audit tax advisory presentation at the insurance future summit by kunle elebute, partner, kpmg...

AUDIT TAX ADVISORY

Presentation at the Insurance Future Summit by Kunle Elebute, Partner, KPMG

FINANCIAL SERVICES

April 2008

Trends in Global Insurance and Preparing Nigeria for the Global Challenge

ADVISORY

© 2008 KPMG Professional Services, the Lagos member firm of KPMG International, a Swiss cooperative. All rights reserved. Printed in Nigeria.

The Place of Insurance

Nigeria on the Global Landscape

Lessons from Other Markets

Overall Market Outlook

Key Success Factors

Outline


The Place of Insurance1


The nexus between insurance development and economic growth is well established

A 2006 USAID study of the insurance sector in developing countries revealed certain key findings:

“A substantial and growing body of evidence suggests that robust and efficient insurance markets improve

an economy’s ability to organise and allocate its resources”

“When insurance markets have the necessary capacity and infrastructure to deliver their variety of

services, synergies arise between insurance and other financial services that improve financial sector

effectiveness and economic productivity”

“Countries are much more likely to experience sustained growth if their insurance markets develop

well”

“Economies that experience more growth do so in part because they have access to efficient and

effective insurance products”


Nigeria on the Global Landscape2


The global insurance market is witnessing significant growth…

Global GDP grew by 3.9% in real terms during 2006 to $48,342 billion above the 10 year-average of 3%. Emerging

markets expanded by 6.9%, twice as fast as the industrialised countries.

Worldwide insurance premiums in 2006 were $3,723 billion, composed of $2,209 billion in life insurance and $1,514 billion in non-life, representing growth rates of

5%, 7.7% and 1.5% respectively.

The life market growth rate was the highest since 2000 and faster than overall economic growth in most

countries.

Emerging market growth trebled the rate from 2005

Source: Swiss Re Sigma No.4/2007


0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

World Industrialisedcountries

Emergingmarkets

South and EastAsia

Latin Americaand Caribbean

Central andEastern Europe

Africa Middle East andCentral Asia

Growth Rate Average Annual Growth Rate (1999-2005)

Real Pre

miu

m G

row

th R

ate

s (%

)

Life Business Development By Region

0%

5%

10%

15%

20%

World Industrialisedcountries

Emergingmarkets

South and EastAsia

Latin Americaand Caribbean

Central andEastern Europe

Africa Middle East andCentral Asia

Real Pre

miu

m G

row

th R

ate

s (%

)

Growth Rate Average Annual Growth Rate (1999-2005)

Non-Life Business Development By Region

Source: Swiss Re Sigma No.4/2007

The global insurance market is witnessing significant growth…


From Warehousing risks… ToUnderstanding, restructuring & transferring risks

Risks inherited from policyholders

Risks pooled and borne by insurers

Traditional reinsurance programs

Large diversification + good underwriting

Large amount of capital Securitisation Hedging Dynamic ALM

Management and intermediation of risk- risks taken from policyholders- risks pooled and structured by

insurers- risks externalised through

reinsurance programs and financial markets

Efficient diversification Moderate capital with appropriate

capital management

The Old World The New World

Focus on product returns without properly measuring risk/ volatility

Independent management of assets and liabilities

Accounting rules not “marked-to-market” (MTM)

Few rated companies Few institutional investors

Focus on product risk + value Integrated ALM Accounting rules approaching

MTM Many rated companies More institutional investors

Source: Adapted from AXA

From To

The insurance business model itself is transforming…


Key trends driving global insurance market growth

Strong economic growth, underpinned by improved macroeconomic fundamentals, especially in the emerging markets

Favourable regulatory changes and tax incentives

Introduction of mandatory cover in certain areas (motor third party liability health etc.)

