All Posts in "Patoma Admin"

Custodian Investment grows revenue by 14% in 2021

By Favour Nnabugwu

 

Custodian Investment Plc, a diversified non-bank financial institution, has reported that its gross revenue increased by 14 percent to N85.5 billion in 2021 despite operating in a challenging environment.

The company, which disclosed this in its unaudited result for the year ended 31st December 2021, added that after adjusting for non-recurring one-time gain from prior year’s result, profits from continuing ordinary operations recorded 18 percent growth.

The result also showed that the Custodian Group’s shareholders’ fund grew by 14 percent from N47.6 billion to N54.3 billion after paying dividends totalling N3.24 billion or 55k per share during the year.

Speaking on the result, the company’s Group Managing Director, Mr. Wole Oshin, said the result can be attributed to the resilience of the Group, the diversity of its product offerings, commitment of its staff and the unwavering support of its Board of Directors.

Oshin expressed optimism for a brighter future for the Custodian Group, which has investments in life and non-life insurance, pension fund administration, trusteeship and real estate businesses.

He expects the incremental contribution that will flow in from the Group’s real estate business segment, which is being restructured, to boost the fortunes of the company.

While recognising their contribution, Oshin appreciated the steadfastness of its clients, agents, brokers and all other stakeholders in the insurance, pension, and investment value-chain to the Custodian Group.

Patoma Admin by — February 8, 2022 in Insurance 0
300,000 Corp members to be insured – NYSC

By Favour Nnabugwu

 

No fewer than 300.000 corp members will be insured annually as the National Youth Service Corps (NYSC) has announced that insurance cover for serving corps members will commence on Friday 11, February, 2022.

A total of 300,000 are mobilised annually for NYSC thereby the Deputy Director, Press and Public Relations at the NYSC Emeka Mgbemena in a statement on Sunday said the insurance commenced on February  11.

The NYSC stated that the feat is to ensure a holistic and quicker medical intervention, all Corps Members have been enrolled under the National Health Insurance Scheme (NHIS).

“For the reinforcement of this policy, and towards ensuring a more holistic and quicker medical intervention, all Corps Members have been enrolled under the nation’s National Health Insurance Scheme (NHIS).
“The flag-off of this insurance scheme is slated for Friday, 11th February, 2022.

NYSC shall never shirk its responsibility of seeing to the welfare of Corps Members. The Corps is always open to enquiries whenever the need arises,” the statement said.

It dismissed allegations that corps members suffer poor healthcare, and bear the cost of their treatment.

The statement added: “The story is not only a sweeping one, but equally a complete misrepresentation of facts.

“It is pertinent to state that the Scheme always feels empty and saddened whenever a Corps Member is lost or maimed. It is for that particular reason that the welfare of Corps Members remains topnotch, and a cardinal policy thrust of the National Youth Service Corps.

“It is apt to put on record that Corps Members get medical refunds for sums expended on health challenges. This scenario usually arises when the Scheme has not been apprised of a Corps Member’s medical issue and he goes ahead to spend out of his pocket. As soon as the Corps Member applies and it’s verified, he gets paid.”

Patoma Admin by — February 7, 2022 in Insurance 0
Planning a Will safe loved ones from hardship

By Favour Nnabugwu

 

Leadway Capital & Trust Ltd has advised Nigerians on the need to plan their Will before they die to safe the loved ones from unexpected hardship.

Mr. Gbolahan Oluyemi advised Nigerians on the need to plan their Will before their demise to ensure that their assets are distributed according to their wishes.

Speaking at a training organised by Leadway Assurance for journalists in Lagos, Oluyemi said, estate planning is the preparation and planning to manage an individual’s asset base after their demise or incapacitation.

He said the benefits of writing a Will outweighs the sentiments surrounding a Will. I”n simple language, failure to prepare a Will and have an estate plan is a plan to fail one’s beneficiaries”.

Under the law, when a person dies without writing a Will, the person is said to have died intestate. However, when a person leaves a Will, he/she is said to have died testate. Different laws guides dying intestate and dying testate.  However, dying testate affords more benefits than the other.

