BY NKECHI NAECHE-ESEZOBOR—The Chairman of the Nigerian Insurers Association (NIA), Kunle Ahmed, has paid tribute to past leaders of the association, describing their contributions as the foundation of the industry’s growth over the past 55 years.

Ahmed made this known in his welcome address at the 2026 NIA Awards and Recognition Ceremony held on Thursday, April 30, 2026, where key stakeholders across Nigeria’s insurance sector gathered to celebrate excellence and service.

The event was attended by the Commissioner for Insurance, veteran industry figures, heads of key insurance-related bodies, chief executive officers of insurance firms, members of the NIA Governing Council, and other distinguished guests.

Welcoming participants, Ahmed expressed delight at the presence of former leaders of the association, noting that the ceremony also served as an opportunity to reflect on the organisation’s long-standing journey and achievements.

He commended past chairmen and council members for their selfless service, highlighting that their leadership came without financial reward but laid a solid groundwork for the association’s continued progress.

According to him, their decisions during challenging periods helped preserve professionalism, integrity, and stability within the industry, thereby strengthening confidence in the Nigerian insurance sector.

Ahmed disclosed that he had continued to seek guidance from some of the association’s past leaders since assuming office, adding that their counsel had influenced key decisions and reinforced his respect for their service.

He also revealed that the Governing Council had approved a proposal to institutionalise the recognition of former leaders, making it a recurring feature of the association’s programmes at intervals yet to be determined.

Reaffirming the association’s role as the unified voice of the insurance industry, Ahmed noted that the NIA has, over the decades, driven professionalism, innovation, and collaboration among stakeholders while contributing to national development.

While acknowledging progress made in the sector, he said there was still room for improvement, stressing the need for continued unity, resilience, and strategic vision to advance the industry further.

He further encouraged past leaders to document their experiences in published works, noting that such records would serve as valuable references for future decision-making and extend their influence beyond the insurance sector.

Ahmed concluded by welcoming guests to the ceremony, describing the event as a celebration of excellence, service, and legacy, while urging stakeholders to build on the foundation laid by industry pioneers.

The ceremony feature 56 awardees including the Commissioner for insurance,National Insurance Commission, NAICOM, Mr. Olusegun Ayo Omosehin.

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BY NKECHI NAECHE-ESEZOBOR—Guinea Insurance Plc has released its unaudited financial results for the period ended 31 March 2026, showing resilient revenue performance, a stronger asset base, and a deliberate strategic response to mounting industry claims pressure.

The company reported a 6.9% increase in total assets, rising to ₦7.75 billion, supported by solid investment returns. Investment properties grew significantly by 29.5% to ₦1.11 billion, driven by favourable revaluations and ongoing portfolio optimisation efforts.

Net expenses on reinsurance contracts declined to ₦109.3 million from ₦174.7 million in March 2025, representing a reduction of about 37%. This reflects a more cautious risk transfer strategy, as the company strengthened its reinsurance coverage to reduce exposure to emerging risks and high-value claims.

However, insurance service expenses surged sharply by approximately 803% to ₦850.1 million, compared to ₦94.1 million in the same period last year. This increase was largely due to the settlement of several high-value claims across the industry. While these claims impacted profitability, the company prioritised prompt and responsible settlement, which placed pressure on earnings and resulted in a loss for the period.

Commenting on the results, Managing Director Ademola Abidogun noted that the decline in profitability represents a temporary setback rather than a structural weakness.

He stated that the claims experience reflects broader industry trends and is not unique to the company. He emphasised that the decision to settle all valid claims promptly reinforces the company’s commitment to trust, reliability, and customer confidence.

Abidogun added that enhanced risk management practices, disciplined underwriting, and a strengthened reinsurance programme are expected to support a recovery in performance in the coming quarters.

Looking ahead, the company remains cautiously optimistic. Management has introduced targeted recovery initiatives, including stricter cost controls, portfolio rebalancing, and a renewed focus on more profitable business segments. These measures are expected to restore earnings momentum and strengthen the company’s competitive position within Nigeria’s insurance sector.

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