Mr. Mayowa Adeduro

Managing Director/CEO

Tangerine General Insurance Limited

Mr. Mayowa Adeduro, Managing Director/CEO, Tangerine General Insurance Limited, says that over 133 million Nigerians are at the risk of dying of poverty due to lack of access to financial inclusion.

Adeduro, who spoke at the SUPERNEWS Nigeria Fintech23 Conference in Lagos added that there is a nexus among poverty, education and financial inclusion, noting that this is the reason the Federal Government needs the contribution and action plan of many stakeholders to achieve the goal.

“The banking sector just have 50 percent of the adults in the banking circle. It is even worse in the insurance sector, which has less that one percent penetration level in terms of population.

The Tangerine General CEO said: “To resolve this, the adoption of fintech has been highlighted as a critical tool to the financial inclusion drive. There is need for fundamental investment of infrastructural development in IT and Fintech as being done in Europe and other developed economies.

“There is also the need to have massive education because the illiteracy rate that we have at present cannot sustain the type of financial infrastructure that we are clamouring for. So, companies need to do more in investing in educating the people.”

Also speaking at the event, Mr. Oluseye Olusoga, the Group CEO of Parthian, welcomed innovations to be created by opportunities and challenges inherent in embracing Fintech as a tool for promoting financial inclusion in the country.

“Opportunities yes, but there are also challenges. We know the infrastructural challenges. We know that sometimes, the Fintech fails and it comes with a lot of concerns but l am not worried about this because the interesting thing you see is that when technology comes up and you have more advancements and you see more customers’ needs, it creates innovation and that innovation is what we need” he said.

Mr. Moruf Apampa

Managing Director/CEO

NSIA Insurance Limited

NSIA Group to which NSIA Insurance Limited belongs, recently acquired four (4) insurance subsidiaries of SANLAM Group.

Born from a desire to strengthen its positions in West and Central Africa, NSIA Group began this acquisition in 2021with the following subsidiaries of SANLAM Group:

• Sanlam Life Insurance in Togo
• Sanlam Life Insurance in Gabon
• Sanlam Non-Life Insurance in Congo
• Sanlam Non-Life Insurance in Guinea

According to the Chairman of NSIA Group, Jean K. DIAGOU: “For 26 years, the NSIA Group has been implementing a controlled development strategy for its activities. This is what allows us to establish ourselves permanently in each of the countries where we operate. Today, we are strengthening our presence in Togo, Gabon, Congo, and Guinea. For all of our stakeholders, this operation heralds promising prospects.”

“This operation meets two objectives: to increase our market share in countries that are important for the development of NSIA and to strengthen our compliance with the requirements of the regulator of the CIMA zone”, stated B. Janine Kacou Diagou, Managing Director of the NSIA Group.

About NSIA Insurance Limited

NSIA Insurance Limited is a leading composite insurance company driven by integrity, care, innovation, and professionalism.

The head office is in Lagos, with a strong regional presence in Abuja and an extensive network in strategic states across the country.

NSIA Insurance offers a wide range of insurance services at competitive rates to meet the changing financial, investment, and lifestyle needs of its corporate, commercial, and individual customers.

NSIA Group is a financial services group made up of nearly 3,000 employees, working in 3 banks, 2 bank branches, 21 insurance companies, 1 management and intermediation company (SGI), 1 UCITS management company, 1 real estate company, 1 reinsurance brokerage company, and 1 Foundation.

The Group is present in Côte d’Ivoire, Benin, Togo, Guinea, Guinea Bissau, Mali, Ghana, Nigeria, Gabon, Cameroon, Congo Brazzaville, and Senegal.

Mr. Babatunde Fajemirokun

Group Managing Director/CEO

AIICO Insurance Plc

AIICO Insurance Group, one of Nigeria’s leading insurance companies, has announced a 28.1% year-on-year increase in group revenue to ₦14.8 billion for Q1 2023, up from ₦11.5 billion in the same period last year. The company also reported a 28.7% growth in premium written to ₦31.7 billion under the IFRS 4 standard.

The insurance service result, which is the insurance revenue less expenses, increased by 318.0% to ₦1.95 billion in Q1 2023, up from ₦466 million in Q1 2022, primarily due to the increase in revenue during the quarter. As a result, the total income, or net insurance and investment, grew by 4.9% to ₦4.7 billion compared to ₦4.5 billion in Q1 2022.

While profit before income tax from continuing operations declined by 12.3% to ₦1.4 billion in Q1 2023 compared to ₦1.6 billion in FY 2022, AIICO Insurance’s continuing operations have benefited from improved asset-liability management and risk selection, especially in its corporate business. This has reduced the company’s financial position volatility, which is expected to persist over time.

Total assets increased by 2.2% to ₦280.6 billion, driven mainly by an 87.7% growth in cash and cash equivalents, constituting approximately 10.6% of the total assets.