According to him, “There are different modes of estate planning which include; Trust, Inter vivos gifts or Wills”

Explaining further, he noted that, a Trust is an arrangement whereby a person transfers an asset to a person (Trustee) to hold in trust for the benefit of a third party (Beneficiary), adding that, trust is flexible and can be amended to achieve objectives such as ; Education Trust, Welfare Trust, Living Trust, or even Healthcare Trust.

He explained that, a Will is a legal document by which an adult expresses how he/she wants his/her assets/property to be distributed after his/her death. The procedure of preparing and executing a Will, he said, is regulated by the Wills law of various states, even as the person who writes a Will is called Testator/Testarix.

However to die Intestate implies that a person died without a Will and that, “Administration of estates law determines distribution, state appoint administrators, letters of administration, as well as no appointment of guardians.”

On why it important to write a Will, he stated: “Ensure that your assets will be distributed according to your wishes, offers protection for your beneficiaries, excuses the need for Letters of Administration, contains an inventory of assets and reduces fraud in the succession process, as well as ease access to the Retirement Savings Account.”

Patoma Admin by — February 6, 2022 in Insurance 0
Allianz positioned as one of the world’s strongest brand

By Favour Nnabugwu

 

In this year’s Global 500 report issued by Brand Finance, a leading brand strategy consultancy, Allianz brand was ranked 30th in the list of the world’s most valuable brands.

Among the world’s 100 most valuable insurance brands, Allianz ranked first among internationally operating insurers. This was announced by Brand Finance.

The rating confirms Allianz’s position as one of the world’s strongest brands. Among the main reasons for the upgrade are the improved revenue outlook after the Corona-induced uncertainty and an increase in Allianz’s Brand Strength Score.

With Allianz’s Asset Management business, and €2.5T AuM, the overall brand value increased by 12 percent and reached almost €39 billion.

“This news affirms not only the brand strength of Allianz but also demonstrates that Allianz is more than a leader in the insurance business,” said Serge Raffard, Group Strategy, Marketing, Distribution Officer at Allianz SE.

With a top brand strength rating in the AAA band, Allianz will use its brand as a key facilitator for moving the business into new and adjacent categories. The growing strength of Allianz, combined with digitalization, enables even more significant value creation as a multiline company’, such as financial services. As announced during its Capital Markets Day in late 2021, Allianz will leverage its purpose and brand to generate profitable growth and drive customer centricity in its strategy 2022+.

“It makes me very proud to share such fantastic news at the beginning of 2022. Being rated 30th among the strongest global brands reflects the hard work and strategy behind the steadily growing Allianz brand,” said Dr. Christian Deuringer, Head of Global Brand & Marketing at Allianz SE.

Allianz has been present in Africa since 1912 through Allianz Africa, Allianz Egypt, Allianz Global Corporate & Specialty and Euler Hermes.

Patoma Admin by — February 4, 2022 in Insurance 0
NAICOM pegs minimum capital of Web Aggregators @ N5m, registration @ N3m

The National Insurance Commission (NAICOM) has pegged the minimum share capital of a web aggregator at N5 million and registration fee, N3 million.

This was contained in the operational guidelines released by the regulatory body to serve as a working document to register, supervise and monitor web aggregators.

The web aggregator is expected to have a minimum share capital not less than N5 miliion as at the date of application and shall continue to maintain same throughout the license period, even as the Web Aggregator shall submit to the commission, a financial position duly certified by an External Auditor every year after finalisation of books of Accounts.

The regulatory body has equally pegged Web Agregator’s registration for license at N3 million.

Intending investor is to pay N500,000 non-refundable application fee, after which such investor will pay N2.5 million as licensing fees, even as license renewal will cost N1million.

Stating that Insurance levy payable by Web Aggregator shall be one per cent of the gross commission income or minimum of N200, 000, whichever is higher, it added that the commission to be paid by the insurer partner to Web Aggregator shall not exceed 30 per cent of the brokers commission as stated in Section 53 of the Insurance Act, 2003.

