Speaking recently in Lagos, the newly appointed Managing Director and Chief Executive Officer, Mr. Ayobami Olakunle Ogunkeye, stressed that the pioneer indigenous life underwriting firm has pledged to uphold the highest standards of accountability and customer-centric service.

According to Ogunkeye, a seasoned turnaround expert, the company’s revival strategy is built directly upon these promises to ensure long-term viability and safeguard the interests of all policyholders.

The company’s renewed assurances follow a decisive regulatory intervention by the National Insurance Commission (NAICOM), which began in October 2024.

Prompted by severe liquidity pressures, operational disruptions, and a substantial backlog of unpaid claims, NAICOM had appointed an Interim Management Board to stabilize the 66-year-old institution.

During the intervention, the interim board successfully cleared over 75 percent of the company’s accumulated legacy liabilities.

Critical capital was unlocked through the competitive sale of a 49 percent stake in PAL Pensions, while trapped dividend funds were secured to clear up to 15 months of annuity arrears.

Additionally, the team transparently transferred the firm’s admitted annuity portfolio to an underwriting institution to secure uninterrupted payments for beneficiaries, upgraded internal ICT infrastructure, and completed vital forensic and actuarial reviews.

With these corrective milestones achieved, NAICOM Commissioner for Insurance, Mr. Olusegun Ayo Omosehin, formally certified the company fit to resume full operations and officially handed control over to a newly constituted board and management team.

Although independent operations have resumed, African Alliance will remain under active regulatory oversight to monitor its ongoing recapitalization progress and solvency compliance closely.

The newly formed leadership structure is headed by Board Chairman Rear Admiral Anthony Odogba Isa. Joining him on the board are Andrew Ubochi as Executive Director, Technical, alongside non-executive directors Chief Boniface Chinedu Moore (SAN), High Chief Olabode Akeem Mustapha, Ataraire Gideon, and Harrison Ogalagu.

Addressing the firm’s diverse stakeholders, Ogunkeye stated that the lessons learned during the recent period of hardship have deeply reinforced the company’s resolve to develop appropriate corporate governance structure

He assured existing policyholders that their trust would be honoured without compromise, while inviting prospective clients to approach the revitalized insurer with full confidence in its financial positioning and operational capacity.

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This growth was largely influenced by the Oil and Gas business in the non-life segment and the continued expansion of Annuity funds in the life insurance segment.

This was contained in the Fourth Quarter 2025 Bulletin of Insurance Market Performance, released today by the National Insurance Commission (NAICOM). According to the report, the industry’s performance during the period recorded growth many times higher than the national output of 3.9 per cent, underscoring its increasing relevance and structural importance within Nigeria’s financial ecosystem.

The Commission noted that this commendable progress is largely attributable to rising public confidence in the insurance market.

The non-life insurance segment continued to dominate the market, contributing 68.4 per cent of the total premium pool, consistent with the trend recorded in the corresponding quarter of 2024. The life insurance business accounted for 31.6 per cent during the period under review.

Further insights into the non-life category revealed that the Oil and Gas business remained the leading portfolio, representing 30.3 per cent of all non-life premiums generated.

This was followed by Fire Insurance, which held a notable 20.4 per cent share, while Motor Insurance accounted for 16.1 per cent. Other segments, including Miscellaneous, General Accident, Marine, and Aviation, contributed 11.9 per cent, 9.5 per cent, 8.7 per cent, and 3.2 per cent, respectively.

On the other hand, the life insurance segment was led by Annuity funds, in contrast to the pattern reported in the previous quarter, contributing approximately 44.3 per cent of all premiums recorded in the segment.

Individual Life business accounted for 36.2 per cent, while Group Life contributed 19.5 per cent during the quarter under review.

The report further showed that the industry’s total assets rose to N4,791.6 billion, representing a 7.4 per cent expansion, thereby sustaining an upward trajectory relative to the previous quarter, when it stood at N4,460.2 billion.

It added that statistics on the market’s financial position also indicated a total of N2,602.4 billion in assets attributable to the non-life business, while the life insurance segment accounted for N2,189.2 billion at the close of the period.

The report noted that the Nigerian insurance industry has demonstrated significant resilience despite a challenging macroeconomic environment, maintaining solid performance across critical areas, including premium generation, claims settlement, profitability, and aggregate asset growth.

This, it said, underscores a positive outlook for the sector, especially as its ongoing transformation is expected to position it as a strong pillar capable of supporting Nigeria’s pursuit of a one-trillion-dollar economy.

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