Total liabilities also increased by 2.2% to ₦236.0 billion due to a 21.8% growth in fixed income liabilities relating to the company’s non-pension asset management business.

Total equity increased by 1.9% to ₦44.6 billion, mainly due to a 5.3% increase in retained earnings to ₦16.1 billion as of Q1 2023.

AIICO Insurance’s CFO, Oladeji Oluwatola, commented on the new IFRS 17 standard for insurance reporting: “The new reporting standard heralds a shift, not just in how we report, but how investors and analysts should examine the fundamentals of a sustainable insurance business.” In addition, the new standard will enable the investing public to compare results between firms better, regardless of their business model or the types of products they sell.

AIICO Insurance Group, one of Nigeria’s leading insurance companies, has announced a 28.1% year-on-year increase in group revenue to ₦14.8 billion for Q1 2023, up from ₦11.5 billion in the same period last year. The company also reported a 28.7% growth in premium written to ₦31.7 billion under the IFRS 4 standard.

The insurance service result, which is the insurance revenue less expenses, increased by 318.0% to ₦1.95 billion in Q1 2023, up from ₦466 million in Q1 2022, primarily due to the increase in revenue during the quarter. As a result, the total income, or net insurance and investment, grew by 4.9% to ₦4.7 billion compared to ₦4.5 billion in Q1 2022.

While profit before income tax from continuing operations declined by 12.3% to ₦1.4 billion in Q1 2023 compared to ₦1.6 billion in FY 2022, AIICO Insurance’s continuing operations have benefited from improved asset-liability management and risk selection, especially in its corporate business. This has reduced the company’s financial position volatility, which is expected to persist over time.

Total assets increased by 2.2% to ₦280.6 billion, driven mainly by an 87.7% growth in cash and cash equivalents, constituting approximately 10.6% of the total assets.

Total liabilities also increased by 2.2% to ₦236.0 billion due to a 21.8% growth in fixed income liabilities relating to the company’s non-pension asset management business.

Total equity increased by 1.9% to ₦44.6 billion, mainly due to a 5.3% increase in retained earnings to ₦16.1 billion as of Q1 2023.

AIICO Insurance’s CFO, Oladeji Oluwatola, commented on the new IFRS 17 standard for insurance reporting: “The new reporting standard heralds a shift, not just in how we report, but how investors and analysts should examine the fundamentals of a sustainable insurance business.” In addition, the new standard will enable the investing public to compare results between firms better, regardless of their business model or the types of products they sell.

Tunde Mimiko

Managing Director/CEO

Sanlam Life Insurance Nigeria Limited

As part of her drive to continuously motivate her retail sales force, Sanlam Life Insurance Nigeria Limited, formerly FBN Insurance Limited, recently rewarded outstanding members of the Sales force at the 2022 MD/CEO Ember Championship and The Retail Annual Competition (TRAC) held in Jos, Plateau State.

Sanlam Life boasts a potent sales force with thousands of vibrant men and women all over Nigeria. According to the insurer, the sales force is in different categories ranging from Financial Advisors to Area Sales Managers.

In his comment, the Executive Director, Retail Distribution, Sanlam Life Insurance Nigeria Limited, Odinakachi Umekwe, commended the efforts of the retail team for the outstanding performances they put forward despite the macroeconomic headwinds of the year 2022.

Umekwe said: “Our sales champions all over Nigeria have sold insurance under the most challenging environment to ensure the company stays ahead in the retail space. This TRAC ceremony is to adequately recognize and reward the overall top sales men and women for the year and motivate others to strive for more.”

The Managing Director/Chief Executive Officer, Sanlam Life Insurance Limited, Tunde Mimiko, presented a brand-new Hyundai Accent car to the overall winner of the 2022 TRAC Award (Financial Advisors category), Agene Jacob Israel. Winners in other categories got cash prizes, return tickets to United States of America, a trip to Dubai as well as training opportunity at the South African Business School, University of Stellenbosch.

Receiving his award, an elated Agene Jacob Israel, thanked his Manager, Vivian Ibeawuchi, for encouraging him, and also the Management of Sanlam Life Insurance for the kind gesture.

“I am so happy to be the overall winner this year. This award is proof that, indeed, hardwork pays. I thank my supervisor, Vivian Ibeawuchi, for her support and words of encouragement. Winning would have been impossible without her guidance. I also appreciate the Management of Sanlam Life Insurance for boosting our confidence to do better with this award, year in, year out, ”Agene said.

Speaking on the second set of awards, the ED, Retail, Odinakachi Umekwe reiterated that the MD/CEO Ember Championship was designed to push new premiums and increase persistency between September and December of every year.

“We know how tough hard it is to get people to buy insurance, especially as the year ends. To encourage sales and get new businesses, this competition was set up to reward the Sales Area that meets certain sales criteria during this period,” he said.

For ease of administration of the award, the country was divided into Areas. Abuja Area won the best performing Area while Benin and Enugu came second and third respectively for the period under review.

