Most composite insurance companies in Nigeria are comfortably exceeding the N25 billion regulatory capital requirement, positioning themselves strongly ahead of the industry-wide recapitalisation deadline.
AIICO Insurance leads the pack with a substantial capital buffer of N40.77 billion, followed closely by Cornerstone Insurance with surpluses of N36.65 billion. AXA Mansard also maintains a healthy capital position above the minimum requirement.
Meanwhile, LASACO Assurance Plc has taken significant steps to strengthen its capital base, successfully raising approximately N11.10 billion through a private placement. This move brings the company closer to meeting the N25 billion minimum capital benchmark for composite insurers.
Fortis Global Insurance, however, has yet to disclose its eligible capital and will need strategic recapitalisation measures to comply with regulatory requirements.
Industry analysts note that the current capital positions of most insurers reflect improved financial resilience and readiness to meet the demands of an evolving insurance sector in Nigeria.
