AIICO. WAPIC, LASACO, LINKAGE boost insurance turnover by 75%

The insurance sector, during the week ended Friday, 23 June, 2017, recorded a total turnover of 88,697,763 shares , out of which turnover in four insurance firms lifted the turnover by 75 per cent with combined turnover of 69.01 million shares.

Reflecting the commitment of investors in insurance stocks, AIICO Insurance, WAPIC Insurance , LASACO Assurance and LINKAGE Assurance lead activity table of the insurance table during the week, with a combined turnover of 75 per cent of the 88.69 million shares recorded by the sector during last week.

AIICO Insurance emerged the most traded stock in the sector with a total turnover of 22,247,204 million shares, worth N13,737, 449.92 and was exchanged by investors in 266 deals at N0.58 per share.

AIICO Insurance, it will be recalled, grew underwriting profit for the year ended December 31, 2016 by 326 per cent, to a profit position of N12.45 billion, from loss position of N5.5 billion.

The growth, the company said was driven by slim underwriting improvements in the non life business and release of reserves in the life business. AIICO’s gross premium in 2016 recorded a 17.8 per cent drop to N27.1 billion from N32.9 billion in 2015.

Managing Director, Mr. Edwin Igbiti, explained at the company’s latest Annual General Meeting (AGM) in Lagos, that reduction in the company’s gross premium during the period was driven by strategic decision to reduce premiums written in the long-term business (retirement product) as a result of higher market risks.

WAPIC Insurance placed second on the sector’s activity table for the week, with a total turnover of 21,017,607 million shares worth N10, 534,732.56 , transacted by investors in 209 deals at N0.50 per share.

Daily Times Nigeria recalls that shareholders of Wapic Insurance at the company’s 58th Annual General Meeting held recently, endorsed the company’s bid to raise N10billion fresh capital or its equivalent in any foreign currency.

The fresh capital, the shareholders maintained, was a proactive step towards positioning for anticipated regulatory approach towards raising minimum operating capital of insurance firms in the country.

LASACO Assurance placed third on the Insurance sector’s activity table for the week with 18,636,290 million shares worth N9,324, 177.00 and exchanged by investors in 68 deals. The company’s stock traded at N0.50 per share.

Linkage Assurance placed fourth on the sector’s activity table during the week, with a turnover of 7,112,112 shares worth N3,867,003.48 and exchanged by investors in 93 deals and at N0.61 per share.