All Posts in "Month: August 2022"

Anchor Insurance records a leap, grows GPW by 54.43%

By Favour Nnabugwu
 Anchor Insurance Company Limited has recorded a leap of 54.43 percent in its 2021 financial year with a gross written premium of N10.4billion as against the N6.8bn achieved in 2020.
The Chairman also noted that the company experienced an astronomical rise in Profit Before Tax which stood at N1.02bn from N336.55m recorded in 2020, representing a whopping 203.13% increase.
He said: “Our Profit After Tax rose to N867.55m compared to the N436.49m position in 2020, showing a 98.75% growth.
“The Company’s Total Assets grew from N13.54bn in 2020 to N15.49bn in 2021, indicating a 14.33% rise. Similarly, the Shareholders’ Funds had a 13.76% positive change from N5.67bn in 2020 to N6.45bn at the end of 2021.”
Also speaking, Managing Director/CEO of the company, Mr. Ebose Augustine said that regular claims payment has always set the company apart from others.
He said: “We held on to our avowed regular claims payment policy which has continued to set us apart in the competition. We paid a total sum of N997.42m as claims to genuine affected policyholders as against the N1.29bn response in 2020.
This shows a 22.62% positive drop in claims paid. This positive claims management was a direct result of the improvement the Claims Team has continued to make. The Team’s thorough investigations and assessments have severally saved the Company from incurring fraudulent claims.
“We would have surpassed the above income generated if premiums for most businesses (mainly in the public and financial sectors) we had concluded were paid.”
On dividend payment, Augustine noted that in keeping with the Company’s avowed policy to always make its shareholders smile, it paid a dividend of 4.5kobo per share to the owners of the business for the 2021 financial year as against the 40k it paid to them in 2020.
“The Board assured the shareholders it would keep the trend increasing proposed figure for dividend as the profit margin continues to gain such yearly momentum.”
On future outlook, Augustine stated:
“Though the National Insurance Commission has suspended its ordered industry recapitalization, we will pursue the recapitalization of our dear Anchor Insurance Company to its quickest conclusion, knowing the advantages available for the Company when achieved.
“We will look at creating more people-oriented retail products as further multiple premium generation channels. We value our Management and Staff for their dedication and ownership spirit in the discharge of their duties.
They are directly responsible for the good report the Company turns in each year. The Board will work closely with the Management and ensure that appropriate welfare rewards are extended to all deserving hands in the Company’s employ.”
Anchor Insurance jointly sponsored the Inauguration of the new executives of the National Association of Insurance and Pension Correspondents, NAIPCO which took place recently.
Patoma Admin by — August 26, 2022 in Insurance 0
Operators charge NAIPCO members on unity, industry growth

By Favour Nnabugwu

 

 

 

Operators of the insurance industry have charged the National Association of Insurance and Pension Correspondents (NAIPCO) to work on unity of the Association, welfare of members and promote the growth of the insurance and pension industries.

Speaking at the formal inauguration of the executive in Lagos, the Managing Director/Chief Executive Officer of Universal Insurance Plc, the sponsor of the inauguration, Mr. Benedict Ujoatuonu, congratulated the newly elected officers of NAIPCO and commended the Association “for their great job in projecting the insurance and pension industries to the Nigerian Populace.”

The MD/CEO of Universal Insurance, who was ably represented at the occasion by the Company’s Secretary and Head of Corporate Communications Department, Chinedu Onyilimba, pledged the company’s readiness to continually collaborate with NAIPCO “to advance the course of insurance and pension industries in Nigeria.”

The Managing Director/Chief Executive Officer of Sovereign Trust Insurance Plc, one of the sponsors of the event, Mr. Olaotan Soyinka, who was represented at the event by Deputy General Manager, Sales & Corporate Communications, Mr. Segun Bankole, charged the newly elected officers of NAIPCO to work for the common interest of the association and for the overall growth of insurance and Pension industries.

