The Nation Newspaper

Tag: Equity Assurance

  • Equity Assurance launches mobile insurance product

    Equity Assurance Plc., a member of SUNU Group, has announced the launch of its innovative mobile (USSD) insurance solution.

    The company Chairman, Abba Kyari Bukar, while speaking at the launch in Lagos, said Equity mobile insurance solution is not just innovative for the sake of it, but designed to address existential challenges that have faced insurance customers in Nigeria over the past 100 years.

    The product, he said, is a simple, first-of-its kind, self-service solution, which enables car owners to  purchase authentic 3rd Party Auto Insurance with the use of their mobile phones in less than five minutes.

    Kyari Bukar pointed out that the company was aware of the government’s drive towards achieving financial inclusion across the country hence the development of the product to further the objective.

    He stressed that the product is available to everyone, regardless of their GSM network, type of phone or whether or not they have access to the internet..

    He further stated that the company’s decision to develop this ground-breaking mobile insurance solution is aimed at ensuring excellent customer experience at all times and affordable cost.

    He added that it guarantees customers’ convenience, easy and secure access, real-time interaction and speedy service, noting that it serves as a platform for customers’ engagement, claims payment and other after-purchase services.

    The company Managing Director, Moruf Apampa, said the  mobile (USSD)  application also serves as a platform for customers’ engagement, claims payment and other after-purchase services.

    He said:“The company’s decision to develop this ground-breaking mobile insurance solution is aimed at ensuring excellent customer experience at all times for its existing and prospective customers at affordable cost.

    “The application will be available to all customers, regardless of their GSM network or type of phone they use, whether they have internet access or not, effective December 8, 2017.

    “Furthermore, Demo and animated illustrations can be viewed by prospective customers and general public on the firm’s website in order to better understand how to purchase/use the product as well as its different service features and functionalities,” he noted.

    SUNU  Group is a leading Insurance Group that operates in 14 countries in Africa.

  • Equity Assurance launches mobile insurance product

    Equity Assurance Plc., a member of SUNU Group, has announced the launch of its innovative mobile (USSD) insurance solution.

    The company Chairman, Abba Kyari Bukar, while speaking at the launch in Lagos, said Equity mobile insurance solution is not just innovative for the sake of it, but designed to address existential challenges that have faced insurance customers in Nigeria over the past 100 years.

    The product, he said, is a simple, first-of-its kind, self-service solution, which enables car owners to  purchase authentic 3rd Party Auto Insurance with the use of their mobile phones in less than five minutes.

    Kyari Bukar pointed out that the company was aware of the government’s drive towards achieving financial inclusion across the country hence the development of the product to further the objective.

    He stressed that the product is available to everyone, regardless of their GSM network, type of phone or whether or not they have access to the internet..

    He further stated that the company’s decision to develop this ground-breaking mobile insurance solution is aimed at ensuring excellent customer experience at all times and affordable cost.

    He added that it guarantees customers’ convenience, easy and secure access, real-time interaction and speedy service, noting that it serves as a platform for customers’ engagement, claims payment and other after-purchase services.

    The company Managing Director, Moruf Apampa, said the  mobile (USSD)  application also serves as a platform for customers’ engagement, claims payment and other after-purchase services.

    He said:“The company’s decision to develop this ground-breaking mobile insurance solution is aimed at ensuring excellent customer experience at all times for its existing and prospective customers at affordable cost.

    “The application will be available to all customers, regardless of their GSM network or type of phone they use, whether they have internet access or not, effective December 8, 2017.

    “Furthermore, Demo and animated illustrations can be viewed by prospective customers and general public on the firm’s website in order to better understand how to purchase/use the product as well as its different service features and functionalities,” he noted.

    SUNU  Group is a leading Insurance Group that operates in 14 countries in Africa.