While presenting the winning Area with a cash reward and a giant trophy for its effort and exceptional performance, Tunde Mimiko, the MD/CEO, Sanlam Life Insurance Limited, commended the area and charged them to do more and retain the trophy next year for an even greater reward.

He also promised to continue to adequately support them to ensure they meet their sales target just as he enjoined other areas to step up their performance in order to join the league of winners.

Also, as part of the company’s drive to enhance customer-management relationship and encourage a two-way feedback mechanism with its customers, the company held a ‘Customers’ Forum’ shortly before the retail award ceremony.

Commenting at the forum, one of the customers who pleaded anonymity said, “What I love about Sanlam Life Insurance is that they do not just promise, they also deliver. I introduced some of my friends and relations to Sanlam Life Insurance and we are all enjoying the services being rendered to us from time to time. Sanlam Life Insurance gives me peace of mind because they are always available to attend to us. I will continue to introduce more people to insure their trusts with this exceptional insurance company.”

Reacting to the glowing testimonials, the Senior Marketing Services Coordinator, Marketing and Corporate Communications, Bankole Banjo, expressed delight that the customers find the insurer a trusted ally. “We are humbled by the heart-warming comments coming from our esteemed customers. We are grateful and we promise to remain true to our commitment to help them live with confidence,” he said.

Sanlam is a pan-African brand with a rich history and heritage founded in 1918 as a life insurance company.

The brand has grown to become Africa’s largest non-banking financial services group, with a strong presence in 33 countries on the African continent, and a niche presence in India, Malaysia, the United Kingdom and Australia.

Indeed, Sanlam operates in 8 out of the 10 largest economies in Africa, with over 154,000 employees globally, delivering superior value to customers, shareholders and the broader society.

Mr. Tope Smart, Group Managing Director/CEO of NEM Insurance Plc says the annual CIIN Fitness Walk has the potential to drive insurance awareness and penetration in the country.

Smart, who was represented at the recent CIIN Fitness Walk by Mr. Andrew Ikekhua, an Executive Director at the company, said by embarking on the fitness walk, “we are deepening insurance penetration and also generating more awareness and showcasing the value of insurance to the general public.”

The NEM GMD commended the leadership of the Institute for organising such wonderful event year in, year out, which aside of improving “our physical and mental well-being, also affords us the opportunity to unwind, market our various companies & products to the public, socialise and network among ourselves for the overall benefit of the industry.”

He enjoined all the participants “to mingle and share ideas among ourselves, so that we can enjoy the benefits of this event and to foster synergy and harmony among us all present here. As we continue this program, I urge you all to dance, sit back, relax and enjoy the events.”

He added that the Management and Staff of NEM Insurance Plc are indeed very happy to host this event yet again and again.

“We are very delighted to do so with every sense of humility and deep sense of honour and we are ever ready to host you all, anytime.”

As the world marks this year’s edition of Workers’ Day on May 1, 2023, the Managing Director and Chief Executive Officer of Sovereign Trust Insurance Plc, Mr. Olaotan Soyinka has hailed Nigerian workers as very diligent and dedicated while also describing them as invaluable human assets critical to the development and growth of the Nigerian economy.

He made this statement at the company’s quarterly parley with the Press. He said the date, May 1, should be seen as a very important one because it is the day set aside to shower encomiums and give due respect to workers all over the world regardless of their social strata in the society.

According to him, “every legitimate form of work is as important as the other and credence must be given to all and sundry without any bias.”

In appreciating the Staff of Sovereign Trust Insurance Plc, the Managing Director/CEO of the Underwriting Firm congratulated all members of the STI Team and urged them not to relent in the judicious discharge of their duties as they strive to maintain the worldclass standard of the STI Brand.

He said Management will not stop at investing in the development of the company’s human capital while also placing technology at the heart of its business operations. He equally assured the members of staff that their labour will not go in vain as they contribute their quota to the growth and advancement of the organisation. He wished them all a hearty Workers’ Day on May 1, 2023 and admonished them to always think of making the customer the focal point in their day-to-day activities.

The Head of Human Resources for Sovereign Trust Insurance Plc, Adeola Onichabor in her response to the MD/CEO’s speech thanked the Management for the uncompromising stance in investing in Training and Human Capital Development for members of staff both at the local and international level.

She made bold to say that Sovereign Trust Insurance Plc has on parade in the insurance industry, an array of professionals in different fields of specialisation who effectively complement the efforts of the professional underwriters in the organisation. she used the opportunity to thank and encourage her colleagues to continue in their stride of hardwork and dedication to the ideals of the company.

She equally enjoined them to also respect and honour one another in the discharge of their duties as the organisation strives to maintain best practice standards in the comity of insurance companies in the country and beyond.

In her words: Our company is an equal opportunity employer of labour with high premium on dignity of labour and astute professionalism.”

She equally used the opportunity to wish the Nigerian workforce a happy celebration on Workers’ Day come May 1, 2023.