BY NKECHI NAECHE-ESEZOBOR—KBL Insurance Limited has officially surpassed the National Insurance Commission’s (NAICOM) ₦15 billion capital base under the Nigeria Insurance Industry Reform Act (NIIRA) 2025, exceeding the statutory benchmark by over ₦600 million.
The company confirmed this in a statement released today that with the new capital base, the insurer is positioned to expand its underwriting capacity, absorb larger complex risks, and deliver long-term stability for policyholders across Nigeria’s evolving economy.
This, placed the company among the insurers officially confirmed by NAICOM as fully compliant with the new regulatory capital requirements, further reinforcing the Company’s financial resilience, corporate stability and long-term capacity to serve policyholders, businesses and the wider Nigerian economy.
The successful recapitalisation marks the culmination of a carefully executed strategic initiative designed to strengthen the Company’s capital base, expand its underwriting capacity, enhance its ability to absorb larger and more sophisticated risks, and position the organisation for sustained growth in an increasingly competitive insurance landscape.
The milestone also builds upon KBL Insurance’s earlier announcement of successful investor participation in its recapitalisation programme, a strategic exercise that has now culminated in the Company exceeding the statutory capital requirement prescribed by NAICOM.
Commenting on the achievement, the Managing Director and Chief Executive Officer of KBL Insurance Limited, Mr.Lawal Mijinyawa, described the accomplishment as a defining milestone in the Company’s corporate evolution and a powerful endorsement of stakeholders’ enduring confidence in its strategic direction.
“Successfully exceeding the regulatory capital requirement represents a significant milestone for KBL Insurance and stands as a testament to the confidence our shareholders and investors continue to repose in our vision and future.
Beyond satisfying a regulatory obligation, this achievement substantially strengthens our financial capacity, enhances our underwriting capabilities, and positions us to accelerate investment in innovation, technology, product development and service excellence. Above all, it reinforces our unwavering commitment to delivering superior value and dependable protection to our customers and business partners.
I sincerely thank our shareholders for their unwavering confidence, our Board of Directors for its strategic leadership and guidance, and our investors for their invaluable support throughout this important phase of our growth journey. I am equally grateful to every member of the KBL family whose professionalism, dedication, resilience and exceptional commitment made this achievement possible. Their collective efforts continue to propel our success and position us for an even stronger future.
As we enter this exciting new chapter, we remain firmly focused on building a more innovative, customer-centric and resilient organisation while making meaningful contributions to the continued growth and transformation of Nigeria’s insurance industry.”
Meeting and surpassing the new capital threshold significantly enhances KBL Insurance’s ability to underwrite larger and more complex risks, further strengthens its claims-paying capacity, accelerates its digital transformation agenda, and supports the development of innovative insurance solutions tailored to the evolving needs of individuals, businesses and institutions across Nigeria.
The achievement equally underscores the Company’s alignment with the Federal Government’s ongoing insurance sector reform agenda and NAICOM’s vision of fostering a stronger, more resilient and globally competitive insurance industry anchored on financial soundness, robust corporate governance, innovation and enhanced policyholder protection.
The company’s remains steadfast in its commitment to delivering insurance solutions that combine financial strength with exceptional customer experience. Guided by its enduring values of professionalism, innovation, customer-centricity, empathy and teamwork, the Company continues to invest strategically in its people, technology and operational capabilities to create sustainable value for customers, shareholders, employees and business partners alike.
With a significantly strengthened capital base and renewed capacity for expansion, KBL Insurance is exceptionally well positioned to deepen its market presence, strengthen strategic partnerships and continue fulfilling its promise of providing dependable insurance protection backed by financial strength, operational excellence and uncompromising service quality.
KBL Insurance Limited is a leading Nigerian general insurance company committed to delivering innovative risk management and insurance solutions for individuals, businesses and institutions.
Driven by an unwavering commitment to customer satisfaction, operational excellence and financial stability, the Company continues to provide dependable insurance protection while contributing meaningfully to the sustainable growth and development of Nigeria’s insurance industry.
