Ebere Nwoji
Stanbic IBTC Insurance, one of the first set of insurance companies to cross the recapitalisation huddle embarked by the National Insurance Commission ( NAICOM), said with the new capital it has reinforced strength for the future .
The company said raising the new capital marked a significant milestone in the company’s growth journey and reaffirmed its position as one of Nigeria’s leading life insurance providers.
According to the Chief Executive, Stanbic IBTC Holdings, Chuma Nwokocha, meeting that bar required more than access to capital. It required the kind of financial discipline, planning and governance that regulators were specifically screening for. Stanbic IBTC Insurance’s successful verification against the N10 billion threshold reflected the rigour of that preparation. Today, that outcome speaks to the strength of its balance sheet, at a moment when the industry itself is being reshaped by fewer, better capitalised operators.”
He noted that the confirmation reflects the strength of the wider group’s approach to capital planning and governance.
Also speaking, Chief Executive, Stanbic IBTC Insurance, Akinjide Orimolade, noted that the milestone should be understood in the context of where the industry is heading, not simply where it has been.
“This confirmation is a moment worth marking, but it is not the finish line. NAICOM has set a new baseline for what it means to operate responsibly in this industry and meeting that baseline required real discipline across our organisation. What matters now is what we do with this position. Nigeria’s insurance industry is entering a phase where scale, governance and financial strength will separate the operators built for the long term from those simply built for today. Our task is to keep building the kind of institution that customers and stakeholders can rely on, not just at this moment, but as the industry continues to evolve,” he stated.