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Tag: AIICO Insurance

  • NIA 2024 Digest: NEM Insurance Tops Motor Insurance Market as Competition Intensifies

    NIA 2024 Digest: NEM Insurance Tops Motor Insurance Market as Competition Intensifies

    Lagos — The Nigerian Insurers Association (NIA) has released its 2024 Digest, ranking the top 10 insurance companies by motor insurance underwriting and revealing sustained growth and heightened competition in the segment over the past five years.

    According to the report, which was made available to journalists on Thursday in Lagos, NEM Insurance Plc retained its position as Nigeria’s leading motor insurance underwriter in 2024, recording the highest premium income in the category.

    NEM Insurance posted ₦23.483 billion in comprehensive motor premiums, ₦2.148 billion in third-party premiums and ₦156.8 million from third-party fire and theft policies, bringing its total motor insurance premium to ₦25.8 billion for the year. This represents a significant increase from ₦20.1 billion recorded in 2023 and ₦10 billion in 2020.

    The insurer first emerged as the market leader in motor insurance underwriting in 2015 and has maintained the top position for more than a decade, steadily widening its lead over competitors.

    Mutual Benefits Insurance Plc and Leadway Assurance Ltd. followed with strong performances. Mutual Benefits generated ₦14.05 billion in comprehensive premiums and ₦157.08 million in third-party premiums, bringing its total motor premium to ₦14.21 billion, while Leadway recorded ₦11.05 billion.

    Custodian and Allied Assurance Ltd. ranked fourth with ₦10.48 billion, closely followed by Consolidated Hallmark Insurance Ltd., which posted ₦7.02 billion, placing both companies among the top five motor insurance underwriters in 2024.

    Other insurers that featured prominently in the ranking included Sovereign Trust Insurance Plc, AIICO Insurance Plc, Coronation Insurance Plc, AXA Mansard Insurance Plc and Zenith Insurance Ltd., all of which recorded varying levels of growth during the review period.

    The NIA data showed that comprehensive motor insurance premiums among leading insurers more than tripled between 2020 and 2024, with NEM Insurance accounting for a substantial share of the expansion.

    Industry analysts attributed the growth in the motor insurance segment to stronger regulatory enforcement, rising vehicle ownership and increasing awareness of the importance of motor insurance among Nigerians.

    They noted that the segment remains one of the most competitive in the industry and is expected to continue expanding in the coming years, supported by consistent year-on-year growth among major players.

  • Nigerian Equities Market Slumps N1.17 Trillion on Monday

    Nigerian Equities Market Slumps N1.17 Trillion on Monday

    Equities Market Opens Week Lower, N1.173 Trillion Lost in Capitalisation

    The Nigerian equities market opened the week on a negative note on Monday, losing N1.173 trillion or a 1.26 per cent decline.

    The downturn was largely driven by profit-taking in major stocks, including Dangote Cement, Enamelware, Transcorp Power, AIICO Insurance, and Guinea Insurance. Market capitalisation closed at N92.328 trillion, down from the opening value of N93.501 trillion.

    The All-Share Index (ASI) dipped by 1,853.82 points, or 0.26 per cent, ending at 145,159.77 compared with 147,013.59 on Friday.

    Despite the overall decline, market breadth remained positive, with 28 stocks gaining against 24 losers.

    Top Gainers:

    • Sovereign Trust Insurance led the gainers with a 9.97 per cent rise to close at N3.20 per share.
    • NCR Nigeria followed closely, gaining 9.96 per cent to N28.15.
    • Tantalizer continued its upward momentum, rising 9.81 per cent to N2.35 per share.
    • Prestige Assurance and Eunisell Interlinked appreciated by 9.70 per cent and 8.52 per cent to close at N1.47 and N79, respectively.

    Top Losers:

    • Dangote Cement and Enamelware led the losers, each shedding 10 per cent to close at N534.60 and N40.50, respectively.
    • Transcorp Power fell 4.66 per cent to N43.00.
    • AIICO Insurance declined by 4.11 per cent to N3.50, while Guinea Insurance dropped 3.97 per cent to N1.21 per share.

    Trading Activity:
    Total turnover for the day stood at 388.2 million shares worth N31.14 billion, traded in 28,492 deals. This was lower than Friday’s volume of 4.89 billion shares valued at N42.2 billion across 24,152 transactions.

    Notable Trades:

    • Tantalizer recorded the highest trading volume with 57.12 million shares exchanged.
    • ARADEL posted the highest trading value at N21.50 billion.