In an official statement released today, the Chairman of the NIA, Mrs. Ebelechukwu Nwachukwu, praised NAICOM’s structured approach — highlighting that clear regulatory guidelines, systematic verification, defined timelines, and rigorous supervisory oversight provided operators with a credible framework to navigate the recapitalisation exercise successfully.

Mrs. Nwachukwu noted that the exercise underscores NAICOM’s commitment to regulatory fairness and orderly market development, marking a pivotal milestone in bolstering the financial capacity, stability, and global competitiveness of the Nigerian insurance sector.

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BY NKECHI NAECHE-ESEZOBOR—Anchor Insurance Company Limited is pivoting toward aggressive market expansion and large-scale risk underwriting following its successful compliance with the National Insurance Commission (NAICOM) recapitalisation guidelines under the Nigeria Insurance Industry Reform Act (NIIRA) 2025.

With its capital base now standing above ₦25.5 billion—far exceeding the ₦15 billion statutory minimum for non-life insurers—the firm has unveiled a strategic post-recapitalisation growth plan aimed at scaling its operations and elevating customer experience.

Speaking on the milestone, Managing Director and CEO Dr. Ebose Augustine Osegha outlined the company’s forward-looking strategy, emphasizing that the bolstered balance sheet equips Anchor Insurance to handle larger, more complex risk portfolios across critical economic sectors.

“For Anchor Insurance, this milestone means stronger capacity to underwrite larger and more complex risks, enhanced claims-paying ability, greater confidence for our customers and business partners, expanded opportunities for growth and innovation, and continued compliance with the highest regulatory standards,” Dr. Osegha stated.

The insurer’s growth plan prioritizes continuous innovation in product design, faster claims settlement workflows, and enhanced digital and physical touchpoints to deepen market penetration. Dr. Osegha noted that the enhanced financial buffer directly translates into greater risk-bearing reliability for policyholders and institutional partners.

Expressing appreciation to customers and corporate partners whose trust supported the firm through the recapitalisation process, the MD reaffirmed the company’s long-term market vision:

“As we embark on this new chapter, we remain steadfast in our mission to protect what matters most and to remain the insurance company of choice today and for generations to come.”

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The development comes as the company continues to post strong financial results, reinforcing its position as one of the industry’s most resilient and well-capitalised players.

In an announcement, NAICOM confirmed the successful conclusion of the 12-month recapitalisation exercise across the insurance sector. AIICO was listed among a select group of insurers that met the new minimum capital threshold, retaining its status as a fully compliant composite insurer across both life and general business lines.

Notably, the company did not require additional capital raising to meet the new regulatory benchmark, having maintained a capital base above the revised minimum even prior to the exercise. This positions AIICO among a limited number of operators entering the new regulatory era from a position of inherent financial strength.

The licensing milestone coincides with a strong financial performance in the second quarter of 2026, further signalling sustained growth and operational stability. With a gross written premium of ₦104bn, insurance revenue rose to ₦74.9 billion, representing a 14.5% increase from ₦65.4 billion recorded in Q2 2025. Profit after tax grew by 18.9% to ₦13.4 billion, up from ₦11.3 billion in the corresponding period of the prior year. Total assets also expanded significantly to ₦661 billion, marking a 13.2% increase from ₦584 billion reported at full-year 2025.

The performance reflects consistent execution across key business lines, improved underwriting capacity, and sustained customer confidence, which continues to drive topline growth and profitability.

Industry analysts note that the combination of regulatory compliance without dilution and strong earnings growth positions the company favourably in a more capital-intensive operating environment, where scale, solvency, and governance are expected to differentiate market leaders.

Commenting on the development, the Managing Director of AIICO Insurance Plc stated: “This milestone reflects our unwavering commitment to regulatory compliance, financial strength, sound corporate governance, and the long-term sustainability of our business. More importantly, it reinforces our capacity to underwrite risks of greater scale, honour claims and obligations promptly, and continue protecting what matters most to our customers with confidence.”

The company also acknowledged the role of customer loyalty in sustaining its growth trajectory, noting that continued trust and engagement have been central to its performance in an increasingly competitive market.

