Stanbic IBTC Insurance Confirms Meeting New Capital Requirements

By Modupe Gbadeyanka

The new minimum capital requirements introduced under the Nigerian Insurance Industry Reform Act (NIIRA) 2025 have been met by Stanbic IBTC Insurance, the company has confirmed.

The National Insurance Commission (NAICOM) gave underwriting companies operating in the country till July 31, 2026, to boost their capital base. A few could not meet up, but a majority did, and it included Stanbic IBTC Insurance.

NAICOM said the programme was intended to strengthen the financial capacity, resilience and stability of insurance operators, positioning them to underwrite larger risks and meet obligations to policyholders with greater confidence.

The exercise mirrored a similar recapitalisation drive completed months earlier in Nigeria’s banking sector, underscoring a broader push by financial regulators to build institutions capable of supporting a larger, more ambitious Nigerian economy.

In a statement, Stanbic IBTC Insurance noted that its compliance with the Act marks a significant milestone in its growth journey and reaffirms its position as one of Nigeria’s leading life insurance providers.

As a life insurance operator, Stanbic IBTC Insurance was required to meet a minimum capital base of N10 billion under NIIRA 2025, a substantial increase on the thresholds that previously governed the sector. This reflects the organisation’s strong financial foundation, prudent governance, and disciplined approach to long-term growth.

By achieving compliance, Stanbic IBTC Insurance is well-positioned to underwrite larger risks, honour policyholder commitments with even greater confidence, and continue delivering value to customers and stakeholders.

“Across the Stanbic IBTC group, we take a long view of capital, one that puts our subsidiaries in a position to meet regulatory change from strength rather than scramble to catch up with it.

“Stanbic IBTC Insurance’s confirmed compliance is consistent with that approach. It reflects the standards of governance and financial discipline we hold across the group, and it is the kind of outcome that gives us confidence in how our subsidiaries are positioned as Nigeria’s financial sector continues to mature,” the chief executive of Stanbic IBTC Holdings Plc, Mr Chuma Nwokocha, stated.

The chief executive of Stanbic IBTC Insurance, Mr Akinjide Orimolade, on his part, noted that the milestone should be understood in the context of where the industry is heading, not simply where it has been.

“This confirmation is a moment worth marking, but it is not the finish line. NAICOM has set a new baseline for what it means to operate responsibly in this industry, and meeting that baseline required real discipline across our organisation. What matters now is what we do with this position. Nigeria’s insurance industry is entering a phase where scale, governance and financial strength will separate the operators built for the long term from those simply built for today.

“Our task is to keep building the kind of institution that customers and stakeholders can rely on, not just at this moment, but as the industry continues to evolve.”