NAICOM approves identify change for insurance coverage firm

Specialist life insurance coverage firm, Capital Specific Life Assurance Restricted, has revealed that the insurance coverage trade regulator, the Nationwide Insurance coverage Fee, has accepted its identify change.

This was disclosed by the Managing Director/Chief Government Officer, Mr Mathew Ogwezhi, on the twenty third Annual Basic Assembly of the corporate which was held on Tuesday on the firm’s head workplace in Victoria Island, Lagos.

Ogwezhi mentioned NAICOM accepted the corporate’s identify change from Capital Specific Assurance Restricted to Capital Specific Life Assurance Restricted given the entry of Capital Specific Indemnity Insurance coverage Restricted, a normal enterprise agency into the market, that may be a member of the Capital Specific Insurance coverage Group.

“This rebranding underscores the corporate’s dedication to fostering synergy and making certain ease of identification out there,” he asserted.

He additionally expressed gratitude for the corporate’s progress, emphasising the significance of adaptability and innovation. He famous that the corporate’s paid-up share capital stood at N8.0bn from N5.17bn on December 31, 2023, whereas the Shareholders’ Fund has hit N12.8bn.

“We’re proud to announce that Capital Specific Life Assurance Restricted has totally met the Danger-Primarily based Capital necessities set by the Nationwide Insurance coverage Fee.

“We’re additionally conscious of the proposed Insurance coverage Act at the moment receiving consideration on the Nationwide Meeting, for all times insurance coverage practitioners to function in that sphere of the trade, and it’s with pleasure that we inform our shareholders we’re placing within the essential methods to make sure we meet up with the necessities when the legislation comes into impact,”  Ogwezhi mentioned.

Whereas addressing shareholders, the Chairman of the Board, Ademola Adenuga, counseled the corporate’s resilience and dedication to excellence.

He highlighted the profitable integration of the Worldwide Monetary Reporting Customary into the corporate’s operations, a globally recognised commonplace that enhances monetary transparency and comparability.

“Having achieved this feat,” he said, “Shareholders should familiarise themselves with the brand new commonplace to know the present monetary reporting system, enabling you to judge the Firm’s efficiency successfully.”

Within the 2023 monetary 12 months, the agency reported a premium earnings of N7.89bn in 2023 as towards N5.02bn in 2022 displaying a rise of 57 per cent. The corporate recorded a Revenue Earlier than Tax of N754m in 2023, a rebound from the N4.6m loss recorded in 2022.

On its outlook, the corporate mentioned it’s embracing cutting-edge developments to boost operations and repair supply with the important thing initiatives together with investing within the adoption of Synthetic Intelligence and superior digital applied sciences to optimise claims processing, enhance buyer interactions, and ship a personalised expertise for policyholders, forming new collaborations with fintech corporations, well being service suppliers, and expertise companies.

“These partnerships goal to develop the worth proposition provided to policyholders, appeal to new clientele, and strengthen its presence within the insurance coverage ecosystem,” the agency mentioned.