“A Web Aggregators shall put in place a robust LMS and transmit leads at no extra cost to the insurers. The insurer shall keep adequate records of commission paid to a Web Aggregator,” it pointed out.

On payment of premium under web Aggregation, operation, it said, shall be guided by Section 50(1) of the Insurance Act 2003 which provides for receipt of an insurance premium as condition precedent to a valid contract of insurance and highlighted further that there shall be no cover in respect of an insurance risk, unless the premium is paid in advance i.e. ‘No premium, No cover.’

The operational guidelines is to serve as a working document to register, supervise and monitor web aggregators.

The commission in the guideline said that insurance intermediary who maintain a website for providing information on products of different Insurers is covered by this guideline.

It stated that it is the responsibility of Web Aggregators to obtain any clarification required on the applicability of this Guidelines, and any other Regulations from the commission.

Patoma Admin by — February 3, 2022 in Insurance 0
Uganda Airlines wins World’s youngest aircraft fleet 2022 Award

By admin

 

For operating the world’s youngest aircraft fleet for the second year in a row, Uganda’s national carrier, Uganda Airlines, boasting of an average aircraft age of only 1,95 years, has been named the winner of the “ch-aviation World’s Youngest Aircraft Fleet Award 2022.

For the first time, ch-aviation has also recognized aircraft leasing companies with the ‘world’s youngest aircraft portfolio award 2022’.

The aircraft leasing company managing fleet is CMB Financial Leasing, with an average age of 3,91 years.

The ch-aviation Youngest Aircraft Fleet Award was conceived to honour Airlines and Aircraft Leasing companies worldwide who maintain young and efficient aircraft. “Keeping a modern fleet and portfolio by using new generations of aircraft contributes significantly to the decrease of CO2 within the aviation industry and helps achieve better fuel efficiency. This represents a huge step forward for sustainability, and ch-aviation has decided to give them the recognition they deserve.

The ch-aviation Youngest Aircraft Fleet Award recognises Airlines and Aircraft Leasing companies worldwide that operate young fleets and manage young portfolios, respectively. The efficient newer aircraft generations are vital for lowering CO2 emissions and making flying more environmentally friendly, and we commend the winners for their effort. It is essential to say that this award is entirely based on non-manipulable fleet data. There is no jury or any other subjective parameter involved.

 

Patoma Admin by — February 3, 2022 in Aviation 0
Allianz, Prudential Beneficial control 50% of Cameroon life market

By Favour Nnabugwu

 

Two insurance companies is said to control 50 percent of life market in Cameroon. They Allianz and Prudential Beneficial Life Insurance

Cameroon, the life insurance market generated a XAF70.6 billion turnover for companies operating in the sector, in 2020.

According to the activity report recently published by the Ministry of Finance, 50 percent of the turnover was generated by two of the eleven companies operating in the sector. They are Allianz Cameroon and Prudential Beneficial Life Insurance Cameroun.

Allianz, leader of the local market, recorded a XAF20.2 billion turnover, representing 28.62% of the overall turnover in the market segment that year.  This figure is up by XAF300 million compared with the XAF19.9 billion the firm recorded in 2019.

With 21.3% of the life insurance market share in Cameroon in 2020, Prudential Beneficial recorded a XAF15.07 billion turnover in 2020, up by XAF2.1 billion year-on-year. This significant increase in its turnover can be explained by the shift in majority partner that occurred in June 2019 with Prudential taking over US firm Beneficial’s shares in the insurance company.

According to figures published by the Ministry of Finance, in 2020, Prudential Beneficial recorded the largest increase in its market share since 2016. Indeed, in 2016 and 2017, the company was only controlling 19% of the local life insurance market. In 2018 and 2019, that share jumped to 20.08%.

The additional grounds being gained by Prudential should be a concern for market leader Allianz, which has been losing ground since 2016. In its report, the Ministry of Finance shows that due to the tough competition, Allianz lost 5.76% of market share between 2016 and 2020 even though its turnover rose by XAF2 billion between the same period.

Specifically, its turnover rose from XAF18.6 billion in 2016 to XAF20.2 billion in 2020. At the same time, its rival Prudential posted a XAF10.3 billion in 2016 and XAF15.07 billion in 2020 (up by XAF5 billion between the two periods).