  • Cote D’Ivoire firm completes acquisition of Equity Assurance

    Sunu Assurances Vie Cote D’Ivorie, a leading Cote D’Ivoire insurance company, has completed the acquisition process for 28.2 per cent equity stake in Equity Assurance Plc, in a deal valued at N1.25 billion.

    The transfer of the equities to Sunu Assurances was done last week at the Nigerian Stock Exchange (NSE). Sunu Assurance acquired a total of 2.497 billion ordinary shares of 50 kobo each of Equity Assurance Plc, representing 28.2 per cent of the equity stakes held by Skye Financial Services and other shareholders of Equity Assurance.

    Equity Assurance, which is quoted on the insurance sector of the NSE, currently has total issued shares of 8.847 billion ordinary shares of 50 kobo each trading at its nominal value of 50 kobo, representing total market capitalisation of N4.42 billion.

    The transactions pushed Equity Assurance up as the most active stock for the week, with a turnover of 2.53 billion shares valued at N1.26 billion in 110 deals. The council of the NSE had earlier granted its “no-objection” to the acquisition.

    Sustained depreciation of share prices of Nigerian quoted companies has made several companies targets of acquisitions. The low valuation is prominent in the insurance sector, where most companies are trading at their nominal value of 50 kobo.

    The acquisition gave the Sunu Group a foothold in the Nigerian market. The group already has operations in 10 other African countries including Benin, Burkina Faso, Cameroon, Guinea, Gabon, Mali, Senegal, Niger and Togo.

    Sunu Life Insurance Côte d’Ivoire is the leading life insurance in Ivory Coast, with a turnover of over 24 billion CFA francs in late 2014. With focus on corporate and enterprise segment, Sunu Ivory Coast Life Insurance provides group pension products, group benefits and retirement benefits. It has also positioned as a leader in bancassurance and micro insurance simple with innovative products and operational efficiency.

    Members of the Sunu Group included Avie and Kajas. Avie, a member since 2005, is in the top three market life insurance companies with a steady increase in sales. It was the first vendor to develop bancassurance in active partnership with the banking sector in Benin and two thirds of banks operating in the country now have at least one life insurance product managed by Avie.

    Kajas Microfinance is a social purpose private company founded in June 2008 in Senegal. Its goal is to lead a sustainable and profitable business for socio-economic development of the people by allowing them to participate in income-generating activities and offering them access to decentralized financial services.

    The reinsurers to Sunu Group included SCOR in France, Africa Reinsurance in Nigeria and CICA-Re in Togo.

    Chairman, Equity Assurance Plc, Mr. Adetutu Buraimo, had hinted about the acquisition at the company’s 28th annual general meeting in Ijebu-Ode, Ogun State

    According to him, the company plans to seek for new equity investments from strategic investors.

    Shareholders passed a resolution to increase the company’s authorised share capital from N7 billion to N10 billion.

    The acquisition comes on the heels of recent rebound in the performance of Equity Assurance, which recovered from a loss of N365 million in 2013 with a profit of N310 million in 2014.

    He said the group recorded a total premium of N4.846 billion in 2014 as against N4.616 billion in 2013 while the company’s solvency also improved as shareholders’ funds increased by four per cent to almost N4 billion.

    He reiterated the commitment of the board to delivering return on investments to shareholders, adding that the company hopes to achieve this by driving market penetration and expanding its frontiers in retail.

    “New products will be developed to serve the needs of the insuring public, while more electronic distribution channels are being opened up to make its products more accessible to prospective policyholders,” Buraimo said.

    Equity Assurance was incorporated on December 13, 1984 and was licensed to underwrite all classes of general business. The company operates with a recently increased authorized share capital of N7 billion and shareholders fund of about N5.1 billion. The company is a corporate member of the West African Insurance Company Association (WAICA) and the Nigeria Insurers’ Association (NIA), the official umbrella of registered insurance companies in Nigeria, as well as The Africa Insurance Organisation (AIO).

