AXA Mansard builds capacity, promises increased dividend to shareholders

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AXA Mansard Insurance Plc said its ploughing back the profitability it achieved in 2018 financial year as part of the strategy to strengthen capacity for bigger businesses, while also being proactive against any development in the industry.

The company’s shareholders who spoke at its Annual General Meeting in Lagos applauded the decision of the company, said they have always known AXA Mansard as a dividend paying company, and believe that that future is brighter.

AXA Mansard in the financial year ended 31 December 2018 recorded a 26 percent increase in gross premium written, moving from N26.83 billion in 2017 to N33.92 billion.

Its profit before tax was N3.38 billion as against N3.23 billion in 2017, indicating a 5 percent increase; while the profit after tax dropped by 7 percent to N2.48 billion as against N2.68 billion the previous year.

AXA Mansard saw an 11 percent leap in total assets, moving from N66.57 billion in 2017 to N73.77 billion in the review year, while similar trend also played out in shareholders fund, which rose by 3 percent to close N20.90 billion at the end of 2018.

Olusola Adeeyo, chairman of the Company who reviewed the global economy as well as the Nigerian economic landscape post general elections said “Understanding these trends and planning to mitigate the inherent risks is key to the future success of our business.”

Adeeyo said AXA Mansard is a proactive company and our team is primed to mitigate likely risks and harness opportunities for the ultimate benefit of our shareholders.

“We expect to see policy decision and developments in response to these realities at the Industry, State and Federal level and these will continue to impact the business environment we operate in”.

He expressed optimism that the company will continue to forge … Read More...

Linkage MD, Daniel Braie named among top 25 CEO’s on investor impacting firms at NSE

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Daniel Braie, managing director/CEO of Linkage Assurance Plc has been named among Top 25 CEO’s whose companies impacted positively on investors at the Nigerian Stock Exchange in the 2018 financial year.

The Top 25 CEOs & Next Bulls Awards Organised by Business Day Media Limited in partnership with the Nigerian Stock Exchange (NSE), which debuted in 2012 seeks to recognize chief executive officers of Institutions who distinguished themselves by adding value to the investments of shareholders.

“These companies have been honoured for contributing to the growth of the market capitalisation of quoted firms in 2018, in spite of the overall market performance ending in the negative territory, while others were celebrated for inculcating good corporate governance, innovations and raising the standards of their organisations to a point where it would be seamless if they were to be listed on the NSE today, the organizers said.

Okanlawon Adelagun, executive director, Technical, Linkage Assurance Plc who represented the Managing Director/CEO, Daniel Braie received the award on behalf of the company.

Daniel Braie commenting on the award thanked the organizers for recognizing the efforts that the Board and Management of the Linkage Assurance Plc were making to ensure value creation for shareholders.

He said, as a company “we are committed to sustaining the rules and regulations of the capital market, ensure regulatory compliance and good corporate governance practice”

Braie noted that the company will continue to deploy strategies and measures to increase insurance penetration and grow the business such that its shareholders will continue to earn good returns on their investment.

According to Braie, the potential of the insurance industry is huge, calling on the general public to embrace insurance as the most effective and efficient means of managing their risks against unforeseen circumstances.

Linkage Assurance Plc in the … Read More...

PTAD ends nationwide pensioners verification exercise in Lagos

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The ongoing nationwide verification exercise embarked upon by the Pension Transitional Arrangement Directorate (PTAD) to enhance payment of pensioner’s monthly entitlement, as well as rid the system of fraud, which also received the backing of Government including members of the National Assembly has ended in Lagos.

The exercise, according to PTAD was planned to take care of 104,133 Pensioners and Next of Kin (NoK) of 270 Federal funded Parastatals, Agencies and Institutions under the Defined Benefit Scheme (DBS).

