AIICO sustained its growth momentum in H1:2022 as Gross Premium Written (GPW) improved by 21.35% YoY to NGN45.48bn. The growth was broad based as all segment of the business expanded except the health management segment which declined by 10.06% YoY.
MANSARD in its H1:2022 financial scorecard recorded growth in Gross Premium Written (GPW) by 20.94% YoY to NGN44.97bn. The performance was majorly supported by the non-life business (at 42.61%) although we note a faster growth in the life business (+67.53% YoY) which contributed 19.82% to GPW while the HMO contributed (37.57% YoY) to top-line.
CUSTODIAN’s top-line soared by 14.96% YoY to NGN48.50bn in H1:2022. Premium income from core insurance business which advanced 10.89% YoY to NGN36.52bn drove overall top-line performance. However, spike in claims expenses by 29.41% YoY to NGN10.48bn brought loss ratio to 22.15% (vs. 19.19% in H1:2021) which worsened the firm’s combined ratio to 27.95%. However, the firm’s underwriting profit improved to NGN13.11bn (vs. NGN12.76bn in H1:2021).
NEM reported a solid growth in gross premium written (25.87% YoY to NGN20.25bn). The growth was largely driven by improvement on motor insurance (40.45%), fire insurance (33.88%) and general accidents insurance (21.77%).