    Equity Assurance Plc is the parent company of Equity Assurance Limited, a Ghanaian subsidiary that started operations in Ghana in 2008.

     

  • Cote D’Ivoire firm acquires 28.2% stake in Equity Assurance

    A leading Cote D’Ivoire’s insurance company, Sunu Assurances Vie Cote D’Ivorie has received the approval of the Nigerian Stock Exchange (NSE) to acquire 28.2 per cent equity stake in Equity Assurance Plc, in a deal valued at N1.25 billion.

    Sunu Assurances would be acquiring a total of 2.497 billion ordinary shares of 50 kobo each of Equity Assurance Plc, representing 28.2 per cent of the equity stakes held by Skye Financial Services and other shareholders of Equity Assurance.

    Equity Assurance, which is quoted on the insurance sector of the NSE, currently has total issued shares of 8.847 billion ordinary shares of 50 kobo each trading at its nominal value of 50 kobo, representing total market capitalisation of N4.42 billion.

    Reliable market sources told The Nation the quotation committee of the council of the NSE approved the transaction.

    Market analysts said the sustained depreciation of share prices of Nigerian quoted companies has made several companies targets of acquisitions. The low valuation is prominent in the insurance sector, where most companies are trading at their nominal value of 50 kobo.

    Chairman, Equity Assurance Plc, Mr. Adetutu Buraimo, had hinted about the acquisition at the company’s 28th annual general meeting (AGM) in Ijebu-Ode, Ogun State

    According to him, the company plans to seek for new equity investments from strategic investors.

    Shareholders passed a resolution to increase the company’s authorised share capital from N7 billion to N10 billion.

    The acquisition comes on the heels of recent rebound in the performance of Equity Assurance, which recovered from a loss of N365 million in 2013 with a profit of N310 million in 2014.

    He said the group recorded a total premium of N4.846 billion last year as against N4.616 billion in 2013 while the company’s solvency also improved as shareholders’ funds increased by four per cent to almost N4 billion.

    He reiterated the commitment of the board to delivering return on investments to shareholders, adding that the company hopes to achieve this by driving market penetration and expanding its frontiers in retail.

    “New products will be developed to serve the needs of the insuring public, while more electronic distribution channels are being opened up to make its products more accessible to prospective policy holders,” Buraimo said.

    Equity Assurance was incorporated on December 13, 1984 and was licensed to underwrite all classes of general business. The company operates with a recently increased authorised share capital of N7 billion and shareholders fund of about N5.1 billion. The company is a corporate member of the West African Insurance Company Association (WAICA) and the Nigeria Insurers’ Association (NIA), the official umbrella of registered insurance companies in Nigeria and The Africa Insurance Organisation (AIO).

    Equity Assurance Plc is the parent company of Equity Assurance Limited, a Ghanaian subsidiary that started operations in Ghana in 2008.

  • Equity Assurance pays N556m in 8 months

    Equity Assurance Plc has paid total claims amounting to N556 million in the first eight months of the year, a statement issued by the Head, Corporate Communications of the Company, Mr Tunde Amolegebe stated. The claims settled covered all classes of business underwritten by the company within the period.

    The breakdown of the claims payments reveals that a total of N242 million was paid on fire insurance,N114 million paid on motor vehicle insurance business and N86.9 million paid on general accident insurance. Other payments were on marine insurance claims – N65.1million, oil and gas insurance – N37.7 million and N9.7 million paid on engineering insurance business.

    Some of the company’s clients whose claims were paid within the period include: Friesland Wamaco, Sterling Oil Exploration and Bourbou Interoil Limited. They were paid N131.8 million, N37.7 million and N19.3 million. Others are Panaserv Nigeria Limited – N18.7 million, Ceveae International Limited – N10.3 million and the Nigerian Police – N33.3 million among others.

    The current sum paid as claims represents an increase of 17.31 percent over the sum of N474.4 million paid in the same period in 2011.