Insurance assets hit N793.6bn

From left: Director-General Nigerian Insurers Association (NIA) Sunday Thomas and Commissioner for Insurance Fola Daniel at the event.

Chuks Udo Okonta 

The Nigerian Insurance Industry assets as at March 2015 was N793.6 billion the National Insurance Commission (NAICOM) has said.

Director Supervision NAICOM, Nicholas Opara, disclosed this today at the on-going 2015 Seminar for Insurance Correspondents in Ilorin, Kwara State.

He noted that the assets as at 2014 stood at N711.4 billion, while the total liability as at 2014 was N422.7 billion and N444.4 billion in March 2015.

Opara said shareholders funds as at 2014 was N352.5 billion and N343.4 billion in 2015; insurance funds N334.85 billion and N347.9 billion; gross premium written, N302.10 billion and NN97.01 billion; Net claims incurred, N90.39 billion and N23.73 billion.

Continuing, he said management expenses was N61.73 billion and N18.60 billion; underwriting expenses, N56.85 billion and N15.16 billion; underwriting results, N66.97 billion and N24.31 billion; investment income N34.25 billion and N9.52 billion and Net profit N28.43 billion and N15.43 billion.

The Commissioner for Insurance Fola Daniel, lauded the efforts of the media in promoting insurance growth. He noted that the insurance industry has in recent years made tremendous progress with the help of the media.

Daniel said the industry will continue to make significant progress especially, as the present government has demonstrated great concern to steer the economy through the industry.