INSURANCE: IGI REMAINS UNSHAKEABLE
August 24th, 2006 Ogbuotobo Chuks || chuks@stockmarketnigeria.com
Ogbuotobo Chuks
The Industrial and General Insurance company limited (IGI) has announced that its shareholders funds currently stand at N6.2 billion. This is coming at a time when Insurance firms are battling to increase their capital base to N5 billion as stipulated by the National Insurance Commission (NAICOM).
Furthermore, the company also has said it has embarked on a strategic move to remain on top in the industry through a private placement of 2.9 billion shares of 50 kobo each which commenced on August 7, 2006 and will end September, 6 2006.
With respect to dividend payment, the company has remained consistent with payment ranging from 10 Kobo to 30 Kobo since 1994. The company paid N126 million as dividends in 2004 compared with N75 million the previous year. Dividends payment for 2006, 2007 and 2008 are projected at N636 million, N1.27 billion and N1.99 billion respectively.
The company is the first to surpass the minimum capital base of N5 million in the reform Insurance Industry.
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