The exercise is planned to take place across the 6 geopolitical zones having commenced in Lagos on April 23, and will cover pensioners from Nigeria Aviation Handling Company ((NAHCO); Assurance Bank; Nigerian National Shipping Line (NNSL) and Aluminium Smelter Company Of Nigeria (ALSCON).

Ali Ndume, chairman, Senate Committee on Establishment and Pensions, who inspected the verification exercise organized by PTAD for pensioners in Lagos called on Nigerian pensioners to be patient and cooperate with officials of TAD to ensure a seamless and hitch-free verification exercise.

Ndume said it is only when they (Pensioners) are bio-metrically captured that their pension can be paid to them promptly and correctly.

He said that the ongoing data harmonization and verification exercise by PTAD is a step in the right direction to ensure that pensioners receive their correct pension and on time.

Ndume who said that President Buhari desires the best for all Nigerians including the pensioners also disclosed that he is an advocate of pension being given a first line charge in the nation’s scheme of things, adding that when the law on this is finally passed, the issue of delayed pension will become a thing of the past.

He said this year he has personally written to President Buhari on the issue of pension, aimed at ensuring that adequate funds … Read More...

Embarking on building construction, take insurance

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Construction sites either for building or other useable structures are possible death traps and injury prone environments, which poses danger for site workers and passers bye.

This is worsened where quacks and non building professionals take up construction works in other to make ends meet, therefore making construction environment more risky for workers and other people around.

In Nigeria today, like many other developing countries, building construction is very much on the increase particularly as result of the yawning gap for more housing and infrastructure development, which shortfall experts say is close to 16 million units.

But the danger here really is during construction, where, as a result of the anomalies in the system there have been records of building collapse resulting to injuries on the workers or third parties or in some cases death.

When things like this happen, there is the tendency that jobs at site are distracted and in many occasions stopped indefinitely, pending when cases arising from the accident is settled, and in most cases usually in court.

While the court case lasted; in some occasions you find the project abandoned because the builder or contractor would have used the money meant to continue the project to pursue the case in court; pay damages; medical bills and even pay for death benefits in extreme cases.

At the end of the day, there is huge economic loss on the part of the builder or the contractor, because he would have used the resources meant to complete the building to pursue court cases and pay for damages that result from the accident

Purchasing a liability insurance policy therefore could offer your business the protection that you need from lawsuits resulting from unintentional mistakes, including at construction sites. If, for instance, a bricklayer at … Read More...

NAICOM seeks to close skills gap as industry grapples with shortage of loss adjusters

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Industry regulator, the National Insurance Commission (NAICOM) is making a new intervention that seeks to close skills gap of loss adjusters in the industry.

The loss adjusting space over time has not been attracting fresh brains underlining a critical challenge that the sector will have to face if nothing is done now.

According to analysts, that arm of the insurance industry has not been attractive in terms of remuneration for service (wages), making it unattractive for new graduates to take up employment in that space. While older professionals are aging, and no one is replacing them, raising concern as to what the future of the business entails.

NAICOM during the past week engaged the country’s loss adjusters in a training on oil and gas, having partnered with BMK Advanced Corporate Training of South Africa. The three days training held in Abuja.

Loss adjusting businesses, according to analysts, are being hit hard by poor revenue, not only resulting from their low payment scale compared with international counterparts, but also by underwriting companies who utilise their services, but owe them uncontrollably.

The implication therefore is that, the loss adjusting firms have become less sustainable, inability to pay quality remuneration, manpower shortage and increasingly less attractive to younger generation of job seekers.

This development analyst’s fear could result in total disappearance of the profession in Nigeria if unchecked, as the country would have to pay higher to get such servicers from other markets giving that the local market currently is dominated by aging players.

Loss adjusters are independent claims specialists who assist in the fair and just settlement of claims, including complex or contentious claims, on behalf of insurance companies and their clients, recommending appropriate amount for indemnity.

Darlington Mgbojikwe, managing director/CEO, Crawford Loss Adjusters Limited … Read More...