Increased demand for life products

- Increased retirement provisions in countries with ageing population

- Government shift from public to private pension schemes


Regulatory Influence Universal Banking

Payments: Interswitch,Valucard, ATMC, NIBBS, CSCS,

Other providers: Securicor, Excel Cash Services, Rating Agencies Reformed

Security & Exchange

CommissionNational Insurance

Commission

National Pension

CommissionCentral Bank of Nigeria/ Nigeria Deposit

Insurance Corporation

Insurance Capital Markets

Banking

General

Reinsurance

Life

Issuing houses

Stock brokers

Specialized FIs

Banks – Universal,Community, Microfinance

Discount Houses

Development banks

Finance Companies

Pension Funds Management

Pension Fund Administrators

Pension fund custodians

Infrastructure Providers

Portfolio Managers

Investment AdvisersTrusteesPMIs

The Nigerian FS Industry Structure

The Structure of the Nigerian Financial Services Industry Today


0

10,000

20,000

30,000

40,000

50,000

60,000

70,000

80,000

Brazil Russia India China SouthAfrica

Nigeria

The Nigerian insurance sector remains globally insignificant and underdeveloped

Life Non-Life

Am

ou

nt

(US

$ M

illion

)

PREMIUMS IN EMERGING ECONOMIES

Source: “World Insurance in 2006”, Swiss Re, Sigma No. 4/2007

< 1% of GDP in 2006

< 5% of banks by total assets

Employs about 20, 0000 staff (the size of top 3 Nigerian banks)

< 1% of GDP in 2006

< 5% of banks by total assets

Employs about 20, 0000 staff (the size of top 3 Nigerian banks)

Source: Agusto Industry Estimates; 2006


Nigeria vs the BRIC(S)

Life Premium & Non-Life Volumes; GDP & Population in 2006

Life

(US $ m)

% of

Total

(Life +

Non-

Life)

World

share

%

Non-Life

(US $ m)

World

Share

GDP

(US $ bn)

Populatio

n

(m)

Insuranc

e Density

(US $)

Insurance

Penetration

%

Brazil 13,699 45.1 0.62 16,691 1.10 1,067 188.9 160.9 2.8

Russia 571 2.7 0.03 20,932 1.38 929 142.5 150.9 2.3

India 37,220 86.5 1.68 5,812 0.38 901 1,119.5 38.4 4.8

China 45,092 63.7 2.04 25,713 1.70 2,613 1,323.6 53.5 2.7

South

Africa

33,106 81.3 1.50 7,624 0.50 255 47.6 855.8 16.0

Nigeria 112 15.6 0.01 605 0.04 112 134.4 5.3 0.6Source: “World Insurance in 2006”, Swiss Re, Sigma No. 4/2007


Lessons from Other Markets3


Lessons from Other Markets - Brazil

Summary of major factors contributing to the rapid growth of the insurance industry in Brazil:

Government induced economic reforms through an economic stabilisation plan

- Economic stability leading to the adoption of the national currency as a trustworthy value reference;

Improved transparency and disclosures, leading to enhanced confidence and trust in the system by the public

Opening of the market to foreign participants in 1996, leading to transfer of capital, introduction of new products, technologies and knowledge that helped to enhance industry performance;

Introduction of a modernisation process based on IAIS* principles adopted in the most developed markets; and

Introduction of several policy changes to stimulate the interest of the Brazilian populace to the benefits of insurance leading to a more mature market.

*IAIS – International Association of Insurance Supervision


Lessons from Other Markets - Brazil

These policies have increased the contribution of insurance to GDP from 0.8% in 1994 to 2.55% in 2006.

These conditions provide a favorable environment for non-life insurance (benefited by the growth of economic activities as a whole), as well as for life insurance lines (a protection instrument which had lost its attractiveness during the economic instability period).

Contribution of Insurance to GDP

Life & Non-Life Ratios

Source: Ministry of Finance, SUSEP; 2006

Today, Brazil is the largest insurance market in Latin America, with 2006 total premiums of US $ 29.6 billion.


