According to the group’s unaudited financial statements, released on the floor of Nigerian Exchange Plc, Total Assets appreciated by 15.46% to ₦204.00 billion as of June 30, 2026 when compared to ₦176.68 billion at year-end December 2025.

Also, its Shareholders’ Funds grew to ₦72.32 billion as against ₦65.00 billion reported in December 2025, this indicating 11.25% growth

The company’s net income from reinsurance contracts held turned around significantly to ₦3.25 billion, reversing a net expense of ₦3.73 billion recorded in the same period last year.

The company reported a net profit of ₦3.51 billion for H1 2026, down 40.48% from ₦5.90 billion in H1 2025.

The underwriter’s total assets crossed the ₦200 billion mark, driven largely by a 50.10% rise in reinsurance contract assets, which reached ₦22.49 billion (up from ₦14.98 billion in December 2025).

Total liabilities stood at ₦117.98 billion, representing a 10.31% expansion from ₦106.95 billion recorded at the end of fiscal year 2025.

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If enacted, the proposed law will establish an Insurance Regulatory Commission and repeal the existing legislation that established the National Insurance Commission (NAICOM).

Under the proposed framework, the new regulatory body would be responsible for providing guidance to the Federal Government on policies concerning natural disaster risks and other important issues affectcing the insurance sector.

The bill was sponsored by the Chairman of the Senate Committee on Banking, Insurance and Other Financial Institutions, Senator Mukhail Adetokunbo Abiru (APC, Lagos East).

Presenting the report, Abiru said “The current National Insurance Commission Act 1997 is outdated and does not adequately address the emerging economic growth, needs and development of the insurance business.”

“Despite its the commission’s vsignificant contributions, the enabling law has become obsolete, failing to align with current realities and global best practices, and unable to keep pace with the evolving nature of the insurance industry, exposing numerous gaps in the law and necessitating urgent amendments,” he said.

Regarding administrative leadership, Abiru explained that the draft law outlines precise criteria for director appointments, guaranteeing that solely qualified specialists with backgrounds in risk mitigation, law, financial systems, corporate management, and underwriting obtain leadership seats.

He noted further that this updated statute equips the agency to offer enhanced strategic guidance and supervisory control, driving the expansion of the nation’s coverage market

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The Charge was given by Olusegun Ayo Omosehin, Chief Executive Officer of NAICOM on Friday at the investiture of Mr. Akinjide Orimolade, as the 53rd President and Chairman of the Governing Council Institute.

He described the occasion as a defining moment that calls for visionary leadership, professional excellence, and unwavering commitment to serving the public interest.

Describing the event as “a call to stewardship at a defining moment,” the Commissioner noted that the industry’s future will be determined by the quality of leadership, depth of competence, and discipline in serving the public interest.

He commended the outgoing President, Mrs. Yetunde Olubunmi Ilori*, for her visionary leadership which strengthened CIIN’s position as the foremost professional body for insurance practitioners in Nigeria.

Congratulating the new President, he expressed confidence in Mr. Orimolade’s leadership, noting that his record as an accomplished professional and advocate of continuous learning positions CIIN well for the challenges ahead.

The Commissioner urged the new Council to focus on three priorities:

1Deepen Professionalism and Ethics : Raise standards of practice, ethical judgement, and continuous professional development to match regulatory ambition.

Build the Talent Pipeline : Expand mentorship, leadership development, and engagement with young professionals and tertiary institutions.

Champion Innovation and Public Trust : Equip practitioners with skills for digital transformation, data-driven underwriting, cybersecurity, and inclusive distribution.

On Industry Reforms and Recapitalization

Highlighting the Nigerian Insurance Industry Reform Act, 2025, the Commissioner stated that NAICOM’s agenda is focused on market conduct, policyholder protection, governance, and financial inclusion.

He emphasized that the ongoing *recapitalisation exercise is central to building a resilient market. With 14 days to the July 31, 2026 deadline, NAICOM commended operators making progress but stressed that the deadline is regulatory and must be treated with urgency.

