Prestige Assurance Plc has appointed Seetharaman Sivasankar as a Non-Executive Director, effective August 20, 2026, pending regulatory approval. Sivasankar brings over 36 years of experience from India’s insurance sector, including his role at New India Assurance. This appointment follows the insurer’s successful compliance with the National Insurance Commission’s new minimum capital requirements and a strong first-half performance, where the company recorded a 102% increase in profit after tax to N1.05 billion.

Prestige Assurance Plc reported a 28.3% increase in insurance revenue to N25.12 billion for the 2025 financial year, even as profit before tax fell to N360 million from N3.09 billion the previous year. The decline was largely attributed to the reversal of currency depreciation gains recorded in 2024. Despite this, the company successfully paid out N15.53 billion in claims, marking a 40.7% increase, while improving its claims ratio to 75%. Management noted a significant rise in operating expenses due to inflation and expansion but remains focused on long-term growth through its new strategic restructuring plan.

Nigeria Reinsurance Corporation and NICON Insurance have filed a lawsuit against the National Insurance Commission (NAICOM) to block potential liquidation following their exclusion from the list of firms that met the new minimum capital requirements under the Nigerian Insurance Industry Reform Act 2025. Meanwhile, Goldlink Insurance has had its operating license revoked, with a receiver appointed to commence winding-up procedures. Other insurers, including Staco Insurance and African Alliance Insurance, remain in ongoing discussions with NAICOM regarding their capital positions. NAICOM has confirmed that 43 insurance companies have successfully met the new standards, while eight others are undergoing final regulatory verification.

The National Insurance Commission (NAICOM) has confirmed that 43 insurance and reinsurance companies have successfully met the new minimum capital requirements following the conclusion of the 12-month recapitalisation exercise on July 31, 2026. This mandatory exercise was initiated under the Nigerian Insurance Industry Reform Act of 2025. While 43 firms have been verified, NAICOM noted that an additional eight companies, which submitted compliance evidence near the deadline, are currently undergoing final regulatory review, with conclusions expected within 14 days. The commission stated that this development is a major milestone designed to bolster the financial resilience and underwriting capacity of the Nigerian insurance industry.

Nigeria’s insurance sector has concluded its year-long recapitalization exercise, with 43 insurance and reinsurance companies successfully meeting new minimum capital requirements under the Nigerian Insurance Industry Reform Act 2025. This process has injected over N300 billion into the sector, aiming to bolster financial resilience and underwriting capacity. The National Insurance Commission (NAICOM) confirmed that eight additional firms are currently undergoing final verification, with decisions expected within 14 days. This reform is a key component of the federal government’s broader strategy to support a US$1 trillion economy by 2030.

Prestige Assurance Plc has reported a 102% increase in its half-year profit after tax, reaching N1.05 billion for the period ending June 30, 2026, compared to N519.6 million in the same period last year.

This growth was driven by a significant improvement in underwriting performance, with the insurance service result jumping to N1.09 billion from N18.28 million, despite a 16% decline in gross premium written to N12.83 billion. Although total investment income fell by 24% to N1.25 billion and operating expenses rose due to administrative costs and penalties, the company’s strong underwriting margins effectively doubled its pre-tax profit to N1.14 billion. The firm’s net assets grew by 5% to N21.32 billion, supported by retained earnings.

Central Bank of Nigeria (CBN) Governor, Olayemi Cardoso, has stated that the regulator will maintain heightened supervision of the banking sector despite the successful conclusion of the recent recapitalisation exercise.

Speaking at the BusinessDay 14th Annual CEO Forum, Cardoso noted that while the industry raised between N4 trillion and N5 trillion in fresh capital to build resilience against economic shocks, continuous oversight remains essential. He emphasized that the stronger capital base is intended to support eventual increased lending to the private sector once inflation and interest rates moderate. Cardoso also warned banks against indiscriminate lending, urging them to prioritize sophisticated risk management and proper analysis, especially when navigating complex sectors like oil and gas. The CBN plans to collaborate with financial institutions to enhance their internal risk assessment capabilities.