Mr. John Ijerheime

Managing Director/Chief Executive Officer

Unitrust Insurance Company Limited

Unitrust Insurance Company Limited, one of the frontline general insurers in Nigeria with a track record of great service will clock 35 years on Friday, August 13, 2021.

Founded in 1981 whilst commencing service in 1986, Unitrust insurance was authorised by Corporate Affairs Commission RC- 42899 and National Insurance Commission (NAICOM) to effect and carryout contracts of general Insurance business under the following categorisation: Motor, Marine & Aviation, Personal Accident &Travel Medical Assistant, Workmen Compensation/Employers Liability, Public/products Liability, Bonds, Burglary, Goods-in-Transit, Fidelity Guarantee, Professional Indemnity and Directors/ Occupiers Liability.

Its Managing Director/Chief Executive Officer, Mr. John Ijerheime, while speaking on the 35 years anniversary, said the firm is a service-oriented company desirous of an intimate relationship with its customers by understanding the risk exposure inherent in their businesses and proffering solutions.

“Our approach is simple and does not premise itself on any assumption, we operate in line with the core business ideals and values thereby satisfying our numerous customers. Unitrust prides itself on operational excellence which can be directly attributed to our highly competent work force,” he said.

He posited that the company’s business is driven by process digitalisation and products innovation, stressing that Unitrust Insurance Company Limited offers the right impetus for business growth.

Speaking on the company’s performance in year 2020, he noted that the firm closed the year with a Gross Premium Written (GPW) of N3.98 billion, representing a year-on-year growth rate of 13 per cent during the corresponding period of 2019.

He maintained that the firm’s Profit After Tax (PAT) for the year stood at N747.172 million against recorded in 2019 and that in the same vein, the company’s underwriting profit improved significantly as the total of N802.194 million achieved from N 301.759 million reported in the 2019 financial year. The claims paid for the year was N1.08 billion, he said.

Ijerheime reiterated that against the backdrop of challenges that characterised the year, the company delivered an outstanding performance across key metrics.

“Indeed, 2020 was a year that will be remembered for its unprecedented disruptions, which were primarily attributed to the COVID-19 pandemic and its multi-dimensional impacts on global economies. Yet, in the face of prevailing circumstances the company delivered impressive results during the year,” he added.

He noted that the company’s business growth model is driven by structural analysis of its Strengths, Weaknesses, Opportunity and Threats (SWOT) for responsive branding , irrespective of the challenging situations, stressing that the company had by the result, demonstrated its  robust capacity and sustainable execution of its strategic growth plans.

Mr. Olaotan Soyinka

Managing Director/CEO

Sovereign Trust Insurance Plc

Sovereign Trust Insurance Plc has undoubtedly remained on the path of growth in the second quarter of 2021 going by the recent release of its unaudited account.

The second quarter performance shows that the underwriting firm is very much on course with meeting the aspirations of her various stakeholders in the days ahead.

The company generated total gross premium written of N7.8 billion compared with N6.03 billion recorded at the corresponding period of 2020, representing 30% growth rate. In like manner, the net premium income grew from N2.4 billion in the second quarter of 2020 to N2.8 billion in the same period of 2021 amounting to a growth rate of 16%.

A remarkable increase was also recorded in the Profit Before Tax of the company from N501 million in the second quarter of 2020 to N662 million in the corresponding period of 2021, with a 32% growth rate while Profit After Tax grew by 16% from N448 million in the second quarter of 2020 to N518 million in the second quarter of 2021.

Understandably, as the underwriting firm grew the portfolio of its business, it also recorded a slight increase in the claims payout in the second quarter of 2021 having paid a total sum of N1.8 billion compared to the sum of N1.4 billion that was paid as claims in the corresponding period of 2020, representing a 26% increase in claims payout.

This also underscores the company’s commitment to settling genuine claims as and when due. Net claims expense in the second quarter of 2021 grew by 9% to N1.074 billion compared to the net claims expense of N985 million in the second quarter of 2020.

