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Tag: Stanbic IBTC Insurance

  • Stanbic IBTC Insurance unveils Manifold Endowment Plan

    Stanbic IBTC Insurance unveils Manifold Endowment Plan

    Stanbic IBTC Insurance, a subsidiary of Stanbic IBTC Holdings has launched the Manifold Endowment Plan, an innovative blend of insurance and investment designed for Nigerians who want to protect what matters, grow their wealth, and enjoy peace of mind.

    With life cover up to N1 billion, partial maturity payouts, and end-of-term bonuses, Manifold is for the modern Nigerian working hard today, planning boldly for tomorrow.

    The Manifold Endowment Plan is uniquely designed for Nigerians aged 18 to 64, providing them with flexible policy durations ranging from six to fifteen years. At its core, it integrates death benefits, partial maturity bonuses, and accidental medical coverage, all while offering a structured avenue for individuals and families to plan, protect, and prosper.

    Speaking on the launch, Akinjide Orimolade, Chief Executive, Stanbic IBTC Insurance said the Nigerian insurance sector, though still underexplored, has seen remarkable growth, with industry revenues surging by 147per cent in the first nine months of 2024. Yet, with insurance penetration hovering around just 0.5per cent of GDP, the gap in uptake remains stark.

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    He noted that Stanbic IBTC is tackling this head-on by introducing an offering that speaks to the everyday concerns of middle- and high-income Nigerians who seek value, reliability, and transparency in financial services.

    He said: “The Manifold Endowment Plan is a response to Nigeria’s pressing need for accessible and rewarding insurance solutions. We are not just offering protection; we are empowering Nigerians to build financial resilience while preparing for the future. With Manifold, every premium is an investment in both peace of mind and real financial return.

    “Manifold bridges the perception gap often associated with insurance. It assures Nigerians that even if the “worst” doesn’t happen, their money is never wasted. With premiums starting at just N10,000 monthly, policyholders can earn two 25per cent bonuses on their premiums while still receiving 100% of their chosen sum assured at maturity.

    At its core, the Manifold Endowment Plan aligns with Stanbic IBTC Insurance’s broader mission: to help Nigerians secure today and prosper tomorrow. Whether it’s a young professional saving towards future goals, a parent building generational wealth, or a retiree seeking peace of mind, Manifold offers a tailored and transparent financial solution””, he added.

  • Stanbic IBTC Insurance receives NAICOM’s approval for 2023 Financial Report

    Stanbic IBTC Insurance receives NAICOM’s approval for 2023 Financial Report

    In a significant stride towards international financial reporting standards, Stanbic IBTC Insurance, a subsidiary of Stanbic IBTC Holdings, has emerged as the first insurance company in Nigeria to have successfully obtained vetting and approval from the National Insurance Commission (NAICOM) for its 2023 full year financial report.

    As the first insurance provider to receive such vetting by the industry regulator, this achievement comes on the heels of the insurance company’s adoption of the International Financial Reporting Standard (IFRS) 17 standardisation process, showcasing its commitment to transparency and adherence to global accounting practices.

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    The International Financial Reporting Standard (IFRS17) which was issued by the International Accounting Standards Board in May 2017; implemented in Nigeria in January 2023 and adopted by the National Insurance Commission, mandates all insurance firms to upgrade their financial reporting model by migrating from the IFRS4 model to the IFRS17 model. The IFRS 4 model allows companies to continue using existing local accounting practices, leading to inconsistencies and challenges in comparing financial statements across different jurisdictions. Thus, the model lacked uniformity in accounting practices as well as hindered comparability and transparency.

    Spurred by the need for a more robust and comprehensive standard that could better address the complexities of insurance contracts, the IFRS 17 represents a paradigm shift in accounting for insurance contracts. The model provides a consistent and transparent approach to insurance contract accounting. The model also gives a basis for users of financial statements to assess the effect that insurance contracts have on the entity’s financial position, financial performance and cash flows; as well as provides easier access to external capital and an increase in foreign direct investment.