Business
Oceanic Insurance Underwriting Profit Hits N1.08bn
Oceanic Insurance Company Limited, a member of the Oceanic Insurance Group, grew its underwriting profit from N635.3 million to N1.08 billion, representing an impressive 70 percent increase for the year ended December 31, 2008. Oceanic Life Assurance, also part of the group, recorded as 497 percent increase in its underwriting profit from N64.0 million to N382.4 million for the period under review.
Globally accepted as key strength and effective risk management indicators, this marked underwriting profit growth confirms Oceanic Insurance leading position in the insurance industry.
Other details from the company’s results which were recently approved by the National Insurance Commission (NAICOM) show that total assets rose by 36 percent from N4.4 billion to N6 billion; shareholders’ funds increased by 18 per cent after tax was N500 million from N367 million representing a growth of 36 percent. In addition, the earning per share appreciated by 33 per cent from 12 kobo recorded in 2007 to 16 kobo in 2008. According to Prince Lafor Olateru-Olagbegi, managing director, Oceanic Insurance Group, the firm’s performance is indicative of its acceptance and endorsement by the insuring public is an insurance company that exceeds the expectation of its clients. “At Oceanic Insurance Group, we are constantly propelled to providing creative solutions to our clients’ insurance needs. Our performance confirms our position of strength and motivates us to continually provide the best of covers for our clients and promptly indemnify them through prompt claims payment”, he said.
Oceanic life Assurance during the period under review grew its gross premium income by 57 percent from N382 million to N552 million, total assets rose by 46 percent from N2.4 billion to N3.5 billion; and shareholder’s funds increased by 9 percent from N2.2 billion in 2007 to N2.4 billion in 2008.
The Oceanic Insurance Group comprises Oceanic Insurance Company Limited, Oceanic Life Insurance Limited and Oceanic Health management Company Limited, operating with over N7.728 billion – net assets to carry on all classes of insurance business. Olagbegi said the Group’s performance trend in 2008 indicate further growth that will enhance its profits for more robust local offshore competitiveness.
Credit to Nigeria’s private sector rose to N83.26 trillion in June 2026 from N81.04 trillion in May, signifying a positive balance of N2.22 trillion month-on-month.
Year-on-year, the figure represents a nine per cent increase compared with the N76.13 trillion recorded in June 2025. The latest figures come as the CBN continues to balance efforts to control inflation with the need to support economic growth and expand credit to businesses.
The CBN data shows that credit to Nigeria’s private sector increased by approximately 2.74 per cent month-on-month between May and June 2026. Also, the CBN data noted that credit to the government fell slightly to N40.03 trillion from N40.38 trillion. Other assets, net, dropped to N10.76 trillion from N12.63 trillion.
The credit surge signifies sustained growth in lending to businesses and other private-sector borrowers during the month. The rise in private sector credit was recorded alongside an increase in net domestic credit, despite declines in credit to government and other assets.
Further analysis of the report says that compared with June 2025, private sector credit rose by about N7.13 trillion yea-on-year but net domestic credit increased by approximately N1.87 trillion during the month.
The CBN’s relatively tight monetary policy stance notwithstanding, more banks still loaded funds to the private sector within the period. The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) held its 306th meeting on July 20 and 21.
The Committee reviewed recent developments in the global and domestic economies, assessed emerging risks to the outlook and considered their implications for monetary policy and retained all rates.
The Committee decided to retain the Monetary Policy Rate at 26.5 per cent; the Standing Facilities Corridor around the MPR at +50/-450 basis points and retain the Cash Reserve Requirement (CRR) for Deposit Money Banks at 45.00 per cent, Merchant Banks at 16.00 per cent, and non-TSA public sector deposits at 75.00 per cent.
The MPC decision means that credit extension in the private sector will likely continue to rise because of rising confidence in the sector and calls by stakeholders for banks to invest in the private scetor instead of government securities.
