Stakeholders in the nation’s insurance and pension sectors have been urged to take actionable steps that will ensure sustainable development and long-term success towards the achievement of the Federal Government’s one trillion dollar economy by the year 2030.

The call was made by the Acting Director-General, the National Pension Commission (PenCom), Omolola Oloworaran, in her goodwill message at the 2024 national conference of the Nigerian Association of Insurance and Pension Editors (NAIPE) with the theme “Towards A $1 Trillion Economy: Roles of Insurance And Pension Sectors,” in Lagos recently.

The acting DG who was represented at the occasion by Akinsola Adeseun, Zonal Head, South-West Zonal Office, emphasized the need for stakeholders in the two sectors to come together and work hard to ensure the success of the government’s ambition, even as he commended NAIPE for the conference.

She also highlighted the critical roles insurance and pension sectors play in the growth of every economy.

“The insurance and pension sectors are indeed veritable cornerstones in building a strong and resilient economy. Together, they provide financial security and stability for individuals, businesses, and the nation at large.

“Our collective goal of advancing towards a $1 trillion economy is not a mere aspiration but a shared responsibility. This conference serves as a vital platform to exchange insights, ideas, and strategies that will propel us toward achieving this ambitious target.

“Let me commend the organizers of this conference for bringing together, pension and insurance industries experts, policymakers, and key stakeholders to engage in meaningful discussions that will foster innovation and collaboration. It is through such gatherings that we can identify opportunities, address challenges, and create synergies that will enhance the contributions of our sectors to economic growth.

“As we delve into discussions, let us be encouraged to not only envision a prosperous future but to also take actionable steps that will ensure sustainable development and long-term success. Together, let us strive to create an environment where the insurance and pension sectors can thrive, ultimately benefiting every Nigerian,” she said.

She reassured all stakeholders that PenCom remains committed to continuously improving service delivery across the Pension Industry.

AIICO Insurance Plc has reiterated its commitment to the Environmental, Social and Governance (ESG) adoption towards the achievement of the 17 Sustainable Development Goals (SDGs) by year 2030.
ESG is a framework used to assess various sustainability and ethical issues.
While Environmental (E) focuses on a company’s impact on the planet including how businesses manage energy use, waste, pollution, and compliance with environmental regulations; Social (S) refers to a company’s relationship with employees, suppliers, customers, and communities including issues like human rights, diversity, equity, and employee safety.

Governance (G) concerns leadership, executive pay, audits, internal controls, shareholder rights, and strong governance that ensures a company operates ethically and transparently.

On the other hand, SGDs are a set of 17 global goals established by the United Nations in 2015, designed to address pressing global challenges by 2030.

These goals cover a wide range of areas, including poverty, inequality, climate change, environmental degradation, peace, and justice. They are part of the UN’s 2030 Agenda for Sustainable Development and provide a blueprint for achieving a better and more sustainable future for all.

In her presentation recently at a one-day training workshop organised by the underwriting Company for members of the Nigerian Association of Insurance and Pension Editors (NAIPE), in Lagos, Mrs. Abimbola Shobanjo, Head, Corporate Responsibility, and Sustainability, highlighted the Company’s commitment to ESG and contribution to SDGs.

She said AIICO has introduced Climate-smart initiatives, Green office practices and sustainable resource management e.g. calculating baseline emissions, reducing paper consumption as well as adopting hybrid work arrangements aimed at protecting the environment.

On the Social side, she said Company is ensuring diversity and inclusion focus, taking into consideration employee engagement, and gender diversity, and fostering a supportive work culture.

She hinted at the Company’s upcoming employee engagement survey to include a diversity and Inclusion section, community programmes and outreach (CSR initiatives like health, education, financial inclusion).

On Governance, she reiterated the firm’s commitment to ethical business practices and transparency, strong leadership and internal governance frameworks with regular audits and compliance checks, complying with local and global regulations.

She said the insurer is contributing to SDGs through its various initiatives namely: Pink by AIICO, ActionAid Nigeria, AIICO Revive, AIICO Blood Drive, World Malaria Day, Health & Safety at AIICO, Global Money Week, Girls in Tech, Academic Support, School Children Outreach Programmes.

Others are AIICO Graduate Trainee Programme, Diversity & Inclusion, International Women’s Day, Tree Planting, Agric Support, AIICO Farming Club, Work from Home (WFH), and Centralised Printing.

The Company’s upcoming programmes, according to her include strengthening environmental programmes (More climate action – GHG emission calculations, waste reduction – process digitalization, recycling); Expanding social impact programmess  (Community outreach, employee well-being); Enhancing corporate governance (More training for leadership, continuous assessment and improvement on internal controls) and ESG Integration (ESG integration into business operations – ISO 26000 SRMS).

She listed three key areas that ESG matters including Investor interest, Long-term business value and Regulatory pressure.

Investor interest: Increasingly, investors prioritize companies that show a strong commitment to ESG as they tend to be more sustainable and lower risk.

Long-term business value: ESG-driven companies build trust, loyalty, and resilience against social and environmental risks.
Regulatory pressure: International standards like the UN SDGs, UNEP Principles for Sustainable Insurance (PSI), and the UN Global Compact are driving companies to take action.
 

AIICO Insurance Plc will be conducting training for financial journalists in Lagos tomorrow, in keeping with its promise to equip the media in the country.

The training will focus on Agric Insurance, Annuity Insurance and Environmental, Social and Governance adoption, even as the forum will attempt to intimate members of the Nigerian Association of Insurance and Pension Editors (NAIPE) on recent developments in the insurance and pension sectors, as well as the financial services industry.

The facilitators of the training, which will be drawn from the top management team of AIICO Insurance are experts with vast experience in the insurance and financial sectors of the economy.

The AIICO annual training for NAIPE members is a testament to the hard work and dedication of the entire AIICO team in the drive to deepen insurance penetration in the country.

Meanwhile, AIICO’s Managing Director, Mr. Babatunde Fajemirokun won BusinessDay Newspaper’s “Top 25 CEOs Award” while AIICO Insurance Plc won the Marketing Edge “Outstanding Insurance Company of the Decade” award.

The BusinessDay award is in recognition and appreciation for the leadership, innovation, and resilience demonstrated by Mr. Fajemirokun, and also his performance in areas such as financial management, strategic planning, profitability, employee motivation, strong customer and stakeholders’ management even in the face of the current economic challenges.

In a related development, AIICO won the “Outstanding Insurance Company of the Decade” by Marketing Edge, a leading specialised media and brand-focused publication.

Reacting to both awards, Mr. Fajemirokun stated “We are truly honoured to receive these prestigious awards. This recognition is a testament to our team’s hard work, dedication, and innovation.

“We dedicate these awards to our valued customers and clients whose trust and support have been instrumental to our success. Your satisfaction is our top priority, and we are committed to providing exceptional service. To our dedicated employees, thank you for your unwavering commitment and passion. Your hard work and dedication are the driving force behind our achievements. Together, we have built a strong foundation for continued growth and success”, he added.

The 60 year old AIICO Insurance has been delivering qualitative services to its clients. The company offers a comprehensive range of products including life and general insurance, health insurance, and investment management services, aimed at creating and protecting wealth for individuals, families, and corporate customers.