The total equity of the company in the second quarter of 2021 also grew by 11% from N8.1billion in the corresponding period of 2020 to N9.059 billion in Q2 of 2021 while the Total Assets also increased from N13.1 billion in the second quarter of 2020 to N13.8 billion in the corresponding period of 2021 with a marginal growth rate of 5%.

Earnings per share rose from 3.95 kobo in the second quarter of 2020 to 4.57 kobo in the second quarter of 2021 while net assets per share also increased from 72 kobo in Q2 2020 to 79 kobo in the corresponding period of 2021.

Dr. (Mrs.) Bola Onigbogi

President/Chairman of Council

The Nigerian Council of Registered Insurance Brokers (NCRIB)

Budding entrepreneurs in the agriculture sector have been enjoined to embrace risk management for them to record sustainable benefits and profits in their endeavors in agriculture.

The President of the Nigerian Council of Registered Insurance Brokers, Mrs. Bola Onigbogi who made this known at Lagos State Farm Service Centre, Agege said that the agric vision of government bothering on empowerment of young Nigerians in the critical sector is commendable.

According to her, agriculture has been the basic source of food supply for mankind and contributes significantly to the economic advancement of several countries, hence must be adequately covered to prevent unforeseen occurrences that may discourage young entrepreneur

She emphasised that agriculture, being a critical sector with high volatility, ranging from natural to artificial risks; emphasis should be laid on risk management in the sector particularly through the embrace of insurance.

Mrs. Onigbogi who was represented at the Farm Service Centre by the Vice President of the Council, Mr. Tunde Oguntade said that the importance of insurance to the development of agriculture sector in Nigeria cannot be over-emphasised, noting that insurance would ensure that policy holders were restored in case of any calamity.

She however enjoined the budding farmers to inculcate insurance into their plans before venturing into agriculture business.

In a bid to ensure greater and effective adoption of insurance in their day-to-day operations by operators in the Micro, Small and Medium Enterprises (MSMEs) sub-sector of the national economy, the National Insurance Commission (NAICOM) is set to organise a seminar for MSMEs on August 5, 2021 in Lagos.

The regulatory body had earlier sensitised MSMEs as well as relevant stakeholders in Kano State and the Federal Capital Territory (FCT), Abuja, on the need to subscribe to insurance products and services and the outcome was deemed successful.

TheNAICOM sensitization workshop will bring together MSMEs across the entire Lagos State and its environs to learn and discuss key issues around the subject through insightful conversations with experts on the field.

A statement from the commission and signed by the Head, Corp. Comms and Market Development, Salami ‘Rasaaq, said, the workshop, which will take place in Lagos on the 5th of August, 2021, added that, the executive governor of Lagos State, Mr. Babajide Sanwo-Olu is expected to declare the workshop open and deliver a keynote address.

He stressed that, the commission is serious about increasing insurance penetration, adoption and acceptance in the country and has been partnering relevant stakeholders to make this dream a reality.

Mr. Augustine Ebose

Managing Director/CEO

Anchor Insurance Company Limited

Anchor Insurance Company Limited has reported Gross Written Premium of N6.8 billion in the financial year ended December 31, 2020 as against N4.2 billion recorded in the same period of 2019. This represents a performance of 61 percent over the result of 2019 despite the challenges of the COVID-19 pandemic.

The company’s Profit After Tax also recorded a 98 percent increase from N220.2 million in 2019 to N436.5 million in 2020 just as its total assets experienced an 87 percent appreciation from N7.2 billion in 2019 to N13.5 billion in 2020.

These details were disclosed by the company’s Chairman, Dr.  Elijah Akpan, during the organisation’s 31^st Annual General Meeting held virtually in Lagos.

He noted that the company responded to claims demands from its affected genuine policyholders to the tune of N1.3 billion in 2020 as against N929.6 million paid in 2019, stating that “as a tradition at Anchor Insurance Company Limited, we recognise the crucial role which regular payment of claims plays in keeping any serious insurer strong in the Nigerian insurance market.”

The Chairman told the owners of the company that the Board and Management have done well so far in pursuing the recapitalisation exercise as ordered by the National Insurance Commission (NAICOM).

