Five foremost Nigerian Insurance companies grew their revenue earnings to N139.40 billion in the first half of 2022.
The five insurance companies are AIICO Insurance Plc, Custodian and Allied Investment Plc, AXA-Mansard Plc, NEM Insurance Plc and Coronation Insurance Plc.
This revenue growth represents a sky-rocketed increase when compared to the N115.30 billion posted in the corresponding period of 2021.
Analysis of the half-year financial statements of these firms revealed that their premiums rose by 20.69% when compared to the same period in 2021, Nairametrics reports.
AIICO Insurance Plc reported an increase of 17.82% in gross premium during the half year as it remained resilient in the operational environment amid volatility in the economy. AIICO reported a premium of N40.574 billion during the half year of 2022 as against N34.436 billion representing a growth of 17.82%.
AIICO closed its last trading day at 53 kobo per share on the Nigerian Stock Exchange (NGX). AIICO began the year with a share price of 70 kobo but has since lost 24.3% off that price valuation, ranking it 150th on the NGX in terms of year-to-date performance.
On the other hand, Custodian and Allied Investment Plc reported a 10.88% growth in gross premium for the first half of the year 2022 to N36.521 billion as against N32.936 billion in 2021.
Custodian and Allied closed its last trading day of Tuesday, August 30, 2022, at N6.50 per share on the Nigerian Stock Exchange (NGX). Custodian & Allied began the year with a share price of N7.90 but has since lost 17.7% off that price valuation, ranking it 134th on the NGX in terms of year-to-date performance.
AXA-Mansard Plc sustained a positive trajectory during the half year ended June 30, 2022, with 33.92% growth in gross premium.
The company reported a premium of N34.717 billion in its half-year 2022 gross premium from N25.923 billion a year ago, taking advantage of the rise in risk environment due to operational headwinds in the first half of the year.
Mansard closed its last trading day (Tuesday, August 30, 2022) at N1.80 per share on the Nigerian Stock Exchange (NGX), recording a 2.7% drop from its previous closing price of N1.85. AXA Mansard began the year with a share price of N2.32 but has since lost 22.4% off that price valuation, ranking it 144th on the NGX in terms of year-to-date performance.
In the same vein, NEM Insurance Plc posted gross premium of N18.339 billion for the first half of the year 2022 from N15.237 billion in 2021, accounting for an increase of 20.36 as the firm also grew premium.
NEM closed its last trading day at N5.00 per share on the Nigerian Stock Exchange (NGX).
The insurance firm began the year with a share price of N4.50 and has since gained 11.1% on that price valuation, ranking it 41st on the NGX in terms of year-to-date performance.
Coronation Insurance Plc gained a 32.75% increase in gross premium during the review period.
The company recorded a premium of N9.290 billion in half year 2022 from N6.998 billion in 2021, accounting for an increase of 32.75%.
The insurance firm closed its last trading day (Tuesday, August 30, 2022) at 38 kobo per share on the Nigerian Stock Exchange (NGX).
Coronation began the year with a share price of 56 kobo but has since lost 32.1% off that price valuation, ranking it 151st on the NGX in terms of year-to-date performance.