Soyinka stressed that Sovereign Trust will continue to support NAIPCO, adding “You will recall that one of our journalists recently had an accident. Incidentally, he has a third party policy with us, but the person that bashed his car has a third party with another company.

We have been trying to see how we can help him get his claims sorted out as fast as possible. Extending that hand of fellowship is so critical to the success of our organisation. We do not in any way underestimate what you represent in the Nigerian society as journalists. So we are solidly behind you and will continue to support you as an association.”

Also speaking, Head, Corporate Communications and Market Development, National Insurance Commission, Naicom, ‘Rasaaq Salami, who commended NAIPCO for the election of new offers also charged the newly elected officers to work for the interest of the association and that of the industry.

He noted that NAIPCO’s contribution to the growth of the industry or otherwise will also rob off on the Association.

In their words of advice, past president, former officers, and elders of the association, charged the officers to work hard for the unity of members and the progress of the Association.

The officers were also enjoined to demonstrate high level discipline, professionalism, while upholding the ethics of the profession in the discharge of their duties for the good image and integrity of the Association.

Patoma Admin by — August 26, 2022 in Insurance 0
CBN releases $265m to airlines to reduce crisis in aviation

By Favour Nnabugwu

 

 

 

The Central Bank of Nigeria (CBN) has released the sum of $265 million to airlines operating in the country, to settle outstanding ticket sales.

This move is to help reduce the crisis in the aviation industry

A breakdown of the figure indicates that the sum of $230 million was released as special FX intervention while another sum of $35 million was released through Retail SMIS Secondary Market Intervention Sales) auction.

Confirming the release in a statement, the Director, Corporate Communications Department at the CBN, Mr. Osita Nwanisobi said: “The Governor, Godwin Emefiele and his team were concerned about the development and what it portends for the sector and travelers as well as the country in the comity of nations.”

He reiterated that the CBN was “not against any company repatriating its funds from the country, adding that what the Bank stood for was an orderly exit for those that might be interested in doing so”.

The CBN noted that with the release, it is expected that operators and travellers as well will heave a huge sigh of relief as some airlines had threatened to withdraw their services in the face of unremitted funds for outstanding sale of tickets.

Recall that Emirate Airlines announced on August 18 that it “has taken the difficult decision to suspend all flights to and from Nigeria, effective 01 September 2022, to limit further losses and impact on our operational costs that continue to accumulate in the market”.

Patoma Admin by — August 26, 2022 in Aviation 0
NSITF pays 23,615 workers claims of N1.2bn in one year

By Favour Nnabugwu

 

 

The Nigeria Social Insurance Trust Fund, NSITF  has paid 23,615 workers claims of N1.2 billion in the last one year.

NSITF also said it has built strong walls against negative trails that retarded its Employee Compensation Mandate, saying it has met all targets set in the last one year.

The Managing Director of NSITF, Dr. Michael Akabogu, while speaking at the Management Performance Review meeting in Abuja, said the strategic reforms unveiled a year ago, has not only front loaded transparency and accountability in the operations of the fund but has also broken new grounds in expanding the execution of its mandate.

Noting that the fund now touches the lives of workers and their dependants like never before, he stated that the essence of the review was to “gauge the activities of Nigeria’s foremost social security institution and track the measured progress reports of regions and branches.”

The NSITF MD in a statement by Ijeoma Okoronkwo, General Manager, Corporate Affairs, averred that targets set at the last Management Review Meeting held from 20th to 21st January, 2022 which included setting up of the five syndicate groups to identify key issues effecting the operations of the regional and branch offices have been met.

According to him, “Other targets which we have also met since the last review are the automation of the fund’s operational process which is in progress and intended as a bulwark of accountability and transparency, review of staff salaries which we have completed and forwarded to the National Salaries Income and Wages Commission as well as securing operational vehicles for all regions and branch offices.

“Instructively, we have narrowed the time frame between complaints and compensation from time-indefinite we met, to 14 days and now 10 days. This will further reduce when we introduce our duty-free call centre in the next few months.

