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AIICO Insurance Trains Insurance Journalists



A cross section of participants at the training workshop organised by AIICO Insurance for insurance journalists in Lagos.


AIICO Insurance PLC organised a training workshop for members of the National Association of Insurance and Pension Correspondents (NAIPCO) on Thursday in Lagos.

The training workshop with the theme “Financial Understanding And Analysis” is aimed at building journalists’ capacity and broadening their knowledge in the industry’s financial reporting.

This is the second time AIICO will sponsor a training workshop for NAIPCO members. The first time was in November 2020.

Addressing NAIPCO members, the Managing Director of AIICO Insurance, Mr Babatunde Fajemirokun, who was represented at the event by Head, Strategic Marketing and Communications Department, Segun Olalandu, restated the firm’s commitment in ensuring a deliberate and sustained collaborative partnership with members of NAIPCO to build their capacity for enhanced performance.

He said the company is passionate about NAIPCO and its critical roles in the growth of the industry, adding that, “we are committed to working with you to achieve your objectives as highlighted to us in your proposal.”

“We are always passionate about NAIPCO. Whenever issues are raised about NAIPCO, we always think of how to work together because of your critical role as a purveyor of information.”

The AIICO MD/CEO who commended the efforts of NAIPCO in creating awareness and educating the public on the benefits and advantages of insurance as a risk-mitigating mechanism and a tool for poverty alleviation and wealth creation, also stressed the prime place of the media in nation-building.

While describing NAIPCO as a “very important association and strategic” for the nation’s insurance industry, he assured the Association of his company’s continued supports.

Mr. Fajemirokun implored the journalists to redouble their efforts and remain committed to their professional ethics and conduct in order to take the industry to the next level.

Earlier in his opening remarks, the Chairman of NAIPCO and Publisher of Inspen Online, Chuks Udo Okonta, commended AIICO for their support and pledged the Association’s commitment to work with AIICO for actualization of its corporate objectives.

“We are here today because of you. We will never take this for granted. We will ensure that knowledge gained in this training today is used for the growth of the industry. We are indeed grateful.

Meanwhile, AIICO Insurance Plc in its earnings forecast for the third quarter ending 30 September 2021, projected a N53.82 billion gross written premium (GWP ) representing 75% of the 2021 full-year projection for the third quarter of 2021.

Profit after tax is projected to be N3.052 billion.

According to a filing at the Nigerian Exchange, the Non-Life business represents 28% of the stated GWP while the Ordinary Life, Group Life and Annuity businesses represent 60%, 10% and 2% respectively.

Investment income will be driven largely by our bond investments and our investment in other short term financial assets.

AIICO is the market leader in Retail Life insurance and retirement services and is a market leader (top 3) in Non-Life insurance in Nigeria. The core insurance franchise is complemented by our leading insurance asset management and health management businesses.

AIICO also owns valuable financial and strategic assets including a controlling stake in Multishield Limited, and a 19% stake in Healthcare International Limited (both healthcare management organizations (“HMOs”)), and AIICO Capital Limited (an asset management wholly-owned subsidiary).

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Gunmen Abduct Four Travellers In Ekiti




Gunmen on Monday morning waylaid road users along Ayetoro Ekiti-Otun Ekiti Road and abducted no fewer than four persons before fleeing into the forest.

Sources said two buses conveying passengers from the Otun Ekiti end of the road were attacked by the gunmen, leading to the abduction of about four passengers, while other travellers escaped.

A source said that one of those who escaped told him that the gunmen took away four passengers from the two buses.

Another, who said he got the information when the hunters were informed of the incident, said, “The hunters were called that some kidnappers were operating along Ayetoro-Otun Road.

“But before they got there, the gunmen had piloted two buses into the bush. At that point, we cannot say the number of people taken into the forest, but the buses were there.

“I advised the hunters and the security agents who arrived the scene later that the kidnappers would have gone towards the Otun end and that they would not have gone too far by that time.

“Definitely, they were the ones who operated along Ayetoro-Ewu Road on Sunday evening. The Sunday operation was not successful and that was why they waited around to carry out this one,” the source said.

According to him, the kidnappers, on realising that they had missed their target on Sunday evening, resorted to attacking commercial motorcycle riders and had shot endlessly into the air to scare people.

The source said, “An okada rider was stopped at gunpoint and they took all his valuables, while another okada operator escaped into the bush. The kidnappers fled when they noticed that the other okada rider had escaped.”

Police Public Relations Officer, Ekiti State Command, Sunday Abutu, who confirmed the kidnap incident, said, “We heard the information and we have deployed our personnel there.

“There was a kidnap incident this morning. I cannot confirm yet the number of persons abducted. It began on Sunday evening when some suspected robbers attacked a man who the Police thereafter rescued.

“However, this morning, we learnt that the suspects were the ones who abducted some road users. The Police are on their trail,” the PPRO said.

The Punch

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Photo News: Sovereign Trust Insurance Partners Junior Chambers International On Back To School Project




Segun Bankole, DGM/Head, Sales & Corporate Communications, Sovereign Trust Insurance Plc (left), Yetunde Stella Akinsetire, JCI Member/Project Chairperson, “Back to School Project” (JCI Lagos Metropolitan) and Abiodun Awosanya, Convention Chairman, 2021 Junior Chambers International, while Sovereign Trust was presenting to them educational materials to support the project.

Sovereign Trust Insurance Partners Junior Chambers International On Back To School Project.

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NAICOM Restates Commitment To Protect Policyholders




By Sola Alabadan

The National Insurance Commission (NAICOM) has reiterated its resolve to ensure that the rights of all stakeholders in the insurance industry, especially, policyholders are well protected, assuring that the insurance operators would never default in paying genuine claims.

The Commissioner for Insurance, Sunday Thomas, gave this assurance during a courtesy visit to Mutual Benefits Assurance Plc in Lagos recently.
The NAICOM boss also promised to take the success story recorded by the insurance sector in Lagos State to the Federal Capital Territory and 35 states of the federation.
He pointed out that the government and people of Lagos State, through their commitments to insurance practice, have demonstrated that there is bright future for the underwriting sector.

Thomas maintained that as a federal government agency, NAICOM would work with the federal government to ensure insurance in entrenched at the FCT and also work with governors and other stakeholders to give insurance its right place in states.

He posited that insurance remains the bedrock for economic development, as no nation can thrive very well without a viable insurance sector.

He stated that he was thrilled by the events around insurance that are happening in Lagos State, stressing that such events would be replicated across the nation as long as he remains the Commissioner for Insurance.

He also implored insurance practitioners to work with their shoulders high as they are privileged to work in an industry that holds a vital position in the economy.


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