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NAICOM approves NICON Insurance 2014 Accounts

By on June 23, 2016

The National Insurance Commission (NAICOM) has approved the 2014 audited financial statement of NICON Insurance Limited.
The approval was granted following the confirmation by the insurance apex regulator that NICON had substantially complied with regulatory requirements.

The commission’s approval was covered in a letter to the company dated June 21, 2016, a copy, which was obtained by THISDAY, yesterday.

According to the highlights of the approved accounts, the company’s total assets stood at N37.62 billion as at December 31, 2014 while shareholders’ funds stood at N14.02 billion.
Gross Premium Written and Gross Premium Income were valued at N826.22 million and N758.10 million respectively.
In addition, the company’s Net Claims Expenses and and Underwriting Result were recorded at N157.68 million and N443.26 million respectively.

Its total liabilities was valued at N23.59 billion while management expenses stood at N1.53 billion. The company however, recorded a loss after tax of N758.99 million.
According to NAICOM’s letter of approval for the accounts, which was signed by its Director in Charge of Supervision, O.O. Opara, the commission said it had “no objection to the publication of your audited financial statements for the year ended 31st December, 2014 as submitted.”

However, It added: “As usual, the audited financial statements and related statutory returns will be subjected to further regulatory processes and where any material error or misstatement of figure/fact is discovered at any stage of the regulatory processes, whether due to fraud or error, the company will be required to do a restatement in accordance with the provisions of the extant laws.”

The board of NICON had recently launched a strategic roadmap which would among other things, reposition the company through the appointment of international I.T firms to deploy financial information technology infrastructure to enhance businesses processes.
It further approved an injection of N500 million to boost the working capital of the company.