business, and Investment business.

For the quarter, the IRR unit had an operating margin of 12.9 percent as compared to 9.3 percent for the same period in 2020.

The Corporate Risk & Broking (CRB) division saw its revenue increase by 7 percent in Q3 to $697 million, and by 6 percent on an organic basis, led by new business across M&A, FINEX, Construction and Aerospace in North America.

The CRB segment has reported an operating margin of 16.3 percent for Q3 2021, compared with 12.5 percent for the prior year period.

In Human Capital & Benefits (HCB), revenue improved by 7 percent, or 6 percent on an organic basis to $852 million. WTW attributes the organic expansion to growth in Talent and Rewards as a result of strong market demand for rewards advisory work alongside talent and compensation products.

For the third quarter of 2021, the HCB segment had an operating margin of 28.4 percent, compared with 26.3 percent a year earlier.

Revenue growth was also evident in the Benefits Delivery & Administration (BDA) segment, which saw revenue increase by 7 percent to $242 million. The BDA segment had an operating margin of -7.9 percent, as compared to -5.3 percent for the prior-year third quarter.

Commenting on the pandemic, WTW explains that while COVID-19 had a negative impact on revenue growth, particularly in businesses that are discretionary by nature, through 2020 and Q1 2021, it has seen greater demand for these services in both Q2 and Q3, which served to boost revenue growth.

Promisingly, WTW expects this trend to persist for the remainder of the year with some variability owing to further disruptions to the supply chain, workforce availability, vaccination rates and further social-distancing orders in jurisdictions where it operates.

For the full year 2021, WTW expects to achieve organic revenue growth of roughly 6percent, and an adjusted operating margin of between 19.5 percent and 20 percent on a continuing operations basis.

John Haley, WTW’s Chief Executive Officer (CEO), commented: “I am proud of the Company’s financial results for the third quarter and year to date. Our third quarter results are highlighted by solid revenue growth, continued margin expansion, and strong adjusted EPS growth.

“During the third quarter, Willis Towers Watson continued to evolve our leadership, structure and portfolio of businesses. We introduced our new Global Leadership Team (GLT) and our grow, simplify, and transform strategy.

We have significant core strengths which we believe will help guide our strategy that is designed to generate value for all our stakeholders, external and internal, going forward.”

Patoma Admin by — October 29, 2021 in Insurance 0
Emirates Airbus A380 return to J’Burg, Spain, Brazil, three other routes from Sunday

By Favour Nnabugwu

 

Emirates is continuing to grow its Airbus A380 network. With the changeover to the IATA winter timetable planned for Sunday, October 31st, six more routes are set to welcome the Airbus A380 once more.

The returning flights will allow Emirates to exceed 1,000 rotations with the giant of the skies in November.

Emirates is hard at work, proving that the Airbus A380 still has a place in the post-pandemic aviation industry. With the airline’s entire 777 fleet already busy for some time, the airline has to use the A380 to add capacity now. By the end of the year, it hopes to have reactivated around 50 A380s and restored 70% of its capacity.

Six more A380 routes

Emirates will relaunch A380 flights to six destinations on Sunday. Some of these have seen the A380 since the height of the pandemic but have lost the jet again somewhere along the way. According to schedule data from Cirium, the A380 will return to the following routes:
AMS – Amsterdam – The Netherlands; GRU – Sao Paulo – Brazil; HAM – Hamburg – Germany; JNB – Johannesburg – South Africa; MAD – Madrid – Spain and MXP – Milan – Itlay

Each of the routes will operate daily through November, except for Milan, which has just 22 rotations scheduled for the month. With the addition of the above routes, Emirates will fly the Airbus A380 to 25 destinations from its Dubai home.

Increased capacities on other routes
While the A380 is returning to these routes, other routes will see increased capacities from Sunday. Frankfurt will be to welcome a double-daily Airbus A380 from Sunday. Meanwhile, Vienna’s capacity will increase, with 38 rotations planned for November, up from a daily A380 rotation in October.

Patoma Admin by — October 29, 2021 in Aviation 0