Activities in four top ranking insurance companies lifted the sectors turnover gr the week ended, Friday,11th August, 2017.
The insurance sector, during the week, pulled a turnover of 19,206,684 million shares valued at N18,139,051.03m, in total of 551 deals. Four insurance companies comprising of Wapic Insurance, AIICO, Axa, Mansard and NEM Insurance lifted the sectors turnover with a combine transacted volume of 14,828,614 million shares, representing about 76 per cent of the total turnover of the insurance sector for the week.
Shares of Wapic Insurance Plc emerged as the most traded stock in the sector during the week, with a total of 5,932,754 million shares valued N3, 125,697.00; and traded in 178 deals, the company’s shares traded at N0.52 per share during the week.
Wapic Insurance Plc Half year one (H1)2017 result showed growth in key performance indices as premium written rose by 31.47 percent, while profit after tax grew by almost 134.64 per cent to N395.69 million.
Wapic’s underwriting profit soared by 103.32 pe rcent to N622.08mn as against N305.95m earned in 2016 half year.
Meanwhile, underwriting giants, AIICO Insurance Plc, followed on the sector’s activity table for the week, with 3,424,078 million shares valued at N1, 984,438.26m; and transacted by investors in 89 deals, the company closed trading for the week at N 0.57 per share.
AIICO Insurance recently secured the endorsement of the National Pensions Commission (Pencom) to resume the writing of annuity business regulated by the commission. The company and its appointed custodian, First Pension Custodian (PFC), have obtained PenCom’s approval to recommence the sale of the product nationwide.
AIICO is one of the pioneers of annuity business in Nigeria, having started annuity sales since 2013. The business has over 7,500 clients who are being paid their monthly annuities. The AIICO annuity product is designed to pay customers for the entire duration of their life, no matter how long they live.
Axa –Mansard Insurance placed third in the sectors weekly activity table with turnover of 3,171,768 million shares worth N6, 631,908.52m; and transacted b investors in 68 deals. The company’s stocks closed trade for the week at N2.15per share.
The company recently recommenced the sale of Annuities nationwide in line with the joint guidelines released by NAICOM and PenCom.
Chief Executive Officer, Mr. Kunle Ahmed said, “We are pleased to recommence sales of our annuity products. We welcome the opportunity to continue our business relationship with all Pension Fund Administrators (PFAs) and our business partners nationwide in providing this much needed service to the Nigeria public, who will benefit from the strength, expertise and security of AXA Mansard and the AXA Group”.
NEM insurance secured high patronage during the week with a total turnover of 2,344,014 million shares worth N2, 685,038.17 million traded by investors in 78 deals, and closed trade for the week at N1.10 per share.
The company was the fourth most actively traded shares in the insurance sector during the week ended Friday August 11, 2017.