About 55 insurance firms out of 59 firms recorded combined N40.7 billion in the second quarter, it was learnt.
The Nation gathered the top 10 insurance firms generated the highest gross premium income in the industry in the of the year.
The leading firms include AIICO Insurance Plc, which generated N12.6 billion premium income followed closely by Leadway Assurance Limited with N12.5 billion premium incomes. Custodian and Allied Insurance Plc came third with N8.6 billion.
The other firms in the top 10 are Mansad Insurance Plc, which recorded N7 billion, Niger Insurance plc N5.1 billion, African Alliance Insurance Plc N4.9 billion, NEM Insurance Plc N4.3 billion, Sovereign Trust Insurance Plc N4.1 billion, Royal Exchange Insurance Company Limited N3.4 billion and Zenith Insurance Company Limited N3.5 billion.
On the other side, the 10 firms that generated the lowest premium income, which is below one billion naira include Unic Insurance Plc with the lowest income of N45. 3 million followed by N222.4 million. Universal Insurance Company Limited came third on the bottom three with barely N265.6 million.
Others are Guinea Insurance Plc that recorded N294.8 million, Wapic Life Assurance Limited N372.5 million, Nigerian Agricultural Insurance Corporation N483.2 million, ARM Life Insurance N585.6, Old Mutual Nigeria Life N594.6 million, Oasis Insurance Plc N785.4 million and KBL Insurance Limited, N799.8 million.
In all, 55 out of the 59 firms generated the sum of over N40.7 billion insurance premium as at the period under review.
Meanwhile, the two re-insurance firms in the country, Continental Reinsurance Company Plc and Nigeria Reinsurance Corporation generated a total of N7.4 billion with Continental Re, recording over N7 billion and Nigeria Re, recording N383 million.
This was made known in the National Insurance Commission Status Report titled "2014 quarterly return of insurance companies as at November 21, 2014."
The report further showed that while most of the firms have submitted their 2014 first, second and third quarter reports, two firms namely NICON Insurance Plc and Industrial and General Insurance (IGI) have not submitted their 2014 first, second and third quarter reports, Alliance and General Insurance, Alliance and General Life Assurance, Investment and Allied Insurance Plc and Spring Life Assurance Plc, which are currently under NAICOM regulatory intervention have also not submitted. However, premium generated in the third quarter cannot be fully determined because some firms have not submitted their reports.
The 55 firms that have submitted their second quarter results and those that have submitted their third quarter results seem to be performing better this year than last year. They are complying more with the stipulated regulatory requirement by NAICOM and the Nigeria Stock Exchange in the submission of their quarterly and annual reports.
Commissioner for Insurance, Fola Daniel while speaking in Lagos on "Late Submission of Audited Report," said whereas the Insurance Act 2003 provides for submission of annual accounts not later than June 30, the requirement by the Nigeria Stock Exchange for listed companies is March 31.
He said the commission had in the past continued to plead for forbearance. He noted that some of insurance firms do not submit annual accounts before Christmas. Going forward, he said all firms must comply with all requisite regulatory requirements without plea subsidies from NAICOM.
The other firms that made up the 59 insurance companies are Anchor Insurance ARM Life Capital Express Assurance Ltd Consolidated Hallmark Insurance Cornerstone Insurance Plc Custodian and Allied Insurance Custodian Life Assurance Ltd Equity Assurance Plc FBN Life Assurance Ltd Fin Insurance Company Ltd Great Nigeria Insurance Guinea Insurance Plc Industrial and General Insurance Plc KBL Insurance Ltd International Energy Insurance Plc Lasaco Assurance Plc Lasaco Life Assurance Ltd and Law Union and Rock Insurance Company Plc.
Others include Mutual Benefit Assurance Plc Mutual Benefits Life Assurance Ltd NICON Insurance Ltd NSIA Insurance Ltd Oasis Insurance Plc Old Mutual Insurance Gen. Ltd Prestige Assurance Plc Regency Alliance Insurance Plc Royal Prudential Life Assurance Plc Staco Insurance Plc Standard Alliance Insurance Plc Standard Alliance Life Assurance Company Ltd Sterling Assurance Nigeria Ltd Universal Insurance Company Ltd UBA Metropolitan Life Insurance Company Ltd UNIC Insurance Plc Union Assurance Company Ltd Unitrust Insurance Company Ltd Unity Kapital Assurance Plc Wapic Insurance Plc Zenith Life Insurance Company Limited.
Source: Acquiremedia
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