Patoma Admin by — February 3, 2022 in Insurance 0
NCRIB, CIIN forge ties on enforcement of mandatory insurance

CAPTION

R- President of the Nigerian Council of Registered Insurance Brokers, NCRIB, Mr Rotimi Edu and the President of the Chartered Insurance Institute of Nigeria, CIIN, Dr. Muftau Oyegunle

 

By Favour Nnabugwu

 

The Nigerian Council of Registered Insurance Brokers (NCRIB) and the Chartered Insurance Institute of Nigeria (CIIN) have strengthen the ties of the two bodies to ensure the law on compulsory insurances.is enforced in the country

In a  statement released by the Corporate Affairs Manager, NCRIB, Dele Ayeleso, said though, there have been strident advocacy for the enforcement of the law as enshrined in Insurance Act 2003 by National Insurance Commission (NAICOM), significant momentum is yet to be generated with the law in the Country raising concern among operators and relevant stakeholders.

Receiving the NCRIB delegations led by its President, Rotimi Edu in Lagos, President of the CIIN, Dr. Muftau Oyegunle emphasized the need for industry stakeholders of which the NCRIB is paramount, to device a more ingenious strategy that would accelerate the momentum for compulsory insurance covering Builders Liability Insurance, Employers Liability Insurance, Motor 3rd Party Liability Insurance, Employers Liability Insurance (Group Life), Occupiers Liability Insurance, Healthcare Professional Indemnity Insurance.

L-  Deputy President, Chartered Insurance Institute of Nigeria, (CIIN) Edwin Igbiti; Director General, Nigerian Insurers Institute, Mrs. Yetunde Ilori; CIIN President, Dr. Muftau Oyegunle; President, the Nigerian Council of Registered Insurance Brokers, Rotimi Edu, Vice President, NCRIB, Mrs. Ekeoma Ezeibe; and Deputy President, NCRIB, Tunde Oguntade during a courtesy visit of NCRIB to CIIN in Lagos.

 

The CIIN President who applauded the leadership of the NCRIB said insurance Brokers constitute a critical segment of the Institute’s membership and its place in the insurance and financial services sector cannot be underestimated.

Oyegunle promised the support of the institute for the professionalism of broking practice by collaborating with the NCRIB on the proposed examination syllabus of Insurance broking of its membership.

Speaking earlier, President of the NCRIB, Rotimi Edu said his team’s visit was also to appraise the Institute leadership with its policy thrust anchored on “Brokers’ Centrism”.

Edu utilized the visit to inform the CIIN about the forth coming 60th anniversary of the Council, for which it sought the institute support.

Patoma Admin by — February 2, 2022 in Insurance 0
Insurance gross premium stood stagnant in 2021- Agusto & Co

The total gross premium income reported in the Nigerian insurance industry remains stagnant at N520 billion in 2021 when compared to the figure in 2020 which was N592.3 billion.

This is according to the 2022 Insurance Industry report by Agusto and Co, a credit rating agency and provider of industry research and knowledge in Nigeria & Sub-Saharan Africa.

The report stated that this could be tied to the negative residues of the COVID-19 pandemic and the #EndSARS protests from 2020 which the industry had to grapple with.
individuals and corporates maintaining a significant online presence. While the trend is expected to continue, the report states that insurance companies can create targeted marketing campaigns aimed at re-orientating Nigerians to embrace insurance products with more people online.

Nigeria insurance industry continued to witness rising claims after disruption in economic activities in 2020 following the lockdown and #EndSARS protest during the year

According to the Nigerian Insurers Association (NIA), insurance companies have paid out claims totalling about N9 billion to victims that suffered losses from the destruction that followed the #EndSARS protests.

In total, there were 99 claims settled on malicious damage, 8 on business interruption, 455 on burglary attack and 912 on fire and burnt sites. Similarly, the insurance companies settled 718 claims on vandalism; 93 cases on looting; 113 on theft, and 136 on loss of cash

Patoma Admin by — February 2, 2022 in Insurance 0