With a strengthened capital position, improving earnings profile, and regulatory endorsement, AIICO appears well-positioned to deepen its market presence and pursue new growth opportunities within Nigeria’s evolving insurance landscape.

AIICO Insurance is a leading composite insurer in Nigeria, with a 63-year record of accomplishment in delivering quality service to its clients. Founded in 1963, AIICO provides life and general insurance, health insurance, and investment management services to create and protect wealth for individuals, families, and corporate customers.

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A statement released by the company’s head of corporate communications, Swachet Ishaku Iliyasu, said the achievement follows the successful completion of the Company’s capital raising initiative through a Rights Issue, which was concluded successfully.

It added the enhanced capital position reinforces Unitrust Insurance’s financial strength, its underwriting capacity, and further positions the Company to deliver innovative insurance solutions while creating sustainable value for its customers, business partners, and shareholders.

Commenting on the achievement, the Managing Director/CEO of the company, Mr. Adedayo Arowojolu expressed appreciation to the Company’s shareholders, customers, business partners, employees, and all stakeholders for their unwavering confidence and support throughout the recapitalization process.

This milestone underscores the insurer’s  commitment to financial resilience, operational excellence, and its readiness to seize emerging opportunities in the insurance industry while continuing to provide exceptional value to all stakeholders.

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This followed its landmark achievement that underscores its pivotal role in the Nigerian financial sector, after it successfully concluded a historic capital-raising exercise, securing N19.3 billion. This remarkable feat surpasses the company’s initial target of N18.47 billion by approximately 4.5%.

Crucially, this milestone establishes a new industry record, marking the highest amount of capital raised by any insurance company in Nigeria to meet the stringent recapitalization threshold mandated by the NAICOM. This successful execution aligns perfectly with the strategic objectives of the National Insurance Industry Roadmap to 2025 (NIIRA 2025), positioning Lasaco at the absolute forefront of the sector’s evolution.

The impressive oversubscription of the fund is a resounding testament to the unwavering confidence that shareholders, institutional investors, and the broader market have in Lasaco Assurance. In a complex macroeconomic environment, securing this level of financial commitment reflects a deep-seated trust in the company’s executive leadership, its transparent corporate governance, and its clear, forward-looking strategic direction.

By not only meeting but exceeding its financial targets, Lasaco has unequivocally demonstrated its robust market appeal and its proven capacity to generate sustainable, long-term value in the eyes of the investment community.

The deployment of this substantial capital injection will serve as a powerful catalyst for transforming Lasaco’s operational landscape.

The additional funds will be strategically channeled into significantly enhancing the company’s operational capacity, driving digital transformation, and expanding the breadth and depth of its service offerings. This financial fortitude ensures tha Lasaco not only exceeds current regulatory requirements but also builds a formidable solvency buffer. Consequently, the company is now empowered to navigate market dynamics with agility, invest heavily in cutting-edge technological innovations, and streamline its underwriting and claims processes to deliver a seamless, world-class customer experience.

Furthermore, this strengthened capital base fundamentally redefines Lasaco’s market positioning. It provides the necessary financial muscle to aggressively pursue ambitious growth initiatives, penetrate underserved market segments, and develop highly tailored, innovative insurance products that address the unique needs of modern consumers and corporate entities. By reinforcing its commitment to policyholders through enhanced product reliability and superior service delivery, Lasaco is cementing its reputation as a trusted partner in risk management and financial protection.

Ultimately, this successful capital raise transcends mere regulatory compliance; it lays an unshakeable foundation for Lasaco Assurance’s next phase of exponential growth. As the company looks to the future, it is exceptionally well-equipped to leverage this milestone to reinforce its market dominance, drive financial inclusion, and contribute meaningfully to the broader economic development of Nigeria.

Through this strategic milestone, the company reaffirms its dedication to delivering enhanced, sustainable value to its clients, strategic partners, employees, and shareholders alike, setting a new gold standard for excellence in the Nigerian insurance industry.

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The announcement follows NAICOM’s publication of insurance companies confirmed to have complied with the new capital requirement.

A statement released today by the company, said the achievement reflects the disciplined financial management, strong corporate governance, and strategic vision that have positioned Rex Insurance Limited as a resilient organization committed to delivering greater value to customers while supporting national economic growth.