“The NSITF under this administration has been touching the lives of workers and their dependants with a total of 23, 615 claims and compensation, worth N1,170,409,977.02 – One billion, one hundred and seventy million, four hundred and nine thousand, nine hundred and seventy-seven Naira, two kobo paid in the last one year. We have moved very far from what we met on the ground.”

He observed that this includes medical expenses refund to 603 employers, loss of productivity to 174 employers, death benefits to 10,610 beneficiaries of deceased employees as well as disability benefits, retirement benefits to 3506 disabled employees among others.

 “We have also implemented a merit-based staff promotion exercise and demonstrated that you don’t need a godfather to earn promotion where you deserve it. The promotion examination for graduation into the management cadre has just been held yesterday while other carders will take theirs in September. We can’t do less.

“We have equally paid the Consequential Adjustment of the Minimum Wage with relevant taxes deducted appropriately. It is now left for all of us to double our efforts to sustain the improved welfare since the fund is non treasury funded.”

The Managing Director who took time to clear the air on the recent negative press the agency has had to confront with, noted that aberrations and financial malfeasance of the past administration which has been taken care of by the law must not be allowed to distract its ongoing strategic reforms. He therefore urged the staff to help educate the general public and correct the falsehood

In her remark, the Executive Director Operations, Maureen Alegoa said the forum is an opportunity for a review of services to the internal and external publics of the fund. She added it will further enable management staff members relate and develop friendly, productive work environment, insisting the administration was focused on collective success.

Also, speaking, the Executive Director Operation, Modu Gana assured that the fund is better equipped to tackle all challenges impeding the successful implementation of its mandate, and enthused, “the daily operational tracking templates, monthly scorecards models and quarterly MPR report” were carefully developed to improve our service.

Patoma Admin by — August 26, 2022 in Insurance 0
Missing employees: PenCom investigates after report from employers …Beneficiary, not Next of Kin is paid

By Favour Nnabugwu
National Pension Commission, PenCom, says it does not waste time in investigating when an employer report to the Commission of a missing employee before directing the PFA to processing the benefits.
A person is presumed dead if not found in one year from the date of disappearance
Only the beneficiary (not necessarily the Next of Kin) shall be entitled to all the benefits of a deceased employee or Retiree.
Head, Benefits & Insurance, Mr Obiora Ibezeago at one workshop organised for Pension Journalists in Abuja, wen an employee is declared missing, the employer must repeat to PenCom first and the Commission will swing into action to investigate but after it clocks a year and the person is still.not found, then it is assumed the person is dead.
Ibezeago, said at this time, PenCom will direct the Pension Fund Administrators to go ahead with the process of paying the beneficiary who in most cases may not be the next of kin.
The beneficiary is the person(s) mentioned in a Will admitted to probate or person(s) who obtained Letter of Administration from High Court to administer the estate of a person who dies without a Will.
“In another case, where an employee is declared missing and if is not found within a period of one year from the date he was declared missing, a board of inquiry is set up by the National Pension Commission (PenCom), which concludes that it is reasonable to presume that he has died, and in this case, the provisions of this section shall apply”
Nigeria Contributory Pension Scheme (CPS) introduced by the Pension Reform Act 2004 and revised in 2014 recognises the importance of the contributor, his contribution and what happens to him while in employment. This is both alive and in death.
With this realisation that there is life and there is also death, the CPS has taken care of the contributor, directly or indirectly, should either of the two happen as long as the person has made his contribution through his employer.
Section 8 (1) of the Pension Reform Act 2014 states that where an employee dies, his entitlements under the life insurance policy maintained under section 4(5) of this Act shall be paid by an underwriter to the named beneficiary in line with section 57 of the insurance Act.
Subsection 2 states that, upon receipt of a valid will admitted to probate or a Letter of Administration, confirming the beneficiaries under the estate of the deceased employee, the Pension Fund Administrator(PFA) shall, with the approval of the Commission, release the amount standing in the retirement savings account of the decease to the personal representative of the deceased or to any other person as may be directed by a court of competent jurisdiction, in accordance with the terms of the will or the personal law of the deceased employee, as the case may be.
While this law is there to enhance the welfare of the contributor, there are a number of challenges which beneficiaries would have to contend with if there was no prior effort to address them before death occurs. This is the issue of having not a will or dying interstate.
One of the challenges, which families of the deceased pension contributor faces after the death of their loved one is the process of claiming his pension entitlements, making it important that a pension contributor should procure a ‘Will’ for management of his or her estate should the unexpected happen.
Ibezeago said that PFAs request for Next of Kin which is more like contact person in case of an urgency which may often times not be a beneficiary
When a person has dies,according to him, it is the Next of Kin that is contacted to inform the family and if a deceased has a Will already, it make the process easier but where there is no Will, the family will get a Letter of Administration from the High Court which will clearly state the beneficiary
More often than not, Next of Kin does not mean a beneficiary. It must be clearly stated where the Next of Kin happens to be the beneficiary as well.
Patoma Admin by — August 26, 2022 in Pension 0
Foreigners make Voluntary Contribution, withdraw all at expiration of contract, stay – PenCom

