Demonstrating ability to reward investors through equity price growth which demonstrates liquidity state of the companies’ stocks in the equities market, Custodian and Allied Insurance and AIICO Insurance Plc emerged as the highest gainers in the insurance sector for the last trading week.
Major contributors to the sector’s high returns on investment, which stood at 9.30 per cent, returns on investments year to date (ytd) as at close of trade om Friday, 6th October, 2017, was lifted by Custodian Insurance, which grew by 4.29 per cent or N0.15 growth in its share price, to close trade at N3.65 per share, the sector opened trade for the week at N3.50 per share.
While Custodian emerged among the top ten gainers’ table for the week, AIICO was the 12th gainer among the 32 gainers recorded by the Nigerian equities’ market for the week ended October, 6.th
Custodian and Allied Plc. (CA Plc) is a holding company with leading specialist companies and brands, including Custodian and Allied Insurance Limited, Custodian Life Assurance Limited, Custodian Trustees Limited and Crusader Sterling Pensions Limited; all rendering best in class services in its versatile fold.
Currently, with the Custodian Group assets in excess of N69.8billion and a gross written premium of over N25.7bn, the group ranks among the top players in Nigeria’s other financial services sector.
AIICO Insurance followed in the sector’s gainers table with 3.77 per cent or N0.02 price growth for the week, as it closed trade at N0.55 per share.
Daily Times recalls that AIICO commenced operations in Nigeria in 1963 as an Agency office of American Life Insurance Company (“ALICO”) – at the time, a subsidiary of American International Group (“AIG”). The Company was incorporated, registered and licensed in Nigeria as American Life Insurance Company Limited – as a wholly- owned subsidiary of ALICO/AIG – in 1970 – to offer Life and Pension products and insurance services.
The company was renamed American International Insurance Company Limited (“AIICO”) upon the acquisition of a 60% stake by the Federal Government of Nigeria, and later listed on the Nigerian Stock Exchange in 1990, after which both shareholders, the Federal Government of Nigeria and AIG divested.
Meanwhile, Presco emerged top gainer for the week, followed by NAHCO, Wapco FBNH and Seplat, others are Okomu Oil, Neimeth, African Prudential , following Custodian and May & Baker, which closed the top gainers’ table for the week.