“It also marks the beginning of a new phase in the Company’s journey, one focused on sustaining capital strength, accelerating profitable growth, enhancing operational excellence, and delivering superior customer value.

Commenting on the milestone, the Managing Director/Chief Executive Officer of Rex Insurance Limited, Mrs. Ebelechukwu Nwachukwu, said: “Meeting the new Minimum Capital Requirement is a significant milestone in our journey and demonstrates the resilience of our business as well as the confidence of our shareholders in our long-term vision. It also reinforces our ability to honour our commitments to policyholders while positioning us for sustainable growth in an evolving insurance landscape.”

She further emphasized “Our recapitalization marks the beginning of an exciting new chapter for Rex Insurance. It is not an end, but a strategic foundation for sustainable growth and long-term value creation. With a stronger capitalbase, we are well equipped to increase our underwriting capacity, elevate customer experience, and deepen our investment in technology, innovation, and operational excellence.

“This enhanced financial strength enables us to provide smarter insurance solutions that respond to the evolving needs of our customers, deliver greater value to our stakeholders, support the advancement of Nigeria’s insurance industry, and maintain our unwavering commitment to prompt claims settlement to our policyholders”

Rex Insurance commended NAICOM for its leadership in strengthening the insurance sector through the recapitalization exercise and remains committed to supporting initiatives that promote a more resilient, competitive, and inclusive insurance market.

The insurer expressed its appreciation to its shareholders, Board of Directors, employees, customers, brokers, and business partners for their unwavering support and confidence, which have contributed to this important achievement .

“As the industry enters a new phase of growth, Rex Insurance’s focus now shifts from achieving capital adequacy to sustaining capital strength through disciplined execution, profitable growth, continuous innovation, and exceptional customer experience.”

The Company remains committed to delivering reliable insurance solutions, honouring its promises to policyholders, and creating sustainable value for all stakeholders while strengthening its position as a trusted insurance partner

About Rex Insurance Limited 
Rex Insurance Limited (Rex) is licensed by the National Insurance Commission (NAICOM) to offer the full range of general and special risks insurance products to the insuring public. With decades of experience in the Nigerian market, Rex Insurance has an enviable reputation for technical competence and financial strength.
With a vision of being the “Preferred Nigerian Insurance Company”, our strategic direction within the next 5 years is to focus on growth and profitability with the aim of growing the company’s gross premium written and be amongst the Top-Top-Tier general insurance companies in the market.

Operating from twelve (12) business locations nationwide to ensure maximum outreach and
accessibility, we have an unwavering dedication to our core values of Resilience, Efficiency,
eXellence, Integrity & Teamwork (REXIT).

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The Managing Director and Chief Executive Officer of the company, Nelson Akerele, disclosed this during a recent media briefing while addressing the firm’s capital positioning and compliance with the National Insurance Commission (NAICOM).

According to Akerele, Enterprise Life—which entered the Nigerian market approximately five years ago alongside peers like Heirs General and Heirs Life—has progressively built on its foundational capital structure to satisfy current regulatory thresholds.

“We started with ₦8 billion,” Akerele stated, recalling the company’s entry as one of the four entities licensed in that licensing wave. “What we have as a statutory deposit right now, as I speak, is ₦1 billion, which has been fully remitted to the designated account assigned to us.”

Beyond meeting the statutory deposit mandate, the Enterprise Life boss revealed that the company has fully satisfied its Minimum Capital Requirement (MCR).

He attributed this seamless compliance to a deliberate operational strategy that favors liquid assets over heavy fixed investments.

Unlike traditional players with massive capital tied up in real estate, Enterprise Life has maintained an agile, cash-ready balance sheet.

“We are not heavy in terms of buildings and all that; our assets are held in liquid form—in cash and cash equivalents,” Akerele emphasized. “We are an extremely liquid company.”

This cash-heavy asset strategy positions the insurer to promptly meet its obligations, match underwriting risks effectively, and settle policyholders’ claims without the delays often associated with liquidating physical property.

The announcement comes at a critical time when NAICOM continues to emphasize stricter solvency and liquidity management across the Nigerian insurance ecosystem to boost public confidence in the sector.

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