NLIP records 48% asset growth driven by effective risk pooling, insurance claims management
L-R: Directors, Nigeria Liability Insurance Pool (NLIP), Mr. Stephen Alangbo; Mrs. Ebelechukwu Nwachukwu ; Mr. Samuel Ogbodu; Chairman, Mr. Gboyega Lesi; Managing Director, Mrs. Adeyinka Adekoya; Directors, Mr. Razzaq Abiodun; Mr. Adewale Kadri; and Mr. Olamide Olajolo at the 15th Annual General Meeting held in Lagos today, Friday
Nike Popoola
The Nigeria Liability Insurance Pool (NLIP) has reported a strong financial performance for the year ended 2024, achieving a 48% growth in total assets from N1.83 billion in 2023 to N2.70 billion in 2024. This growth was fueled by strategic underwriting, improved claims management, and disciplined cost control.
Speaking at the 15th Annual General Meeting, the Chairman of the Pool, Mr. Gboyega Lesi, announced that NLIP recorded a net surplus of N708.24 million in 2024, representing a remarkable 118% increase from the N324.9 million posted in the previous year.
“This performance underscores the strength of our risk pooling model and the effectiveness of our claims administration processes,” Mr. Lesi stated. “It reflects prudent underwriting, robust investment income, and enhanced operational efficiency.”
The 2024 financial report he presented also showed that gross premium written rose by 48%, from N1.79 billion in 2023 to N2.57 billion in 2024. Investment income climbed to N225 million, up from N147 million in the previous year. The Pool’s underwriting surplus stood at N695 million, supported by disciplined underwriting and efficient claims handling.
In line with its mandate, Lesi noted, the Pool will distribute the net surplus equitably among contributing members, subject to statutory provisions and Board approval. At the meeting, the Board recommended a surplus distribution of N496 million.
He noted that the Pool agreement requires it reviews its members’ performance every five years, which resulted in the current performance-based shareholding structure of the Pool. The 2020 financial year commenced the recent five years of its latest review.
Lesi also commended the National Insurance Commission (NAICOM) for its ongoing efforts to deepen insurance penetration and reinforce risk-based supervision in Nigeria. He noted that these regulatory reforms have strengthened collaboration across the industry and enhanced the efficiency of pooling arrangements such as NLIP.
In the annual report, the Managing Director/CEO of NLIP, Mrs. Adeyinka Adekoya, stated that the Pool has grown stronger over the years and is now well-positioned to meet the rising demands of the insurance industry. She emphasized that NLIP continues to respond effectively to the increasing volume and complexity of liability risks marketed by its members and other registered insurers.
The NLIP reaffirmed its commitment to promoting financial sustainability and delivering dependable liability insurance solutions through collective strength, professional excellence, and strategic foresight.
