Nigeria Media Merit Award Calls for Entries

Olaotan Soyinka Managing Director/CEO Sovereign Trust Insurance Plc Sovereign Trust Insurance Plc...

From left: Mrs. Usifoh Sessin, Nursing Officer, Ogba Primary...

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.

Operators in the pension industry paid out total of N271.15 billion as lump sum to retirees in 2014 under the new Contributory Pension Scheme (CPS) and an average monthly pension of N3.84 billion. In addition, another sum of N62.20 billion was paid as premium to insurance companies to provide life annuity for 14, 784 retirees. Mrs. Chinelo Anohu-Amazu, Director-General, National Pension Commission (PenCom) told Business Journal in an Executive Chat that a total of 115,529 workers had retired as at 31 December, 2014 with 87.20 percent (100,745) of the retirees on Programmed Withdrawal, while the remaining 12.80 percent (14,784 retirees) were on Life Annuity.

FBN Holdings Plc’s N150 billion rights issue has gone...

The Management of Telecom & IT Business, publishers of...

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Reputation Management agency, Magna Carta, won the Africa PR...