Nigerian insurers CHI Life and Lasaco meet NAICOM capital requirements

Several Nigerian insurance companies have successfully met the new recapitalization requirements mandated by the National Insurance Commission (NAICOM).

CHI Life Assurance Limited, a subsidiary of Consolidated Hallmark Holdings Plc, received certification from NAICOM, reporting a shareholders' fund of N11.2 billion and total assets of N13.7 billion. The company stated that its solvency margin stands at 110 per cent.

Lasaco Assurance Plc also announced the completion of its recapitalization exercise, receiving official clearance as part of a group of 43 approved companies. The regulatory directive by NAICOM increased minimum paid-up capital requirements across the sector—including life business, general insurance, composite underwriters, and reinsurance firms—to bolster liquidity and protect policyholders against economic shocks.