Lessons from Other Markets - India

The insurance sector in India has come a full circle from being an open competitive market to nationalisation and back to a liberalised market again…

No legislation to regulate insurance business prior to 1912

In the year 1912, the Life Insurance Companies Act, and the Provident Fund Act were passed

However, the Life Insurance Companies Act, put Indian companies at a disadvantage to foreign companies

Mushrooming of insurance companies to about 176 by 1938

Many financially unsound concerns were also floated suring this period & failed miserably

Several frauds during 1920's/30's sullied insurance business in India

Colonial Era(Pre 1938)

The first comprehensive legislation was introduced with the Insurance Act of 1938

The Act provided strict State control over insurance business

Nationalisation of life insurance business under the Life Insurance Corporation (LIC) in 1956

Non-life) insurance business/general insurance was nationalised with effect from January 1, 1973 & grouped into four companies

The Malhotra Committee was formed in 1993 to initiate insurance sector reforms

Insurance sector in India was liberalized in March 2000

Nationalisation Era(1938 – 2000)

Lifting all entry restrictions for private players and allowing foreign players to enter the market with some limits on direct foreign ownership

Presently, there are about: 16 life insurance companies and 15 non-life insurance companies in the market

Potential for growth in the market is immense e.g. nearly 80% of Indian population is without life insurance cover as at July 2007

Life insurance premiums & general insurance premiums account for 2.5% & 0.65% of the country's GDP respectively

Liberalisation Era(2000 till date)

Source: India 2010; A Lloyd’s View, June 2007



Liberalisation has led to a marked increase in India’s premium levels and private companies have gained a 34.6% market share

Source: India 2010- A Lloyd’s View

Premium Levels (2006)

USD 6.0bn

Nominal annualpremium growth

13% (during 2006)

Premium density (2005)

India: USD 4.4 per capita

Regulator Insurance Regulatory and Development Authority (IRDA)

Main non-life industry association

General Insurance Council

Main life industry association

Life Insurance Council

India Insurance Environment

Premium Levels (1995-2006)

Premium levels vs. market share by segment (2006)



The Indian insurance sector consists of public sector undertakings, PSU’s, foreign and private companies. However, the private companies are steadily building their customer base and currently account for 34.6% of the market share. Strengths of the private companies are highlighted below:

Small & Flexible

Good Staff, Systems,

Processes & Data

Greater Focus on Underwriting

Availability of smaller less disparate workforce which enables quick response to changing market conditions

Best-in-class staff with high remuneration

Implementation of high quality systems and processes

Adoption of international best practice standards to provide high quality data

Emphasis placed on sound underwriting procedures with high-quality back office processes

Strong Claims-Paying

Reputation

Greater efficiency in information capture leading to better reputation for claims settlement

Product Focus Aggressive product

development




Distribution Channels Key Growth Drivers

70-75% of all Indian non-life premiums are distributed through direct sales agents of the insurance companies.

Bancassurance is slowly picking up.

Brokers account for a small percentage of all premiums distributed.

Growing consumer class

Influx of foreign direct investment

Public Private Partnership (PPP) infrastructure development

Insurer quality and client education

Catastrophe exposure



Lessons from Other Markets - China

Comparisons in 2004 Amount $ bn

Position

World Rank

Total Insurance Premium 52.2 1.61% 11

Insurance density per capita

40.2 502 72

Insurance penetration/GDP

3.26% 7.85% 42

Between 2000 and 2005

Gross Domestic Investment rose from

33.7% of GDP to 41.2%

Gross savings rose from 37.9% of GDP to 49.5%

Corporate savings rose from

22.1% of GDP to 30.2%

Household savings rose from

12.9% of GDP to 16.8%

By 2006, there were 93 insurance institutions in China with nearly 2 million employees accounting for 40% of the financial sector workers.