By Favour Nnabugwu
The National Pension Commission (PenCom) has foreigner are participating Voluntary contributors and they allowed to withdrawal fund at expiration of their contract in the country.
Foreigners in the PenCom refers to Non-Nigerian citizens residing and working in
Nigeria
PenCom at one-day workshop for Pension Journalists in Abuja said there are a number of foreigners who participate in the VC.
Giving a paper on ‘The Administration of Retirement Benefits under the Micro Pension Plan by Head, Benefits & Insurance, Mr Obiora Ibezeago, said foreigners contribute voluntarily Retirement Savings Accounts, RSA until they are set to go back to the country, they then withdraw the contribution wholesome..
On Foreign Contributors, Ibeazego said they shall also be legible to withdraw all the voluntary contributions in the RSA at the expiration of the contract employment or relocation to their country.
Voluntary Contributions are extra funds you can opt to add to your mandatory pension contributions, or simply set aside as retirement savings”
“VC  differs from other regular savings you may have, as it is deducted from your salary before tax. This is a significant advantage of the VC, as the contributions have tax incentives and could lower your overall tax liability.”
Non-obligatory contributions made by all eligible contributors through their employers while Additional Voluntary
Contributions (AVC) Non-obligatory contributions made by workers
and retirees under the CPS through the
employer towards enhancing their pension.
Patoma Admin by — August 26, 2022 in Pension 0
Olusegun Omosehin now NIA Chairman

CAPTION:

L –  former chairman Mr. Tope Smart, immediate past chairman Mr Ganiyu Musa, newly elected chairman Mr. Olusegun Omosehin, Director General/CEO Mrs Yetunde Ilori and past chairman Mr. Oye Hassan- Odukale immediately after the election of Mr. Olusegun Omosehin as 25th chairman of Nigerian Insurers Association during its 51st Annual General Meeting in Lagos.

 

Mr Olusegun Omosehin, managing director and CEO of Old Mutual Nigeria Life Assurance, has assumed office as the 25th chairman of the Nigerian Insurers Association.

He was elected along with other executives at the association’s 51st annual general meeting (AGM) in Lagos

In his acceptance speech, Mr Omosehin said, “Please remember that the change we seek must start with us as an industry. We must strengthen our capacity to self-regulate and be bold and courageous in enforcing our market conduct.

“This will enable us as an industry to take our rightful place among the pillars of economic growth and development in Nigeria. We must understand the importance of protecting our collective dreams and aspirations and positioning ourselves appropriately to earn the trust of our nation.”

