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Prestige Assurance Premiums Jump 51% to N22.47bn
Prestige Assurance Plc grew its gross written premium by 51% to N22.47 billion in 2024, showing strong performance despite economic headwinds in Nigeria’s insurance sector.....KINDLY READ THE FULL STORY HERE▶
The company disclosed the figure in its recently released financial report, noting that the sharp rise in premiums was driven by higher demand for general insurance products, improved underwriting practices, and a stronger presence in key markets.
According to the report, gross premium written climbed from N14.9 billion in the previous year to N22.47 billion, marking one of the firm’s best results in recent years.
Prestige Assurance, one of Nigeria’s oldest insurance companies with more than 70 years in operation, said its net premium income also recorded growth as retention improved across different business segments.
The company stated that motor insurance, fire and engineering, oil and gas, and marine insurance were the top contributors to the premium surge. Management said the business benefitted from new partnerships, technology-driven distribution, and improved customer service.
Profitability and Claims
While premium income expanded, Prestige Assurance also highlighted improvements in underwriting profit and investment income. The company said these gains strengthened its bottom line despite rising claims and operating costs in the year under review.
Claims expenses remained significant, reflecting a challenging operating environment, but management assured shareholders that the firm maintained a strong claims-paying ability. “Our focus remains on prompt settlement of genuine claims, which builds customer trust and loyalty,” the report said.
Shareholder Value
The insurer’s board expressed optimism that the growth momentum will continue, backed by ongoing reforms in the Nigerian insurance industry and the company’s own strategic initiatives.
“The growth in premium shows the resilience of our business model,” the management stated. “We are committed to delivering value to our shareholders through sustainable growth and profitability.”
Prestige Assurance added that it will continue investing in digital platforms to reach more customers, particularly in motor and health insurance, which remain underpenetrated in Nigeria.
Industry Context
Nigeria’s insurance sector remains small compared to the size of the economy. Insurance penetration is estimated at less than 1%, far below the African average. Analysts say this leaves room for companies like Prestige Assurance to expand, especially if they can overcome low public awareness and trust in insurance.
Industry regulators, including the National Insurance Commission (NAICOM), have been pushing for reforms to deepen penetration, improve claims settlement, and encourage digital adoption. These reforms are expected to strengthen competition and increase transparency in the market.
Analysts note that Prestige Assurance’s 51% premium growth outpaces the industry average, reflecting effective execution of its expansion strategy. However, they warn that high inflation, currency depreciation, and slow economic growth could continue to weigh on profitability.
Looking Ahead
The company said it plans to build on its strong 2024 performance by expanding retail offerings, deepening its partnerships with brokers, and improving digital claims processing.
Prestige Assurance also pledged to sustain its reputation as a reliable insurer. “Our priority is to remain a trusted partner to our customers while delivering steady returns to investors,” the company said.
Industry watchers say Prestige Assurance’s growth could encourage other insurers to strengthen operations, especially as Nigeria works toward expanding insurance penetration across households and businesses.
With its solid 2024 performance, Prestige Assurance appears well-positioned to play a leading role in shaping the next phase of Nigeria’s insurance industry.
Governor Caleb Mutfwang of Plateau State has convened a high-level security meeting with former governors and key stakeholders in a renewed effort to address the ongoing wave of violence in the state.....KINDLY READ THE FULL STORY HERE▶
News reports that the meeting comes amid fresh attacks in parts of Plateau State that have left several people dead and properties destroyed, worsening security concerns in the North-Central region.
The gathering follows recent violence in Anguwan Rukuba and nearby communities, where dozens of residents were reportedly killed, adding to years of recurring insecurity that has claimed many lives, including women and children.
The closed-door meeting, held at the Government House in Little Rayfield, Jos, brought together former governors Simon Lalong, Jonah Jang, and Joshua Dariye, as well as former military administrator Rear Admiral Samuel Atukum (retd.) and other key stakeholders.
In a statement shared on his verified Facebook page, Mutfwang said discussions focused on security, welfare, and the overall development of Plateau people, with special attention on the recent attacks in rural communities.
According to sources, participants reviewed the security situation and expressed deep concern over continued loss of lives and destruction of property.
The stakeholders reportedly agreed on a united approach to restoring peace, strengthening unity, and promoting peaceful coexistence among communities.
They also resolved to develop stronger frameworks to address the root causes of the violence, anchored on values of discipline, courage, and patriotism.
The late Brigadier General Oseni Braimah was reportedly on a phone call with his twin brother moments before he was killed during a terrorist attack on the 29 Task Force Brigade Headquarters in Benisheikh, Borno State.....KINDLY READ THE FULL STORY HERE▶
News reports that the incident, which occurred on April 9, 2026, claimed the lives of the senior officer and several other soldiers.
A family source told Vanguard that the General was speaking with his identical twin brother, who resides in the United Kingdom, at the time of the attack.
According to the source, the twins maintained a daily routine of speaking around midnight, but the conversation took a sudden turn that night when unusual activity was noticed at the General’s end.
He said the line went dead abruptly after the General paused during the call, apparently due to the unfolding situation at the base.
The twin brother reportedly made repeated attempts to reconnect, sending messages and calling continuously, but received no response throughout the night.
“He kept trying until about 4 am, but there was no answer,” the source said.
The family later confirmed the tragedy after a senior military officer contacted them around 6:30 am, informing them that the base had come under attack and that the Brigade Commander was among those killed.
The relative described the incident as devastating, noting that communication had broken down during the assault.
The late General was later buried alongside other fallen soldiers in Maiduguri, Borno State.
The founder of Omega Power Ministries, Apostle Chibuzor Chinyere, has suspended the planned marriage of his 21-year-old adopted daughter, Chiemeka Chibuzor, who is autistic, following an overwhelming number of applications from interested suitors.....KINDLY READ THE FULL STORY HERE▶
News reports that the cleric announced the decision on Thursday via his social media page, stating that over 1,000 men had expressed interest in marrying her, prompting him to halt the process indefinitely.
He wrote, “Chiemeka Chibuzor’s wedding is hereby suspended. More than a thousand applications. No more wedding pending further directive from me.”
The cleric had earlier this week publicly invited proposals for her marriage, setting conditions that included the suitor being young and in good physical and mental health, alongside promised financial support and housing benefits.
He also said the couple would enjoy lifelong support, including shared property ownership and periodic welfare checks from church members.
The development follows a similar arrangement recently conducted by the church involving a non-verbal autistic man who was married in a ceremony organised by the ministry.
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