Total premiums rose from $30.6 million in 2001 to $493 billion in 2005, representing $54 per head and 2.7% of GDP, of which $46.16 billion was for life, $ 17.52 billion for property and health and accident $6.41 billion.

Assets of insurers by the end of 2005 amounted to $0.21 trillion.

China is the world’s 11th largest insurance market by total premium volume, up from 16th in 2000, with premium volume of $62 billion.Source: China Insurance Regulatory Commission; The Geneva Association,

January 2008


Lessons from Other Markets - China As the administrative and regulatory authority of China’s commercial insurance,

the CIRC considers the development of insurance as its most important task and strives to make China insurance industry big and strong.

Focusing on the theme of development, the CIRC not only concentrates on efforts to boost the industry, but also emphasises risk prevention. Major regulatory measures since 2004 are as follows:

Improving the Market Access

Mechanism

Broadening Insurance Fund Management

Channels

Increasing Financing

Channels of Insurance Companies

Improved market access mechanism for insurance branches to encourage law-abiding insurance companies with sound internal control system and adequate solvency to establish branches and increase market competition

Permitted direct investment of insurance funds in the stock market

Investment of foreign-exchange insurance funds in overseas markets

Permitted insurance companies to invest in subordinated debts issued by banks and convertible corporate bonds Permitted insurance companies to issue subordinated debts, which provided a new financing channel for fast-developing insurance industry and helped to improve solvency status

Promoting Reform

Administrative Examination &

Approval System

Strengthening Risk Prevention

Strengthening Internal Management

Strengthening supervision of solvency adequacy

Reinforcing on-site inspection

Strengthening supervision of fund management

Premium rates filed at CIRC as opposed to the previous practice of approvals

Simplification of the life insurance clauses

Adjustment of auto insurance premium rates to address different risk elements and establish a market-oriented pricing mechanism

Source: China Insurance Regulatory Commission Press Release, 2007


Lessons from Other Markets - ChinaChina will remain an attractive market for foreign insurance companies for the following reasons:

At 40%, China has one of the highest personal savings rate in Asia indicating a huge potential for personal-retirement savings and protection insurance.

Insurance plays a major role in channelling funds into state infrastructure projects

China’s population is ageing fast and the government has recognised that private firms will play an essential role in creating a viable pensions system for China.

Total insurance penetration (premiums per GDP) at 3.3% is still very low, compared to an 8.1% world average.

Reform & Innovation

Deregulation of the Sector

Development of sound risk

practices

Development society & economy

The Schematic below presents an overview of the development of China’s insurance industry

Establishment of a modern insurance system

Pioneered listing on overseas stock markets

Improved corporate governance and optimised process operations

No restrictions for foreign invested insurance companies, except for life which must be established as a joint venture

Sustenance of balance between opening up and risk control

Cooperation of international insurance supervision

Adoption of principles of IAIS Development of corporate internal

controls Development of long-term risk

prevention framework

Provision of long-term funds for economic construction, supporting investment and promoting economic growth

Source: The Geneva Association, January 2008


Lessons from Other Markets – Vietnam Although China has achieved

impressive compound growth of around 30% per year, it has been outstripped by Vietnam, which has grown at an even rate of 45%.

Vietnam has a rapidly growing population of around 82 million people and a real GDP growth rate consistently around 7% for the last five years.

Economic growth rates are forecast to remain around this level at least in the medium term.

Life insurance premium income grew at an annual rate of 67% in the five-year period ending in 2004 before taking a pause in 2005. From 1999, when the new foreign entrants arrived, to 2004, total life insurance premium grew from less than $20 million to just over $500 million


Lessons from Other Markets – Vietnam

The insurance market is regulated by the Department of Insurance under the Ministry of Finance. The department supports the insurance industry with a number of measures that include:

- Promoting the network of professional agents and other distribution channels introducing greater flexibility to invest insurance funds by allowing the establishment of investment management fund companies

- Allowing grants of additional licenses to foreign companies promoting self-regulation of the industry

- Encouraging use of insurance funds to develop the country’s economy.

