As at end of December 2013, only 39 insurance companies were able to get the National Insurance Commission, NAICOM’s, approval for their International Financial Reporting Standard, IFRS, compliant financial results.
Accordingly, 20 firms were unable to scale through the IFRS hurdle.
Accounts approved by NAICOM so far are Mansard Insurance Plc; ADIC Insurance Limited; WAPIC Insurance Plc; Consolidated Hallmark Insurance; Oasis Insurance Plc; FBN Life Assurance Limited; Continental Reinsurance Company Plc; AIICO Insurance Plc; Leadway Assurance Company Limited; and UBA Metropolitan Life Insurance Company.
Others are Zenith Insurance Company Limited; Standard Alliance Insurance Life; UnityKapital; Unitrust Insurance Company Limited; Custodian & Allied Insurance Plc; Regency Alliance Company; Royal Exchange Assurance Plc; Sovereign Trust Insurance Plc; Zenith Life Insurance Ltd and Royal Prudential Life Assurance Plc; Sterling Assurance; Law Union & Rock Insurance Company Plc; Cornerstone Insurance Plc; Oceanic Life Assurance Plc (Old Mutual); Prestige Assurance Plc; FIN Insurance Ltd; Niger Insurance Plc; Equity Assurance Plc; Oceanic Insurance Company; Lasaco Assurance Plc; Crystal Life Insurance; Mutual Benefits Life and Mutual Benefits Assurance Plc; Nem Insurance Plc; Linkage Assurance; and Union Assurance Ltd.
Companies yet to get approval are PHB Insurance Plc; Great Nigeria Insurance; Wapic Life Assurance Ltd; Lasaco Life Assurance; Nigeria Reinsurance Corporation; Universal Insurance Company Ltd; African Alliance Insurance Plc; Nigerian Agricultural Insurance Corporation; Unic Insurance Plc; and Guinea Insurance Plc.
Companies that are yet to submit, let alone get approval are Alliance & General; Alliance & General Life Assurance; Goldlink Insurance; Spring Life Assurance; Investment & Allied Assurance; Industrial & General Insurance Plc; International Energy Insurance Plc; as well as NICON Insurance.