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Thursday, August 18, 2022

Five Insurers’ Life Premium Income Hit N82.15bn on Compulsory Policy

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The compulsory Group Life Policy introduced by the National Pension Commission (PenCom) and the continued growth in pension assets have bolstered the premium income of the dominant players in the Life segment.

Combined premium income of the dominant operator in the sector-AIICO Insurance, Custodian Investment, AXA Mansard, Mutual Benefit, and Cornerstone Insurance- was up 18.96 percent to N82.36 billion in September 2021 from N69.23 billion as at September 2020, according to data gathered by MoneyCentral.

A closer look reveals annuity business as the major driver of life premiums, due to a growing number of retirees taking Pension Reform Act 2014.

A breakdown of the figures shows AIICO Insurance’s premium from Life segment increased by 21.72 percent to N36.76 billion in September 2021 from N30.20 billion the previous year.

Custodian Investment Plc’s premium from Life business grew by 18.42 percent to N25.82 billion in September 2021 from N21.80 billion the previous year.

AXA Mansard’s premium income from Life was up 9.90 percent to N7.67 billion in the period under review from N6.98 billion as at September 2020.

Mutual Benefit Assurance’s premium income from Life Business increased by 21.73 percent to N8.05 billion in September 2021 from N6.61 billion as at September 2020.

Cornerstone Stone Insurance premium income from Life Business was up 11.77 percent to N4.04 billion in the period under review from N3.62 billion the previous year.

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