Customers

Tied Agents/ Agency

Channels

Brokers

Bancassurance

(Local & Internationa

l Banks)

Post Offices

Call Centres

Distribution Channels Employed in Vietnam

The regulatory body and insurance companies are focusing onimproving the quality and professionalism

of their distribution channels & agents respectively.

Source: Vietnam Association of Insurers


Lessons from Other Markets – Vietnam

Deregulation of market access

Deregulation of distribution

systems

Development of insurance products and

prices

Regulations compared to best practice

regulatory regimes

100% participation of foreign owned insurers and brokers

Deregulation of the insurance industry in Vietnam

Freedom of insurers in the life and non-life segments to develop their distribution channels

Insurers formulate their own strategies for agencies and compile the agency’s commission tables

No minimum capital requirement for establishment of branches

Insurers create and determine products (non-compulsory) prices through market competition

Impartial regulations for local and foreign insurers

Disclosure and consumer information Transparent regulatory process

Source: Studies on the Competitiveness and Impact of Liberalization in Financial Services:The Case of Insurance services; UNDP May 2006


Overall Market Outlook4


There are clear indications of the emergence of a vibrant insurance market in Nigeria

Population

(millions)

Per Capita GDP (US $)

GDP Growth (2007E)

South Africa 47.1 5,516.0 4.58%

Nigeria (Select)

28.0 4,000.0 N/A

Nigeria (Nationwide)

80.4 1,000.0 7.58%

Tunisia 10.3 3,2226.0 6.00%

Morocco 33.8 2,264.0 4.31%

Egypt 80.4 1,557.0 5.88%

Underlying Market Demand in Nigeria

Source: Standard & Poor’s, Afrinvest Research; January 2008z

GDP growth and per capita income have doubled in the last five years compared with the previous two decades.

Increasing literacy levels from 60% in 2006 to about 68% in 2007.

A survey conducted by Standard & Poor’s revealed that “the wealthiest 20% of Nigeria’s population accounts for 80% of national output (an estimated market of 28 million people with a per capita GDP of US $4,000 per annum).

The survey further revealed that this select population is responsible for much of underlying consumer market demand that is beginning to come to light in Nigeria.


There are clear indications of the emergence of a vibrant sector in Nigeria

The key growth drivers over the medium term include the following:

Ongoing Economic Growth

Industry Consolidation

Compulsory InsurancesMortgage/Real

Estate/Infrastructure Spend

Pension ReformLocal Retention (oil & gas, aviation, marine,

solid minerals)

MAJOR GROWTH CATALYSTS


Overall Outlook – the shape of things to come

Market-induced consolidation will lead to a restratification of the sector.

Diversification into related financial services/ businesses.

Entry by foreign operators in the form of equity-based partners and technical management teams will modernize and standardise the industry.

The industry will increasingly imbibe world class practices and processes.

Increased investment in people and technology as key business enablers

Bancassurance and other innovative channels will play a major role in improving penetration levels in the industry (aligns with the retail strategy of banks).

Marketing and asset management skills will flow from banking to the insurance sector.

Enhancement in the regulatory capacity and more proactive regulatory measures to achieve and maintain better standards including higher levels of professional and ethical conduct in the industry.

Growth in the middle class will drive emergence of life business.

Listing of insurance companies will stimulate and enhance public awareness of insurance.


Overall Outlook - What will characterise the industry in the medium term?

Insu

ran

ce

Pen

etr

ati

on

GDP Per Capita

Dormancy Early GrowthSustained

GrowthMaturity

NigeriaToday

VISION2020

• North America• Western

America

• India

• Egypt

Insu

ranc

e Gap

• South Africa

….. The Nigerian insurance sector is on the cusp of metamorphosis. However, key constraints/ dependencies exist in the institutional

framework and critical market infrastructure.