According to him, “based on the level we are at with the exercise, it is our strong belief that we will sail through. This feat, when achieved, will go a long way in catapulting the Company to a more vantage position where it can retain more big-ticket businesses in its port-folio than it is currently doing.”

While thanking God for seeing the company through the harsh economic weather in 2020, the Managing Director, Mr. Ebose Augustine, disclosed that the shareholders have approved the 4kobo dividend per share recommended by the Board of Directors to be paid to them.

According to him, “it is our standing practice to put smiles on the faces of the owners of the company every year for their investment in the organisation. It is our belief that when you sow, you deserve to reap.”

He assured the shareholders that “with the way business is looking up year to date, we are sure of beating our 2020 records on all indices.”

He further explained to the shareholders that “our workforce have been very wonderful. I can safely say that the ownership spirit they have continued to bring into the discharge of their duties is directly responsible for the rise of the company,” promising that “we will ensure, on our part, that appropriate rewards are extended to every deserving staff.”

 Sir Muftau Oyegunle

President/Chairman of Council

Chartered Insurance Institute of Nigeria (CIIN)

Sir Muftau Oyegunle, the President/Chairman of Council of the Chartered Insurance Institute of Nigeria (CIIN) recently outlined the journey of the Institute under his leadership in the past 12 months.

Oyegunle tells his story:

Our presence here today therefore, is to share with you some of the milestones we have crossed and the next level we are preparing for.

It is also very important that the Institute parleys with the press since we both have vital roles to play in spreading the gospel of insurance to our people. Your role in the sensitization of people on the importance of insurance and changing their perceptions and beliefs that insurance companies do not pay claims when they suffer losses is of greater importance.

Hence the need for careful reporting of insurance events knowing the impact which this may bear on the image of the insurance industry.

My first year as President of the Institute has been eventful, while a lot of inventiveness were accomplished in accordance with my agenda as the 50th President of the Institute.

The activities of the Institute and indeed the College of Insurance and Financial Management (CIFM) have been completely transformed through digitalisation in consonance with growing trends, and to remain relevant in today’s business. The Institute’s activities are being completely reengineered through computerisation and this has improved the quality of its service offerings.

• Professional Examination – The professional examination remains the pivot of all other functions of the Institute. We have maintained the sanctity of the examinations while not losing focus of the need for regular review of its machinery and curriculum. The Institute’s reviewed syllabus became operational in the April 2021 examination diet with the foundation stage while later stages would be conducted in October 2021. Despite the raging COVID-19 pandemic, we were able to successfully conduct two examination diets i.e., October 2020 and April 2021. The Institute would continue to strive hard in updating and improving both the processes and the contents of the professional examinations with integrity while ensuring global best practices are met. Professional Forum and MCPD programmes –
• The Insurance Professionals’ Forum, which is the largest gathering of insurance professionals in Nigeria since 1991 to deliberate on topical issues in the insurance industry, was successfully help last year and plans are on for 2021 edition. It also affords our members the opportunities to review activities, share ideas and expertise while also proffering solutions to operational challenges. However, there are also several activities of the Institute that members could attend to develop their skills and expertise during and after the completion of the qualifying examinations.
• These Mandatory Continuous Professional Development (MCPD) programmes, (some of which had been ceded to the College of Insurance and Financial Management) has been of great impact in the capacity building of our members in various insurance organisation.

The knowledge acquired at these educational and other programmes organised for members goes beyond those of the professional examinations but also covers topics that enable members maintain high professional standards as required in the Insurance Industry’s Code of Ethics.

There has also been a reinforcement of the relevance of Professionalism. The Institute through its professional examinations ensures that only sound individuals become insurance professionals. Furthermore, senior professionals upon retirement are being encouraged to participate in the Institute’s activities through their involvement in seminars, CIIN examination processes (i.e. setting and moderation of examination questions), lecturing at the CIFM and serving in various Committees of Council.

• CIIN Secretariat – The Institute’s administrative structure and processes are being re-energized through an on-going reorganisation in the secretariat which has led to staff redeployment in some cases. Job descriptions of Institute’s staff are being reviewed to improve service delivery while appropriate training programs have been identified and being provided.

