NAICOM approves 44 financial accounts of re/insurance companies

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The regulatory body of Nigeria’s insurance industry, National Insurance Commission, has approved 44 financial accounts of re/insurance companies for the 2023 financial period as of the end of September 23, 2024.

It disclosed this in a report obtained by Dailyeconomy titled ‘2023 financial statements status update for re/insurance companies.

According to figures obtained from NAICOM’s website, there are 27 general insurance companies, 13 life insurance companies, 13 composite insurance companies, and three reinsurance companies.

The regulator had set January 2024 as the deadline for the regulated entities to fully migrate to the International Financial Reporting Standard IFRS 17, from the previous IFRS 4.