Mr Omosehin pledged to work with the insurance industry regulator, the National Insurance Commission, to arrive at solutions that work for a developing country like Nigeria. He also said he would collaborate with other arms of the insurance industry such as the Nigeria Council of Registered Insurance Brokers; the Institute of Loss Adjusters of Nigeria; the Chartered Insurance Institute of Nigeria; Association of Registered Insurance Agents of Nigeria, and others, to achieve a prosperous insurance industry

Patoma Admin by — August 25, 2022 in Insurance 0
NCRIB, NIA strengthens ties for industry growth insurance

CAPTIONS;

L- : Director General, Nigerian Insurers Association, (NIA), Mrs. Yetunde Ilori; President, Nigerian Council of Registered Insurance Brokers, (NCRIB), Mr. Rotimi Edu,mni; Outgoing Chairman, NIA, Mr. Ganiu Musa; Incoming Chairman, NIA, Mr. Segun Omoshin; Executive Secretary/CEO, NCRIB, Mr. Tope Adaramola and Hon. Treasurer, NCRIB, Mr. Ayo Akande during a courtesy visit of NCRIB delegation to NIA

L – President, Nigerian Council of Registered Insurance Brokers, Mr. Rotimi Edu, mni presenting the miniature of NCRIB 60th Anniversary Mascot to the outgoing Chairman, Nigerian Insurers Association, Mr. Ganiu Musa during a courtesy visit of NCRIB delegations to NIA, with them is the Executive Secretary/CEO, NCRIB, Mr. Tope Adaramola

 

By Favour Nnabugwu

 

 

The Nigerian Insurers Association, NIA and the Nigerian Council of Registered Insurance Brokers, NCRIB have tighten the bond between them to grow the insurance industry by accelerating its contribution to Nigeria Gross Domestic Product

This intention was expressed at the meeting of heads of the NCRIB led by its President, Mr. Rotimi Edu, mni when the Council’s delegation visited the NIA in Lagos in his speech, Mr. Rotimi Edu noted that the industry’s crave for cohesion and professionalism for effective services rendition to the public could only be achieved if Insurance Brokers who are members of the NCRIB accelerate their collaboration with Underwriters under the aegis of the NIA “Revitalisation of the various Joint and Technical Committees of the industry is being put at the front burner to facilitate effective sharing of information between our two unique professional divides in the industry”, Edu noted

The NCRIB President averred that the insurance industry operators should always see themselves as cooperators rather than competitors in order to project an acceptable front before the insuring public.

Earlier, the outgoing Chairman of the Nigerian Insurers Association, Mr. Ganiu Musa pledged the readiness of the NIA to cooperate with Insurance Brokers body to reenergize the Joint Technical Committee, noting that no effort should be spared in exchanging information with a view to making the industry vibrant and contribute to the national economy.

Patoma Admin by — August 25, 2022 in Insurance 0
Universal Insurance Premium Income stands at N4.1bn In H1 2022

By Favour Nnabugwu

 

 

 

Universal Insurance Plc, Nigeria’s foremost insurance company, achieved a leap with a l premium income of N 4.1 billion during the first half of 2022 ended 30th June 2022.

The figure, according to the company, is far above what was achieved in the whole of year 2021.

The company’s premium income at the end of 2021 stood at N3.4 billion; while a total sum of N459 million was paid as claims.

The Company’s report for second half of 2022 showed a profit after tax of N796 million and a total claims paid of N348 million.

The Managing Director/Chief Executive Officer, Universal Insurance Plc, Dr. Benedict Ujoatuonu, made these disclosures in his speech on the occasion of the formal inauguration of the newly elected executives of the National Association of Insurance and Pension Correspondents (NAIPCO) which took place in Lagos today, and was sponsored by Universal Insurance Plc.

Dr. Ujaotuonu who was ably represented at the occasion by the Company’s Secretary and Head of Corporate Communications Department, Chinedu Onyilimba, said the performance was made possible as a result of aggressive moves in driving its business development especially by providing special tailor-made products in their retail operations.

“Our aggressive deployment of technology, especially in driving our retail operations as well as our business expansion which led to opening of new branches, enlargement of our marketing units which also led to the engagement of new staff made this possible,” the MD/CEO stated.

He said the company is poised to drive, achieve and surpass its N6.5 billion target set for 2022 despite harsh economic environment.

