NSIA Insurance exits its life insurance business to focus exclusively on non-life insurance, transferring its portfolio to CHI Life.
TL;DR
NSIA Insurance Ltd. announced the transfer of its life insurance portfolio to CHI Life Assurance Ltd. to focus solely on non-life segments.
The National Insurance Commission (NAICOM) has granted approval in principle for the portfolio transfer, pending final regulatory processes.
Intelligence
NSIA capitalized N6 billion from retained earnings, increasing its issued share capital to N15 billion to meet NIIRA 2025 recapitalisation requirements.
By shedding its life insurance portfolio, NSIA Insurance is positioning itself to aggressively capture the general and motor insurance segments in Nigeria.
For the broader industry, this transition signals a trend of consolidation and niche-specialisation following the strict NAICOM recapitalisation compliance deadline.
4 companies and people in this story have tracked profiles.
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