“A stronger capital base must translate into stronger service delivery, prompt claims settlement, improved consumer protection, and a market that Nigerians can trust,” he said.

NAICOM reaffirmed its commitment to a transparent, fair, and firm process and pledged continued partnership with CIIN to ensure professionalism and consumer confidence remain at the heart of industry growth.

The Commission urged CIIN to translated regulatory expectations into professional capacity through CPD, compliance education, and board training.

Strengthen ethical and market conduct standards, including fair treatment of policyholders and prompt claims handling.

Support industry readiness by identifying compliance gaps and providing professional input to NAICOM.

He assured CIIN of NAICOM’s continued partnership and regulatory support.

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According to the commission,the report which was published  by various media organizations lon July 15, 2026, misrepresented the legal status of Niger Insurance Plc, whose operating licence was revoked in 2022.

The commission disclosed this in a statement made aviation to BusinessTodayNG  that it remains the only Federal Government agency established by law and vested with the exclusive statutory powers to license, regulate, and cancel the licence of any insurance institution in Nigeria.

It said due to the insolvent state of affairs of Niger Insurance and its persistent inability to pay verified insurance claims, NAICOM, in the exercise of its statutory mandate to protect policyholders, cancelled the its licence in 2022. Consequently, Otunba Sanya Ogunkuade, Esq. was appointed by NAICOM as the Receiver/Liquidator of the Company.

NAICOM added that “Following the cancellation of the licence, some former directors of the Company instituted a suit at the Federal High Court in 2022, purposely to challenge the cancellation of the Company’s licence and the appointment of the Receiver/Liquidator.

“The  suit was struck out by the Federal High Court on 31 January 2023 on the grounds that the Plaintiffs lacked the power to institute the suit after the appointment of the Receiver/Liquidator, whose appointment had been duly registered by the Corporate Affairs Commission (CAC).

“The decision of the Federal High Court validated the cancellation of the Company’s licence and the appointment of the Receiver. An appeal by the Plaintiffs to the Court of Appeal by the Plaintiffs in the above suit was also struck out on 27th February 2025 by the Court of Appeal. A further appeal by the Plaintiffs to the Supreme Court is still pending

It added that an appeal against the judgment was also dismissed by the Court of Appeal on February 27, 2025, while a further appeal remains pending before the Supreme Court.

NAICOM noted that another suit filed by the same group of former directors resulted in a judgment delivered by the Federal High Court on June 5, 2026.

However, the Commission said the judgment is already being challenged at the Court of Appeal, where applications for a stay of execution have also been filed by both NAICOM and the Receiver/Liquidator.

The regulator maintained that the June 2026 judgment cannot override the earlier Court of Appeal decision, which upheld the cancellation of Niger Insurance’s licence.

The Commission also disclosed that some former directors whose names appeared as plaintiffs in the latest suit had written to disclaim any knowledge of the action, alleging that their names were used without their consent.

It further revealed that it has petitioned the Inspector-General of Police over what it described as the unlawful activities of individuals allegedly parading themselves as the management of Niger Insurance Plc.

According to the Commission, the petition seeks to prevent attempts to interfere with or dispose of the company’s assets, which are meant to satisfy legitimate insurance claims and other obligations.

The Commission reiterated that Niger Insurance Plc remains prohibited from underwriting new insurance business and that its affairs continue to be managed exclusively by the Receiver/Liquidator.

The commission also advised the  general public  to distance themselves from any person or group of persons purporting to act for or on behalf of the Company, other than the lawfully appointed Receiver/Liquidator

While reassuring that the company’s licence remains revoked, its former board and management remain dissolved, and the Receiver/Liquidator will continue to administer the company’s assets pending the final winding-up of its affairs.

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The renewed commitment was reaffirmed during a courtesy visit by the executive committee of the Nigerian Association of Insurance and Pension Editors (NAIPE), led by its Chairman, Mrs. Nkechi Naeche-Esezobor, to the headquarters of Heirs Insurance.

