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.
Cornerstone of Financial Services
A survey of more than 1 000 global finance leaders undertaken by digital payment network Ripple shows that 72% of respondents believe they need to offer a digital asset solution to remain competitive.
According to Ripple, leaders from the banking, fintech, corporate and asset management sector have made it clear that the “digital asset revolution is happening now”.
“Digital assets are quickly becoming a cornerstone of financial services, underpinned by progressive regulation, growing interest from Tier-1 banks, a steady consumer shift from banks to fintech providers, and booming stablecoin adoption,” Ripple says.
The survey was conducted in early 2026 and the findings released in March.
Stablecoin Boon or Bane?
Ripple has experienced significant success in the stablecoin sector since launching its Ripple USD (RLUSD) stablecoin in 2024.
With a market cap of $1.56 billion, it is considered a major regulated player in the market.
No doubt the platform was pleased to learn through its own survey that financial leaders were most bullish about stablecoins.
Roughly three-quarters of respondents believed they could boost cash-flow efficiency and unlock trapped working capital.
Ripple noted that finance leaders were thinking about stablecoins as more than “just a new way to execute payments”; instead, they viewed them as effective tools for treasury management.
In March 2026, Ripple began testing a new trade finance model built around RLUSD in a bid to increase the speed of cross-border payments.
The pilot initiative, developed alongside supply chain finance company Unloq [https://unloq.com], is running on the XRP Ledger inside a testing framework developed by the Monetary Authority of Singapore.
The Asian city-state is one of the platform’s biggest growth markets.
The idea behind the project is to see whether stablecoin-based settlement can streamline trade finance, too often hampered by reliance on intermediaries and slow reconciliation.
The only potential drawback is that if the initiative takes off, the Ripple to USD price could be negatively affected.
Ripple has always championed its native XRP token as a bridge asset, the “middleman” in the process of a financial institution turning dollars in the US into pounds in the UK, for example.
Ripple converts dollars into XRP and then back into pounds.
If RLUSD can do exactly the same thing, questions will be asked about XRP’s relevance.
That is a bridge Ripple will have to cross if it gets to that point.
Tokenisation Partners
Another interesting finding from Ripple’s survey is that most banks and asset managers are seeking tokenisation partners to help execute their strategies.
Some 89% of respondents said digital asset storage and custody were top priority. “Token servicing/lifecycle management also ranks highly for banks at 82%, while asset managers place greater emphasis on primary distribution at 80%,” Ripple found.
The survey also revealed that just more than half of fintechs and financial institutions want an infrastructure provider that can offer a “one-stop-shop solution”. This rose to 71% among corporate financial leaders.
Ripple attributes this to institutions and firms wanting uncomplicated, cohesive systems.
Infrastructure Rules
In its final analysis, Ripple says companies across the board are looking for partners and solutions that are “secure, compliant, battle-tested and that enable growth and execution”.
“The message is clear: infrastructure decisions made today will shape competitive positioning tomorrow.”
No surprise that this is precisely where Ripple is placing much of its focus.
