The total assets of ten out of twenty listed insurance firms in Nigeria rose to N1.46 trillion, representing a 51.3 percent increase in nine months of 2024 on increase in investment securities.
Investment securities are categories of tradable financial assets of equities or fixed-income instruments that are purchased to hold them for investment.
However, lenders who invested their money in investment securities such as treasury bills and bonds when yields were low now earn higher returns as bond yields have been rising for one year.
Read also: NAICOM declares zero tolerance for delay in settling insurance claims
The insurers surveyed are AIICO Insurance, Custodian Investment, AXA Mansard Insurance, Cornerstone Insurance, NEM Insurance, Consolidated Hallmark Plc, Coronation Insurance, Linkage Assurance, Sovereign Trust Insurance, and Prestige Assurance.
Data gathered by BusinessDay shows that total assets grew to N1.46 trillion in nine months of 2024 from N965 billion in the same period last year driven by an increase in fair value through profit or loss of foreign currencies and other financial assets.
Here are the analysis of individual firms:
AIICO Insurance
The total assets of AIICO Insurance, a non-life insurance company, rose by 32.8 percent to N399.6 billion in nine months of 2024 from N300.7 billion in the same period last year.
Its investment securities grew to N314.4 billion from N266.7 at the end of 2023.
Custodian Investment
Custodian Investment Plc, an investment holding company saw a 52.7 percent surge in its total assets to N389 billion in nine months of 2024 from N254.7 billion.
Its investment securities grew to N270.5 billion from N190.7 billion at the end of 2023.
AXA Mansard Insurance
The total assets of AXA Mansard Insurance, an asset management company, grew by 57.9 percent to N210.7 billion in nine months of 2024 from N133.4 billion.
Its investment securities grew to N114.9 billion from N57.6 billion at the end of 2023.
Read also: Heirs Insurance Group receives ISO certification on global security standards
Cornerstone Insurance
The total assets of Cornerstone Insurance grew by 65.6 percent to N115.4 billion in nine months of 2024 from N69.7 billion.
Its investment securities grew to N64.9 billion from N44.3 billion at the end of 2023.
NEM Insurance
The total assets of NEM Insurance increased by 54.6 percent to N101.9 billion in nine months of 2024 from N65.9 billion.
Its investment securities grew to N64.5 billion from N47.7 billion at the end of 2023.
Consolidated Hallmark Holdings
The total assets of Consolidated Hallmark Holdings Plc rose by 725.4 percent to N52 billion in nine months of 2024 from N6.3 billion in the same period of 2023.
Its investment securities grew to N30 billion from N14.8 billion at the end of 2023.
Coronation Insurance
Coronation Insurance’s total assets increased by 63.7 percent to N74.3 billion in nine months of 2024 from N45.3 billion.
Its investment securities grew to N25.4 billion from N16 billion at the end of 2023.
Linkage Assurance
The total assets of Linkage Assurance grew by 24.5 percent to N60.4 billion in nine months of 2024 from N48.5 billion.
Its investment securities grew to N41.5 billion from N35.8 billion at the end of 2023.
Sovereign Trust Insurance
Sovereign Trust Insurance’s total assets rose by 43.2 percent to N25.2 billion in nine months of 2024 from N17.6 billion.
Its investment securities grew to N3.69 billion from N2.5 billion at the end of 2023.
Read also: Cornerstone Insurance strengthens broker partnership for larger market share
Prestige Assurance
The total assets of Prestige Assurance grew by 62.4 percent to N37.2 billion in nine months of 2024 from N22.9 billion.
Its investment securities grew to N18.6 billion from N12.2 billion at the end of 2023.
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