Speaking on behalf of the management, the company’s Head of Communications, Ifesinachi Okpaku, reaffirmed Heirs Insurance’s commitment to its long-standing partnership with NAIPE, describing the media association as a key stakeholder in advancing insurance awareness and public education.

“This is what we started out with—partnerships, and very strong partnerships,” Okpaku said. “I am very glad that the partnership has lasted this long and will continue to last.”
Okpaku commended NAIPE and its members for their consistent role in educating the public, noting that their reporting has significantly improved the public’s understanding of insurance. Despite historically low penetration rates, she emphasized that the sector continues to generate positive developments that the public can learn from.
To build on these gains, Okpaku proposed a collaborative, joint workshop bringing together financial journalists, industry practitioners, and corporate communications teams. According to her, the initiative would bridge perspective gaps and forge a united approach toward impactful, on-the-ground grassroots advocacy.

Responding on behalf of the association, the Chairman of NAIPE, Mrs. Nkechi Naeche-Esezobor, pledged NAIPE’s readiness to collaborate on targeted capacity building and localized advocacy to accelerate insurance penetration nationwide.

Esezobor noted that bridging the gap between industry practitioners and the press is critical to rewriting the narrative of the insurance sector and driving financial inclusion. 

She praised Heirs Insurance for its deliberate focus on strong institutional partnerships since its inception, describing the media as a vital ally in breaking down complex financial concepts for ordinary Nigerians.
The Chairman reaffirmed NAIPE’s commitment to providing a balanced, professional platform that highlights growth, regulatory compliance, and innovations among forward-thinking operators within the insurance and pension landscapes.

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The ranking, developed by Creato Urban, assessed insurers using two equally weighted criteria: digital transformation depth, which measures the sophistication of technology infrastructure and automation, and market impact, which evaluates how digital innovations improve accessibility and reach for policyholders.

Heirs Insurance Group emerged as the overall leader with a combined score of 89/100, earning praise for its digital insurance experience centre, AI-powered customer services, automated claims processing, and expansion of insurance access to more than three million Nigerians since 2021.

Leadway Assurance ranked second with 85/100, recognised for its enterprise-wide digital transformation strategy, AI-powered claims verification, and innovative products such as pay-as-you-go motor insurance. SanlamAllianz Nigeria placed third with 84/100, driven by its nationwide digital agent platform and same-day USSD-enabled claims service.

The remaining companies in the top 10 are Cornerstone Insurance Plc, CubeCover, Sovereign Trust Insurance Plc, Rex Insurance Limited, Enterprise Life Assurance Company Nigeria, Noor Takaful, and Zenith General Insurance Company Limited.

IMT also presented its inaugural “Most Promising Innovation Yet” recognition to emPLE for its cloud-based Data Lake platform, which aims to unify customer data across insurance operations and enable AI-powered underwriting, fraud detection, and embedded insurance services once deployed.

Speaking on the rankings, IMT Convener and Creato Urban Founder/CEO Odion Aleobua said the recognition reflects the Nigerian insurance industry’s gradual shift towards full digitalisation in line with regulatory expectations.

“This list indicates that the transformation of the Nigerian insurance industry is incrementally aligning with the growing demand for complete digitalisation of insurance services as required by NAICOM. The companies featured are taking the initiative rather than waiting for the industry to evolve,” Aleobua said.

The “10 To Watch” framework was developed by IMT’s editorial and advisory team to recognise insurers advancing technology adoption while expanding access to insurance across Nigeria. The announcement comes ahead of the fifth edition of Insurance Meets Tech, scheduled for September 18, 2026, at the Balmoral Convention Centre, Sheraton Hotel, Ikeja, Lagos.

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Speaking during a press conference ahead of his inauguration, Orimolade expressed appreciation to members of the media for their continued partnership in promoting the growth and development of Nigeria’s insurance sector. He described the media as critical stakeholders in shaping public understanding, promoting professionalism, and amplifying initiatives that will boost confidence in the industry.

Orimolade, a distinguished chartered insurer with over 28 years of experience in the financial services sector, currently serves as the pioneer and Chief Executive Officer of Stanbic IBTC Insurance Limited.

