While industry stakeholders have applauded the commission for a successful exercise, market observers remain surprised by the unexpected survival of some underwriters previously perceived as unviable.

Companies such as Fortis Global Insurance Plc Industrial And General Insurance (IGI), and Alliance & General Insurance PLC (A&G) successfully met NAICOM’s minimum capital requirements. While the likes of  Universal Insurance Plc and STACO Insurance failed to meet the regulatory deadline.

Explaining the dynamics behind this, the immediate past President of the Nigerian Council of Registered Insurance Brokers (NCRIB), Prince Oguntade, disclosed that strategic capital injections and corporate governance shifts saved several struggling firms.

According to him in most of those cases, fresh funds are being injected into management, and there is a lot of new capital entering the system,” Oguntade stated. “People are beginning to realize that insurance—much like banking—is being run by sound principles.

He noted that NIIRA 2025 and broader regulatory reforms have reshaped investor perception, positioning the sector as a highly lucrative asset class.

He said “the Insurance Act has brought so many critical issues to the fore. When you review the legislation, you realize that insurance is essentially the ‘new oil.’ As a result, many companies that previously suffered from poor management or inadequate premium collection practices are starting fresh and seeking new growth opportunities.”

Addressing why some prominent companies  failed to meet the minimum capital requirements, he said “Some operators were perhaps overly confident that a simple rights issue would solve their capital needs—take cases like Universal Insurance and others, for instance.”

“But with the government holding a significant stake—acting almost as both an investor and the regulator—the 2025 Insurance Bill has taken on a life of its own. That is the broader shift we are seeing across the market.”

On the way forward for the industry, he  expressed optimism that the successful recapitalisation would lead to increased market maturity, driving specialized products tailored to global realities.

“Insurance is rapidly becoming a cornerstone of this economy. The new regulatory landscape is here to stay, and because of that, you are going to see a wave of innovation. We will witness major market shifts, including increased demand for private insurance and dollar-denominated policies.’

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NAICOM confirmed its that the company has fully satisfied the applicable recapitalisation requirements, significantly enhancing its financial capacity and positioning the insurer to pursue strategic growth across both its Life and General Insurance businesses.

This development marks a major milestone in emPLE’s expansion strategy, reinforcing its ability to scale operations, capitalize on market opportunities, and deliver sustainable value to customers and stakeholders.

Demonstrating its financial resilience and operational execution, emPLE Life Assurance Limited and emPLE General Insurance Limited jointly paid over N7 billion in claims in 2025—underscoring the company’s commitment to protecting individuals, families, and businesses while building a long-term footprint in the market.

Speaking about the development, Olalekan Oyinlade, Managing Director, emPLE General Insurance Limited, said, “Meeting the recapitalisation requirement is important, but what matters most to us is what that strength enables us to do for our customers. Insurance is built on confidence.

The confidence that when an unexpected event occurs, your insurer has both the capacity and the commitment to respond. Our strengthened capital position affirms that promise and gives us an even stronger foundation from which to serve our customers.”

“The continued confidence of our shareholders and investors also reflects the strength of the business we are building, the quality of our leadership and the long-term opportunities we see in the Nigerian insurance market. We remain focused on building an institution that customers, partners and other stakeholders can rely on for many years to come.”

Commenting on the development, Jolaolu Fakoya, Managing Director, emPLE Life Assurance Limited, said, “Our business has always been centered on the people and the responsibility we carry when they entrust their families, businesses, assets and aspirations to us.

A stronger capital position gives us greater capacity to fulfil that responsibility, deepen customer confidence and continue developing solutions that meet the real protection needs of Nigerians.”

 “As we look towards the next decade, our ambition goes beyond becoming a financially stronger insurer. We want to make insurance simpler, more accessible and more relevant to everyday Nigerians. That means investing in customerexperience, embracing digital innovation, strengthening our partnerships and developing products that empower more people to protect what matters to them.”

For emPLE, this milestone highlights key fundamentals such asfinancial strength, the ability to pay claims, customer confidence and long-term trust on which insurance is built. With a stronger foundation in place, the company remains focused on building a people-centred insurance business that protects and empowersNigerians today and into the future.

About emPLE

emPLE is a Nigerian insurance brand operating through emPLE General Insurance Limited and emPLE Life Assurance Limited, focused on delivering accessible protection solutions grounded in governance –, operational excellence, and sustainability

The post emPLE Positions for Strategic Growth After Full Recapitalisation appeared first on Business Today NG.

BY NKECHI NAECHE-ESEZOBOR—Board of Directors of Mutual Benefits Assurance Plc has declared a dividend payout of N803 million for its shareholders at its 30th Annual General Meeting (AGM).

Addressing shareholders, the Chairman of the company,  Dr. Akin Ogunbiyi, who was represented by Mr. Adesoye Olatunji, a member of the Board expressed appreciation for shareholders  continued trust, loyalty and active participation in the affairs of the company.

He noted that the successful conclusion of the 30th AGM reflects Mutual Benefits’ enduring commitment to sound corporate governance, regulatory compliance and sustainable value creation.

He commended the Board, Management and employees for their dedication and contributions to the company’s continued growth and assured shareholders that Mutual Benefits remains focused on delivering long-term value, while strengthening its market position in an evolving insurance landscape.

On financial performance he said the company was able to grow its Gross Premium Written by 17 percent from  ₦72.26 billion in 2024 to ₦84.60 billion in 2025.

 Insurance Revenue also appreciated to ₦80.05 billion as against ₦66.92 billion in the previous year, representing 20 percent increase.

 Profit Before Tax also was not left out as it rose significantly by 47% from ₦12.04 billion to ₦17.75 billion.

 Profit After Tax: Increased by 45% to ₦16.42 billion from ₦11.32 billion in 2024 while it’s total Assets: Grew to ₦176.25 billion from ₦147.13 billion.

 Shareholders’ Fund went up by 29% to ₦65.00 billion, while Earnings Per Share: Improved from 54 kobo to 81 kobo.

The successful hosting of the company’s 30th AGM comes at a defining moment for Mutual Benefits following its successful completion of NAICOM’s recapitalisation exercise. With a stronger capital base, renewed regulatory standing and a clear strategic direction, Mutual Benefits is well positioned to deepen insurance penetration, drive innovation, enhance customer experience and create sustainable value for shareholders and other stakeholders.

As Mutual Benefits enters its next chapter, the company remains committed to building a stronger, more resilient institution that continues to protect lives, businesses and investments while contributing meaningfully to the growth of Nigeria’s insurance industry.

Guided by its brand promise of “Creating and Protecting Wealth,” the company is committed to delivering exceptional value through financial strength, innovation, excellent service and the highest standards of corporate governance.

The post Mutual Benefits Rewards Shareholders with ₦803m Dividend as Revenue Hits ₦80 Billion appeared first on Business Today NG.