Economy
Nigeria’s Insurance Sector Premium Grows 20.1% in Q2 2022
By Adedapo Adesanya
Nigeria’s insurance sector, in the second quarter of this year 2022, recorded N369.28 billion premium, indicating 20.1 per cent growth compared to the performance in the same period the previous year.
This was contained in the latest sector performance statistics released by the National Insurance Commission (NAICOM), which indicated a 65.0 per cent quarter-on-quarter performance.
Describing this as a notable performance, NAICOM said the performance analysis was an insight into the market behaviour of the insurance sector in the period under review.
Giving a premium contribution analysis by each class of business, the commission said out of the N369.2 billion, life insurance contributed N150.0 billion, followed by oil and gas insurance which yielded N71.2 billion, fire insurance yielded N45 .3 billion, while motor insurance yielded N32.4 billion, with marine insurance contributing N26.9 billion premiums and general accident policy yielding N24.0 billion.
According to NAICOM, the performance showed that the insurance sector grew 20.1 per cent higher than the National Real Gross Domestic Product (GDP) of 3.5 per cent during the same period.
NAICOM said the proportional participation of each class of business suggested the continued improvement of the life insurance business as driven by its component of the individual life, noting that the Non-Life segment maintained its primacy at 59.3 per cent of the total premium generated.
“Insights in the segment show Oil & Gas was the leading driver at 32.5 per cent with a distant second at 20.7 per cent for Fire. Motor Insurance stood at 14.8 per cent while Marine & Aviation, General Accident and Miscellaneous reported a share of 12.3 per cent, 10.9 per cent and 8.9 per cent in this order.
“Life business, on the other hand, recorded 40.6 per cent of the insurance market production as its share contribution, gradually closing up. The share of Annuity in the Life Insurance business logged at about 24.7 per cent while Individual Life held a major driver position at 41.8 per cent of the premium generated during the period”, the commission said.
NAICOM said operational confidence remained high in spite of economic challenges in the financial system and the economy at large, as demonstrated by the relevant retention positions in the sector.
According to the commission, Life business retention for the period was 93 per cent while non-life recorded a ratio of 55 per cent as the industry average stood at about 70.5 per cent.
The commission said retention in the non-life, despite reporting an above-average level relative to its prior position of 59.4 per cent in the preceding year, would require focused attention for improvement as it declined by over four points representing eight per cent, year on year.
The commission said the sector during the period witnessed only 0.2 per cent growth in claims compared to the corresponding period of 2021. It said the industry’s statistics for gross claims in Q2 of 2022 stood at N174.8 billion, representing 47.3 per cent of all premiums generated during the period.
“This occasion reflects the professional underwriting capacity of the industry as driven by the intensified regulatory activities of the Commission. On the other hand, the net claims paid stood at about N148.2 billion, signifying 84.8 per cent of all gross claims reported during the period. The Life Insurance business recorded a near perfect point of about 88.90 per cent claims settlement as against the reported claims while the non-life segment stood at about 76.8 per cent”, NAICOM said.
According to the commission, the performance in the Oil & gas in terms of claims settlement recorded some improvement compared to quarter two of the previous year.
The commission was optimistic that sustained market development and growing confidence in the industry would eventually improve the negative peculiarities and challenges of that section of the market.
Profit-wise, NAICOM said the Insurance market remained profitable during the period, recording an overall industry average of about 56.9 per cent, thereby maintaining a relative position of 57.7 per cent recorded in the corresponding period of the preceding year.
By Aduragbemi Omiyale
The pre-registration training and examination for capital market operators (CMOs) for the second quarter of 2026 has been postponed.
Business Post gathered that the new date for the exercise is now Monday, June 15, 2026.
This information was disclosed by the Securities and Exchange Commission (SEC) through a circular on Monday, June 8, 2026.
The Nigerian capital market regulator stated that this postponement has also resulted in the extension of the deadline for registration to Friday, June 12, 2026.
In the notice today, the SEC expressed its regret for the inconvenience this action may cause operators, who had prepared for the initial date of the training and examination.
“Further to the recent circular on Q2 2026 Pre-registration Training and Examination, the Securities and Exchange Commission (SEC) hereby informs all eligible applicants for the Q2 2026 Pre-registration Training and Examination that the commencement date has been postponed to Monday, June 15, 2026.
“Registration on the designated portal has also been extended to Friday, June 12, 2026. All other conditions contained in the circular remain unchanged.
“The commission regrets any inconvenience this postponement may cause and appreciates the understanding of all applicants,” the disclosure noted.
By Aduragbemi Omiyale
One of the leading healthcare firms in Nigeria, Fidson Healthcare Plc, has listed additional shares on the Nigerian Exchange (NGX) Limited.
The new stocks absorbed into the stock market were 600 million units, raising the total issued and fully paid-up shares of Fidson to 3,000,000,000 ordinary shares of 50 Kobo each from 2,400,000,000 ordinary shares of 50 Kobo each.
The fresh equities came from the company’s rights issue of 600,000,000 ordinary shares of 50 Kobo each at N35.00 per share.
They were issued to existing investors on the basis of one new ordinary share for every existing four ordinary shares held as of the close of business on Wednesday, November 12, 2025.
Confirming the development, the regulator in a notice said, “Trading licence holders are hereby notified that an additional 600,000,000 ordinary shares of 50 Kobo each of Fidson Healthcare Plc were on Tuesday, June 2, 2026, listed on the daily official list of Nigerian Exchange Limited.
“The additional shares arose from the company’s rights issue of 600,000,000 ordinary shares of 50 Kobo each at N35.00 per share on the basis of one new ordinary share for every existing four ordinary shares held as at the close of business on Wednesday, November 12, 2025.
“With the listing of the additional 600,000,000 ordinary shares, the total issued and fully paid-up shares of Fidson Healthcare Plc have now increased from 2,400,000,000 to 3,000,000,000 ordinary shares of 50 Kobo each.”
By Modupe Gbadeyanka
This news will surely excite local contractors with verified claims of N100 million or less, as the federal government has approved their payments.
This approval for the disbursement was given by the Minister of Finance and Coordinating Minister of the Economy, Mr Taiwo Oyedele.
This followed a verification and reconciliation exercise designed to ensure only validated claims qualify for payment.
The beneficiaries cover contractors across multiple ministries, departments and agencies. The release of the funds is expected to enable contractors to return to project sites, pay workers, settle suppliers and meet outstanding financial commitments.
In an announcement on Monday, the Federal Ministry of Finance also said this latest batch of payments would ease liquidity pressure on small businesses and accelerate economic activity nationwide.
It was noted that the payments for verified claims of N100 million below were strategically done to spread economic impact broadly rather than concentrate disbursements among a handful of large firms.
The payments form part of a broader push to clear inherited contractor obligations, with over N700 billion verified in recent months.
“For many beneficiaries, the release of funds represents more than a financial transaction. It provides the certainty needed to sustain operations, preserve jobs, complete ongoing projects, and contribute to economic recovery and growth,” the ministry said in a statement.
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