Insurance Industry Reports N302bn Premium Income in 2014

The insurance industry in Nigeria has reported gross premium income of N302 billion in the financial year ended December 31, 2014, according to figures released by the National Insurance Commission (NAICOM).

The industry also achieved premium income of N97 billion in the first quarter ended March 31, 2015. According to NAICOM, the industry’s total assets in 2014 was N711.4 billion, rising to N793.6 billion in the first quarter.

Total liabilities stood at N422.7 billion in 2014 and N444.4 billion in first quarter. In the area of claims, the industry paid out a total sum of N90.3 billion in the 2014 financial year and N23.7 billion as at March 31, 2015. In 2014, the industry achieved net profit of N28.4 billion and N15.4 billion by March 31 while underwriting was N66.9 billion and N24.3 billion in the two periods under review.

In the same vein, the industry achieved shareholders’ funds of N352.5 billion and N343.4 billion, while Insurance Funds stood at N334.8 billion and N347.9 billion respectively.

spot_img
spot_img
spot_img
spot_img
spot_img

Hot this week

Stanbic IBTC Champions Equitable Climate Transition at Sustainable Finance Summit 3.0

Stanbic IBTC Holdings, A member of Standard Bank Group...

CBN Inks Innovation MoU with GFTN, Convenes Nigeria–Asia Financial Connectivity Dialogue

En route to the IMF–World Bank Annual Meetings in...

Fuel Discount for 30 Days: Opposition Parties Claim Victory over Tinubu

Opposition parties in Nigeria have claimed victory over the...

NAICOM, PenCom: Bigger Capital Must Translate into Better Services, Financial Security

L-R: Commissioner for Insurance/CEO, National Insurance Commission, Mr. Olusegun...

Fidelity Bank: Shareholders Commend Strong Capital Base, Asset Quality, Earnings Growth at 38th AGM

L – R: Kevin Ugwuoke, Executive Director, Risk Management;...

Topics

Verve Partners AliExpress to Expand Global Reach, Empowering Millions of Cardholders

Verve International, Africa’s leading domestic payments card scheme and token brand, has...

High Cost: Major Reason for Protein Deficiency in Nigeria

Nutritionists and public health experts have identified high cost...

M&A Transactions in Africa Falls in 1st Half 2018

Total deal volumes and values of Merger & Acquisition...

Leadway Assurance: ‘Nigerians Should Buy Term Life Assurance Policy’

Ms. Adetola Adegbayi, Executive Director, Leadway Assurance Company Limited...

Global Airlines Financial Monitor: October 2017

The initial financial data for Q3 point to...

Former CFI: Regulatory Concession on Recapitalisation Will Undermine Integrity of the Process

The former Commissioner for Insurance/CEO, National Insurance Commission (NAICOM),...

Ecobank Group Named 2021 African SME Bank of the Year

The Pan-African banking group, the Ecobank Group, is the African Banker’s 2021...

Nigeria’s Telecom Contribution to GDP Hits 16% – Danbattah

L-R: Executive Commissioner, Technical Services, Nigerian Communications Commission (NCC), Ubale...
spot_img

Related Articles

Popular Categories

spot_imgspot_img