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.

L-R: The President, Guild of Corporate Online Publishers (GOCOP), Ms Maureen Chigbo; The Head of Investment and Research, Parthian Partners, Mr. Seun Dosunmu representing the Group CEO of Parthian, Mr. Oluseye Olusoga; the Director, Registration, Exchange, Market Infrastructure and Innovation Department, Securities and Exchange Commission (SEC), Mr Abdulkadir Abbas representing the Director- General/CEO of SEC, Dr Lamido Yuguda; Publisher/CEO of SUPERNEWS Nigeria, Ms Ngozi Onyeakusi; Business Development Manager, Premium Pension, Mr. Adedayo Quadri representing the Managing Director, Mr Umar Sanda Mairami; Managing Director Tangerine General Insurance, Mr. Mayowa Adeduro and Deputy Director,  National Insurance Commission (NAICOM), Mr. Ajibola Bankole representing the Commissioner for Insurance/CEO of NAICOM, Mr. Sunday Thomas at the SUPERNEWS Nigeria Fintech 2023 Conference held in Lagos recently.

Being text of speech by Mr. O. S. Thomas, the Commissioner for Insurance/CEO, National Insurance Commission (NAICOM) at the FINTECH 2023 Conference organised by SUPERNEWS Nigeria in Lagos.

It gives me great pleasure and indeed an honour to be invited as the Chairman of the occasion, where crucial topics that centres on correlating two critical variables; Technology and Financial Inclusivity which are important variables for scale, spread, growth and development of any financial sector, more importantly, the economy.

It is therefore welcoming to be afforded the opportunity to listen to stakeholders as we discuss the theme: “Imperative of Fintech in Promoting Financial Inclusion in Nigeria.”

Financial Inclusion according to Global Partnership for Inclusion (2011) ‘is a state in which all working age adult have effective access to credit, savings, payments and insurance from formal providers. Effective access involves; Convenient & responsible service delivery, at a cost affordable to the consumer & sustainable for the provider (Demand & Supply Side) with the Result that the financial excluded becomes included.

It is worthy to state that financial Inclusion has assumed a CRITICAL DEVELOPMENT POLICY PRIORITY in Nigeria with the National Financial Inclusion Strategy (NFIS) which was aimed at reducing the exclusion gap to 20% at the end of 2020.

The reality of present times is that data provided by EFInA from its two-yearly Survey on Access to Financial Services in Nigeria revealed that although some progress has been made, as those financially excluded has reduced from 52.2%(45.5m) in 2008 to 36%(38m) in 2020.This simply means we may not reach the NFIS target until 2030.

It appears that that NFIS, FINTECH, INSURETECH & CURRENT FINANCIAL SERVICES have their shortcomings to the group of people we claim to provide for, there is therefore the need to REVAMP NFIS to capture current realities and come up with new strategies to navigate through certain concerns or challenges.

Part of these concerns includes; whether the existing Fintech/Insurtech business models and products are suitable and sustainable for the unbanked and why the Nigerian Financial Inclusion rate is lower than that of some other developing countries despite numerous programmes.

There have also been certain challenges that have in recent times stifled the NFIS Goal; these includes financial literacy levels (Rural areas), Payment System Laws, and lack of collaboration/partnership between various stakeholders and even Regulators.

Ladies and Gentlemen, the journey to Financial Inclusion goal can only be speeded up by encouraging the scaling on Technology particularly Mobil Money and research has shown that Phone Ownership in Nigeria has increased with at least one person in a household owning a mobile phone (EFina 2018 Survey).

There is also the need for Regulators (CBN, NAICOM, PENCOM, NCC, and SEC):

• To create open and level playing field for a wide range of providers
• Increase collaboration between themselves as this create the right environment for technology to thrive
• Encourage innovation around product, services and delivery channels
• Support projects to improve data and technical expertise
• Encourage collaboration and information exchange between various stakeholders
• Review primary laws and regulations
• And put in place necessary Safeguards

As a subset of the Financial Services Industry, Insurance industry has a responsibility to guarantee the sustainability of growth and development of the economy and we consider technology as a key driver for market development.