The insurance breakthrough: How big is the opportunity?

Key challenges to be addressed to unlock the full potential of the Nigerian insurance sector include the following:

REGULATOR OPERATOR

Realignment to international norms and practices

- Solvency

- Corporate governance

- Transparency

Risk-based approach

Enforcement

Regulatory convergence/collaboration (e.g. CBN)

Consumer rights protection

Skill and capacity gaps

- Managing large, diversified businesses

Risk and capital management

Investment/asset management

ROI pressure – meeting market/stakeholder expectations

NIA as a self-regulating organisation (SRO)?

Insurance education/literacy and public awareness


Key Success Factors5


Key Success Factors

Clear articulation of vision of Nigerian insurance sector, within the context of national economic agenda.

Effective engagement of all stakeholders

- Government

- NAICOM

- NIA

- Operators

Focused, disciplined execution with periodic progress reporting and measurement


Appendix


Life Insurance Growth, Penetration and Density by Region

Life Insurance Growth, Penetration and Density by Region

Premiums (US $ M)

Real Growth

Share of World

Market (%)Premiums in %

of GDPPremiums per Capita (US $

M)

2006 2006 2006 2006 2006

America 601,784 4.2 27.24 3.44 672.6

North America 572,860 3.8 25.93 3.95 1,731.8

Latin America & Caribbean 28,923 14.1 1.31 0.98 51.3

Europe 940,586 12.4 42.57 5.30 1,119.6

Western Europe 927,431 12.3 41.98 5.95 1,862.9

Central & Eastern Europe 13,154 19.2 0.60 0.64 40.3

Asia 602,266 3.6 27.26 5.00 154.6

Japan & Newly Industrialised Asian Economies

500,871 0.6 22.67 8.38 2,368.4

South & East Asia 96,627 23.6 4.37 2.06 28.6

Middle East & Central Asia 4,769 5.3 0.22 0.34 15.8

Africa 35,468 21.6 1.61 3.40 38.3

Oceania 29,214 6.1 1.32 3.36 896.3

World 2,209,317 7.7 100.00 4.48 330.6

Industrialised countries 2,033,051 6.6 92.02 5.53 2,026.0

Emerging Markets 176,266 21.1 7.98 1.42 31.6

OECD 1,976,063 6.6 89.44 5.24 1,645.0

G7 1,609,706 6.8 72.86 5.66 2,225.7

EU, 15 Countries 887,928 12.8 40.19 6.20 2,197.8

NAFTA 579,674 4.0 26.24 3.78 1320.1

ASEAN 20,299 2.5 0.92 1.96 41.4



Non-Life Insurance Growth, Penetration and Density by Region

Non-Life Insurance Growth, Penetration and Density by Region

Premiums (US $ M)

Real Growth

Share of World



M)America 727,945 1.5 48.08 4.17 813.6

North America 685,440 1.0 45.27 4.72 2,072.2


Europe 544,295 0.5 35.95 2.97 626.0

Western Europe 501,374 -0.2 33.11 3.09 966.6


Asia 198,553 4.4 13.11 1.63 50.4


142,750 1.8 9.43 2.35 664.6

South & East Asia 41,670 14.5 2.75 0.89 12.3


Africa 14,200 6.2 0.94 1.36 15.3

Oceania 29,102 -1.5 1.92 3.34 891.0

World 1,154,094 1.5 100.00 3.04 224.2



OECD 1,362,097 0.6 89.96 3.57 1,120.1

G7 1,121,609 0.4 74.08 3.84 1,508.6

EU, 15 Countries 469,400 -0.3 31.00 3.12 1,107.4

NAFTA 693,698 1.0 45.82 4.52 1,579.8

ASEAN 12,678 -0.6 0.84 1.01 21.4



Total Insurance Growth, Penetration and Density by Region

Total Insurance Growth, Penetration and Density by Region (2006)