Throughout his career, he has held key leadership positions, including Chief Executive Officer of Zenith Insurance, Law Union & Rock Insurance Plc, and AIICO Insurance Plc, as well as Regional Director for West Africa at Liberty Life.

He outlined the strategic priorities of his administration, which include accelerating the digital transformation of the Institute’s operations, upgrading CIIN’s physical infrastructure at its Lagos headquarters and across its chapters in the six geopolitical zones and the Federal Capital Territory, and intensifying insurance awareness campaigns to improve insurance penetration and increase the industry’s contribution to Nigeria’s Gross Domestic Product (GDP).

According to him, these initiatives are in line with the Institute’s statutory responsibility of setting and maintaining professional standards for insurance practitioners while equipping members with the knowledge and skills required to meet the evolving demands of the profession.

The incoming President assured stakeholders that his administration would be guided by transparency, accountability, measurable performance indicators, and periodic reviews to ensure the successful implementation of its programmes.

He expressed confidence that the planned reforms would enhance professionalism, encourage innovation, deepen insurance awareness, and position Nigeria’s insurance industry as more resilient, inclusive, and globally competitive, ultimately contributing to the country’s economic growth.

A Fellow of the Chartered Insurance Institute of Nigeria and the Institute’s current Deputy President, Orimolade holds a Bachelor of Science degree in Insurance and a Master of Science degree in Marketing from the University of Lagos, as well as a Diploma in Risk Management from York University, Canada. He is also a member of the Nigerian Insurers Association and the Nigerian Institute of Management.

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The Managing Director and Chief Executive Officer of Rex Insurance Limited was elected to lead the association during its 55th Annual General Meeting in Lagos, ushering in a fresh leadership team tasked with steering the industry’s next phase of growth.

The AGM also produced a new executive team, with the Managing Director of AIICO Insurance Plc, Babatunde Fajemirokun, elected Deputy Chairman, while the Managing Director of Anchor Insurance Company Limited, Augustine Ebose, emerged as Treasurer.

Others elected on the council are Managing Director of Coronation Insurance Plc, Olamide Olajolo; Managing Director of SanlamAllianz Life , Tunde Mimiko; Managing Director of SUNU Assurances Nigeria, Samuel Ogbodu; Managing Director of Veritas Kapital Assurance PLC, Dr. Adaobi Nwakuche and Managing Director, of Cornerstone Insurance Plc, Mr. Stephen Alangbo.

Alongside the leadership transition, the association unveiled NIA Pulse, a podcast studio established to improve insurance awareness and strengthen engagement with the public through digital media.

The platform will feature discussions involving regulators, insurers and other industry stakeholders, with the goal of simplifying insurance concepts, addressing misconceptions and promoting a better understanding of insurance products.

Speaking at the launch, the outgoing Chairman, Kunle Ahmed, said the initiative gives the industry an opportunity to tell its own story and better communicate its contributions to the nation’s economy.

He noted that despite paying substantial claims and supporting economic growth over the years, the industry’s achievements have not been adequately recognized due to the limitations of traditional communication channels.

Ahmed added that the digital platform is designed to connect with today’s technology-driven audience by delivering insurance-related content through podcasts and other online channels.

The Commissioner for Insurance and Chief Executive Officer of the National Insurance Commission, Olusegun Omosehin, represented by Julius Odidi, described NIA Pulse as a strategic investment that would improve consumer education and public engagement.

Also speaking, the President of the Chartered Insurance Institute of Nigeria, Mrs. Yetunde Ilori, commended the initiative, saying it reflects the industry’s collective commitment to enhancing its image and increasing public confidence.

The emergence of Mrs. Nwachukwu and the launch of NIA Pulse come at a time of ongoing reforms in Nigeria’s insurance sector, reinforcing operators’ determination to expand insurance adoption and rebuild public trust.

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Speaking at the investiture ceremony held on June 26, 2026, Dr. Odiachi described her emergence as both a privilege and a call to greater service, pledging to lead the Association with integrity, vision, and measurable impact.