It is in furtherance of this that the Commission has invested heavily in automating its processes as well as facilitated the space for financial inclusion growth in the industry. This is in order to accelerate the Insur-Tech eco-system.

We live in a dynamic age, where the application of technology does not only enhance businesses for profit maximization but also now serving as a disruptor to existing business models;

Technology as a Disruptor when considered in relation to; Cloud Computing, Mobile Computing, AI, Blockchain Tech, IoT, Data Analytics, Usage Based Insurance (PAYD, PHYD) using Telematics, is the new market platform; For instance, Telematic has been identified to be disrupting the Insurance Sector by basically altering how risks are evaluated and premiums defined.

The digital transformation of the Commission has also witnessed stages of progressive reforms spanning from upgrade of our IT infrastructure (Data Centre, EDMS, ERP, Portal and Digital Chat-bot), to Automation (of Support, Technical, Industry Processing) and now to Partnership with FSD Africa on Bimalab Accelerator Program, R3 Lab (Risk Resilience and Regulatory Lab) and review of our Web Aggregator Guidelines that had been released and facilitated licencing of applicants.

Also, in addressing the financial inclusion gap in the insurance industry, the Commission introduced the Microinsurance Guidelines and licensed 8 microinsurers; released Takaful Guidelines and licensed four (4) Takaful Companies; recently released the Bancassurance and the Web Aggregator Guidelines that has attracted many applicants and some licenses have already been issued.

Ladies and gentlemen, the future of Fintech started yesterday and InsurTech is now here

NAICOM hopes that the conference will re- energise the national inclusion policy that fully meets stakeholders needs which is to strengthen inclusion for the unbanked or under banked segments.

Financial Inclusion researches/data has shown that its nature, form and challenges differ amongst countries and cannot be addressed with a SINGLE PRODUCT OR ONE SIZE FITS ALL APPROACH.

We should therefore implement technology initiatives that takes into consideration the peculiarities of the Nigerian environment and most critically the LOCAL PEOPLE.

I therefore welcome you to this Conference and wish you all a fruitful deliberation.

Mr. Edwin Igbiti, President/Chairman of Council, Chartered Insurance Institute of Nigeria (CIIN) has enjoined Nigerians from all walks of life and age groups to embrace fitness exercises to stay healthy at all times and to become more productive in their daily work schedule.

Igbiti said at the 2023 CIIN Fitness Walk Program in Lagos that health and fitness are like the two sides of a coin.

The CIIN President said: “One must remain fit to maintain good health. In today’s contemporary world, it has become all the more essential that we maintain our health and physique. The annual CIIN Fitness Walk is a great avenue for the industry to exercise, merry and ease off the stress of office work.”

He described health as the well-being of the physical and mental state of a person who has no diseases or illnesses while fitness on the other hand, describes the level of physical activities a person can do on a day-to-day basis. He believes that an average healthy person can do all of their daily work in a generally positive state of mind, just as physical activities like walking, running and swimming form part of normal exercise regimen.

“There is a common proverb that says, “Health is Wealth.” There is nothing a healthy person cannot do when they have put their mind to it. A sickly person, on the opposite side, cannot carry out their daily chores without being exhausted, let alone extra work. Physical fitness plays an important role in one’s life, to keep our body fit, we should do regular exercises and have a proper diet of healthy foods. In the absence of an active exercise routine and diet, we become lazy and may gain weight.

I encourage us all to embrace this great opportunity. I appreciate the Institute for coming up with this programme that brings us together annually.”

Igbiti paid special tribute of recognition and appreciation to all insurance companies’ managing directors, industry captains, council members and professional colleagues that made the 2023 CIIN Fitness Walk program a success story.