Dr. Ujaotuonu said the company, as part of its strategy, will continue in its business expansion to meet its target of making its products and services available to its prospective customers across the nation, noting that the firm is expanding its investment and leveraging technology to drive its retail operations.

“We are also expanding our investment in and deploying technology especially in our retain operations, this will help us make our numerous tailor-made products accessible to the populace,” he said.

Dr. Ujaotuonu pledged his company’s commitment to continue to collaborate with NAIPCO to advance the course of insurance and pension industry in Nigeria.

The inauguration was jointly sponsored by Universal Insurance Plc, Anchor Insurance Limited, and Sovereign Trust Insurance Plc.

Patoma Admin by — August 25, 2022 in Insurance 0
STI vows to continously create exceptional value for customers, stakeholders

By Favour Nnabugwu

 

 

Sovereign Trust Insurance Plc has vowed to continuously create exceptional value for shareholders.

Managing Director/Chief Executive Officer of the Company, Mr. Olaotan Soyinka made this know at the inauguration of the new executive members of the National Association of Insurance and Pension Correspondents, NAIPCO, in Lagos, sponsored by Sovereign Trust Insurance Plc.

Soyinka noted that Sovereign Trust, is committed to innovative products and services that will improve the life of customers even as it has created an enhanced Third Party Motor insurance policy for the insuring public.

Soyinka who was represented by Deputy General Manager, Sales & Corporate Communications, Mr. Segun Bankole said: “Our mission is to enhance the everyday life of our customers through innovative insurance and financial services while creating exceptional value for our shareholders.

“As an organisation, we have been driven by our vision and mission and that attest to the fact that some of the profitable oil and gas businesses in the country, we can beat our chest that we are one of the proud underwriters in that regard.”

On the enhanced Third Party Motor insurance, Soyinka said: In terms of innovation, we have the product called the Enhanced Third Party Motor Insurance. We taught of the usual third party whereby when a claim occurs; it is only the third party that gets the benefit of having his or her vehicle repaired.

But with our enhanced third party, which is just N7,500 per annum, you have the third party being insured in case of any damage to the tune of N1 million and the insured himself or herself has that limit of liability up to the tune of N500 thousand.”

According to Soyinka, the reason for the enhanced third party motor cover is to protect their customers.

“What was the reason behind the enhanced third party motor cover? You will agree with me that economic wise, the country is not smiling. So we lost people who would rather not continue with their insurance due to the economic situation of the country.

So we deemed it fit that instead of losing a particular client, we should still be able to keep them in our dragnet. So customers will still have the feel that they have insurance. Although it is not comprehensive but at least the customer is still covered.”

Soyinka stressed that Sovereign Trust will continue to support NAIPCO, adding “You will recall that one of our journalists recently had an accident. Incidentally, he has a third party policy with us, but the person that bashed his car has a third party with another company.

We have been trying to see how we can help him get his claims sorted out as fast as possible. Extending that hand of fellowship is so critical to the success of our organisation. We do not in any way underestimate what you represent in the Nigerian society as journalists. So we are solidly behind you and will continue to support you as an association.”

Meanwhile, the following officers were inaugurated to pilot the affairs of the Association for the next two years: Nkechi Naeche-Esezobor, Publisher/Editor-in-Chief, Business Today (Chairman); Ngozi Onyeakusi, Publisher/Editor-in-Chief, Super News Online (Vice Chairman); Rosemary Iwunze, Insurance/Pension Editor, Vanguard Newspaper (General Secretary).

Others are Edet Udoh, Publisher/Editor-in-Chief, the Revealer Online (Assistant General Secretary); Adejoke Adeyemi, Insurance and Pension Editor, News Agency of Nigeria (NAN) (Treasurer); Matthew Otoijagha, Publisher/Editor-in-Chief, Business Wrap Online (Financial Secretary); and Amaka Obiefuna, Publisher/Editor-in-Chief, News Corner Online (Public Relations Officer).

Patoma Admin by — August 25, 2022 in Insurance 0