Similarly, a staff audit exercise by Ernst & Young Professional Services is underway to ensure that the Institute is adequately staffed to meet all members’ needs, deliver on its mission and vision, while improving the quality of its service offerings. The Institute’s insurance awareness initiative has been sustained through different processes.

The tradition of enlightening secondary school students in the country about Insurance profession and practice to inspire them to select insurance as one of the subjects to be written either in Senior Secondary School and/or NECO examinations continues to record positive results.

The Institute’s insurance textbook for senior secondary schools launched some years back was recently reviewed and the new version is already being distributed. We are happy to report that over twelve thousand (12000) copies of this textbook have been distributed to various geopolitical zones of the country either through the ministry of education or directly to schools.

During the year under review, all the tertiary institutions offering insurance in Nigeria, Cameroon and Gambia that had been reaccredited by the Institute received donations of two sets of the CIIN course books to support and encourage the student members to take our examination.

In recognition of the importance of including millennials in the Institute’s activities, annual youth boot camp initiated a few years ago was held virtually while the mentoring of young professionals under the CIIN Youth Mentorship program kicked off in March 2021.

In the same vein, the maiden edition of the Institute’s Quiz Competition for Secondary Schools also took place on the 3rd of June 2021 at the University of Lagos.

• The College of Insurance and Financial Management – The Institute’s training subsidiary, the College of Insurance and Financial Management (CIFM), continues to achieve giant strides in human capital development in the insurance industry. All CIFM training programmes are now online, and this has facilitated extensive collaborations with subject experts from all over the world.

The College cutting-edge training programs for various arms of the industry also include the annual Insurance Directors Conference. The last edition held in November 2020 was a huge success while plans for the 2021 edition is on-going. The CIFM also commenced the NAICOM CAA (Certified Actuarial Analyst) Scholarship programme during the year under review.

This scholarship is open to staff of all regulated insurance entities in the industry i.e., insurance companies, broking and loss adjusting firms. 29 candidates passed the qualification assessment for the scholarship out of which 22 commenced the CAA examinations in May 2021.

We are happy to report that about 70% of our awardees passed the examinations while plans are in place to register more students for the October CAA 2021 examinations. In recognition of the standards of the College, the CIFM was appointed as the External Examiner for the Insurance Training College in Uganda, and it continues to perform this role till date. Furthermore, it is currently planning the insurance training for staff of the Petroleum Authority of Uganda (PAU).

As part of the infrastructural development of the College, its N304 million auditorium named NAICOM Hall was commissioned in March 2021. The magnificent 1500-seater edifice would host the Induction Ceremony of the Institute this year. Other Developments – Going forward, we are poised to do more at the Institute and the College therefore, the Director General and the Rector are geared to deliver optimally.

This year, there would be greater efforts towards the insurance awareness programmes and initiatives to other parts of the country, developing young talents in the insurance industry through the mentoring program and ensuring that the Institute and CIFM deliver all programmes in line with global best practices.

While the vision of CIFM is to be the ‘insurance training college of choice in Africa’, the Institute is also focused on reinventing itself, with the vision “To remain a world class professional body committed to the provision of an efficient and effective manpower for the insurance industry.’’

CIIN Donates 12, 000 Insurance Textbooks to Secondary Schools Nationwide

The Chartered Insurance Institute of Nigeria (CIIN) has distributed more than 12, 000 insurance textbooks to senior secondary schools across the six geo-political zones of the country through the various ministries of education and directly to such schools.

Sir Muftau Oyegunle, the President/Chairman of Council of the CIIN, said in Lagos that all tertiary institutions offering insurance in Nigeria, Cameroon and The Gambia also received two sets of CIIN course books to support and encourage the student members of the Institute to take their professional examinations.

“We have domesticated all our insurance textbooks but we still maintain a very healthy relationship with the Insurance Institute of London because insurance is a global business.”

On the importance of insurance to the national economy, Oyegunle said: “Insurance helps the economy to grow. It is a business that builds national wealth. A business that helps people to beat poverty. Insurance is in the interest of our future. It is our collective responsibility to take insurance to the level of higher percentage of penetration like what obtains in other countries.”