Premiums (US $ M)

Real Growth

Share of World



M)America 1,329,729 2.7 35.71 7.61 1,486.3

North America 1,258,301 2.2 33.79 8.67 3,804.0


Europe 1,484,881 7.5 39.88 8.27 1,745.7

Western Europe 1,428,806 7.3 38.37 9.04 2,829.5


Asia 800,819 3.8 21.51 6.63 205.0


643,621 0.9 17.29 10.74 3,033.0

South & East Asia 138,297 20.8 3.71 2.95 40.9


Africa 49,667 17.5 1.33 4.77 53.6

Oceania 58,316 2.2 1.57 6.70 1,787.3

World 3,723,412 5.0 100.00 7.52 554.8



OECD 3,338,160 3.9 89.65 8.81 2,765.1

G7 22,731,315 4.1 73.36 9.49 3,734.3

EU, 15 Countries 1,357,328 7.6 36.45 9.32 3,305.1

NAFTA 1,273,373 2.4 34.20 8.29 2,899.9

ASEAN 32,977 1.3 0.89 2.98 62.8



Listed Insurance Companies Pre-ConsolidationS/N Name of Company Market

Capitalisation (Nm)

1 Acen Insurance 142.5

2 AIICO Insurance 609

3 Amicable Assurance 8.41

4 BAICO Insurance 99

5 Confidence Insurance 30.5

6 Cornerstone Insurance 442

7 Crusader Insurance Plc 627.6

8 First Assurance Plc 96.4

9 Great Nigerian Insurance Plc

678.8

10 Guinea Insurance Plc 39.6

11 Lasaco Assurance Plc 272.2

12 Law Union & Rock Insurance

276.5

13 Linkage Assurance 564.3

14 Mutual Benefits Assurance

180

15 N.E.M Insurance Co Plc 180.1

S/N Name of Company Market Capitalisati

on (Nm)

16 NFI Insurance Plc 199.5

17 Niger Insurance 1, 196.3

18 Prestige Assurance 497.9

19 Royal Exchange Assurance

1,109.3

20 Security Assurance 36.5

21 Standard Alliance Plc 318.5

22 Sun Insurance Nigeria Plc 1.78

23 UNIC Insurance 288.3

24 West African Prov. Insurance

833.3

Source: Nigerian Stock Exchange; 31 December, 2006


Listed Insurance Companies Post-ConsolidationS/N Name of Company Market

Capitalisation(N’bn)

1 Amicable Assurance 0.227

2 Baico Insurance 1.48

3 Law Union & Rock 202.08

4 Confidence Insurance 0.128

5 Continental Insurance 63.27

6 Cornerstone Insurance

32.13

7 Lasaco Assurance 6.99

8 Custodian & Allied 26.00

9 Equity Assurance 33.91

10 Great Nigerian Insurance

5.70

11 Guinea Insurance 3.53

12 Crusader Insurance 24.94

13 WAPIC Insurance 55.26

14 OASIS Insurance 252.52

15 Airline Services 15.97

S/N Name of Company Market Capitalisation(N’bn)

16 Acen Insurance 0.57

17 Consolidated Hallmark

26.46

18 Standard Alliance 16.27

19 Security Assurance 145.8

20 Mutual Benefits 28.67

21 N.E.M Insurance 24.34

22 Niger Insurance 40.51

23 Sovereign Trust 12.61

24 Universal Insurance 56

25 Linkage Assurance 19.03

26 Unic Insurance 14.43

27 ST Assurance 30.04

28 Prestige Assurance 11.9

29 AIICO 16.57

30 Royal Exchange 16.07Source: Nigerian Stock Exchange; 7 March, 2008

audit tax advisory presentation at the insurance future summit by kunle elebute, partner, kpmg...

Documents

kpmg professional services

life insurance

kpmg financial services

economic growth

global insurance market

insurance development

significant growth slide

place of insurance nigeria