Unveiling the theme of her administration, “Roots and Wings: Empowering Women, Transforming Lives,” the new President said her leadership would focus on building strong institutional foundations while equipping women with the confidence, skills, and opportunities required to thrive professionally and personally.

“This occasion marks not only a transition in leadership but also a call to intentional growth, strategic advancement and collective empowerment,” she said.

Acknowledging the achievements of women across professions, Dr. Odiachi noted that many still face barriers to leadership, visibility, economic empowerment, and career advancement. She stressed that overcoming those challenges would require deliberate action and sustained commitment.

She said her administration would build on the legacy of previous PILA leaders by raising a generation of women who are informed, financially independent, professionally accomplished, and positioned for lasting influence in the insurance industry and beyond.

To realise this vision, Dr. Odiachi unveiled a five-point strategic agenda centred on professional development, financial literacy and economic empowerment, institutional strengthening, strategic industry partnerships, and community impact.

According to her, the Association will intensify mentorship, leadership training, and capacity-building programmes to prepare members for leadership responsibilities while expanding opportunities for career advancement.

She also announced plans to promote financial literacy through investment education, entrepreneurship development, and wealth creation initiatives, noting that genuine empowerment comes not only from having a voice but also from possessing the financial freedom to make meaningful choices.

On institutional development, Dr. Odiachi pledged to strengthen PILA’s internal systems through digital transformation, improved member engagement, transparent governance, enhanced welfare programmes, and stronger collaboration among chapters nationwide.

She further promised to deepen partnerships with regulators, professional bodies, corporate organisations, and other stakeholders to promote professional excellence and contribute to the sustainable growth of Nigeria’s insurance sector.

Beyond professional development, the new President said her administration would expand PILA’s social impact through educational initiatives, community development projects, outreach programmes for women and girls, and other interventions aimed at improving lives.

She expressed confidence that by the end of her tenure, more women would occupy leadership positions, achieve financial independence, grow businesses, and become visible and influential voices within the industry.

“Our legacy should not be measured merely by what we accomplish, but by the lives we touch,” she declared, adding that she was determined “to build, to transform, and to leave a lasting legacy.”

Dr. Odiachi urged members to actively support the Association’s vision by investing in personal growth, participating in its programmes, and supporting one another.

“When women support women, extraordinary things happen,” she said.

In a goodwill message delivered by  Oluwatoyin Medinah Bello,  Director Inspectorate, NAICOM, on behalf of the Commissioner for Insurance and Chief Executive Officer of the National Insurance Commission (NAICOM), Mr. Olusegun Ayo Omosehin, the Commission congratulated Dr. Odiachi on her emergence as the 16th President of PILA, describing her appointment as a testament to her professionalism, dedication, and immense contributions to Nigeria’s insurance industry.

He  commended PILA for its consistent efforts in promoting professionalism, developing female leaders, and advancing gender inclusion within the insurance sector.

The Commission noted that the Association’s activities align closely with Nigeria’s commitment to the Sustainable Development Goals, particularly Goal 5 on Gender Equality and Goal 8 on Decent Work and Economic Growth.

Describing the theme of the investiture as timely and inspiring, NAICOM said “Roots and Wings: Empowering Women, Transforming Lives” captures the importance of building strong institutions while equipping women with the skills and opportunities needed to lead and transform society.

The Commission reaffirmed its commitment to increasing insurance penetration, strengthening public confidence in the industry, enhancing regulatory oversight, promoting innovation, and expanding financial inclusion across Nigeria.

It emphasized that empowering women, both as insurance professionals and consumers, remains critical to improving financial security, risk protection, and national economic resilience.

NAICOM further expressed confidence that under Dr. Odiachi’s leadership, PILA would attain greater heights while contributing significantly to the Commission’s vision of building a safe, stable, inclusive, and globally competitive insurance industry.

The investiture attracted insurance practitioners, industry regulators, corporate leaders, professional associations, and distinguished guests, who pledged support for the new President as she begins a tenure focused on transforming lives, empowering women, and strengthening the future of Nigeria’s insurance profession.

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