The Nigerian Insurance Sector

FEBRUARY
THE NIGERIAN INSURANCE INDUSTRY
PRIVATE AND CONFIDENTIAL
2014
Disclaimer
Chapel Hill Advisory Partners Limited (Chapel Hill) is the investment banking business of the Chapel Hill Denham Group.
Chapel Hill is registered by the Securities & Exchange Commission (SEC) as an issuing house and market maker.
This document was prepared by Chapel Hill and the information contained in this presentation is confidential and intended
solely for use on authorisation by Chapel Hill. This presentation may contain information proprietary to Chapel Hill and
accordingly, cannot be reproduced, acted upon or disseminated in whole or in part without Chapel Hills prior consent.
This presentation contains information that has not been independently verified by Chapel Hill. Neither Chapel Hill nor any of
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the information contained in this document.
Only those particular representations and warranties, if any, which may be made in a definitive written agreement, when, as
and if executed, and subject to such limitations and restrictions as may be specified therein, will have any legal effect.
Any market analysis and estimates presented in this document represent the subjective views of Chapel Hill or the source
referenced, if any.
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Contents
I.
OVERVIEW OF THE NIGERIAN INSURANCE INDUSTRY
II.
THE CHAPEL HILL DENHAM GROUP
III.
CONTACTS
I.
CONTENTS
I.
Overview of the Nigerian Insurance Industry
The Nigerian Insurance Sector

Background and evolution
Consolidation/Current Reform Era
Pre-Consolidation Era
2005: : In line with major financial

sector reforms, NAICOM increased
minimum capital requirements
1960: 25 Insurance firms in

operation - 4 of the companies
indigenous
2009: The repeal of the universal banking

license by the CBN, leading to further
consolidation and emergence of
international players
1951 2004
1958: The African Insurance

Company Ltd was established
as the first indigenous
insurance company
2013: NAICOM commenced the

enforcement of the No
premium, No cover policy
2005 2009
2014: 59 Insurance
companies, top 4
controlling up to 30%
market share
2010 Date
2005: Prior to the commencement

of the capitalization programme
there were 104 insurance and 4 Reinsurance companies.
1999: NAICOM was set up by decree No. 1 of

1999 with a mandate to ensure the effective
administration, supervision, regulation and
control of insurance business in Nigeria.
2010: Passage of the Nigerian Content Oil & Gas

Development Bill, which mandates the utilization of
Nigerian/local content in all Oil & Gas projects.
*CBN Central Bank of Nigeria
I.

Highlights of the sector
Overview
The Industry Players
The Nigerian insurance industry (the industry) has evolved over the
past years, following increased capitalization requirements.
... Dominated by the top four firms
Non-Life
This led to a consolidation in the industry, and the emergence of 59

insurance companies from the previously existing 103.
12 composite, 1 reinsurance, 16 life and 30 non-life companies.
8%
Strategic business acquisitions, and strict supervisory regulation have

increased sector activities.
Compulsory insurance and enhanced public awareness of the
industry has seen growth of c.40% over the past three years.
Pension reforms and mandatory life insurance have also contributed
significantly to the growth of the industry.
Increased activity brought on by regulation
3%
15%
AIICO
9%
10%
9%
5%
65%
67%
IGI
Mansard
Leadway
5%
Others
Note: Market share based on Gross Premiums as at December 2011 (NAICOMs latest data)
Source: NAICOM
Industry Premium vs. GDP Growth
Nigeria has relatively low per capita spending on insurance, reflecting

immense opportunities for growth and expansion.
50%
CBNs requirement for banks to divest from their non-core banking

subsidiaries has created opportunities for mergers and acquisitions .
40%
Insurers that were hitherto subsidiaries of banks now find it more

seamless to extend their bancassurance models to other banks.
30%
The recent enforcement of the No premium, No cover policy by

NAICOM* is aimed at reducing unpaid premiums/bad debt.
Life
4%
Industry growth has consistently outperformed the economy
20%
10%
0%
2009
2010
2011
Growth in GDP
2012
2013
Growth in Premium
*NAICOM National Insurance Commission
I.
2014
2015

Key pillars of the Insurance Sector Reform
Enforcement of Compulsory
Insurance Products
The six compulsory insurance

products by law are:
Group life Insurance
Employers liability
Buildings under construction
Occupiers liability insurance
Sanitization and Modernization

of Insurance Agency System
The introduction of the Network

Agency system
Expansion of the insurance

penetration
NAICOM to champion:
Motor Third party Insurance
Enforcement of distribution
channels among insurers,
Health Care Professional

indemnity insurance
Compliance with anti-money

laundering laws,
Bridging skills gap among

young insurance practitioners,
Creating an efficient, profitable

market structure.
Introduction of Risk-based
Supervision
Compliance
Creation of enforcement teams to

monitor compliance with the
compulsory insurances.
Shift from compliance based to

risk based supervision is key to
reducing stress from the system.
Prohibition of the granting of

rebates and under-pricing except
as stipulated by law.
NAICOM to provide online real

time access to data to ensure
timely and accurate supervision.
Adoption of International
Financial Reporting Standards
(IFRS)
Establishment of an actuarial and

risk management department by
all insurers.
Compliance with Anti-Money

Laundering Laws.
Stricter corporate governance and

KYC guidelines.
THE IMPLEMENTATION OF THESE POLICIES IS POISED TO YIELD SUBSTANTIAL GAINS FOR THE COUNTRY, INSURANCE INDUSTRY AND REGULATOR
I.
OVERVIEW OF THE NIGERIAN INSURANCE SECTOR
Key Sector Indicators

Increasing contributions from life premiums
Contribution to Total Premium (NBn)
Increasing contributions from life premium
67.4
19%
105.4
15%
157.2
20%
190.0
19%
200.4
233.8
277.1
343.2
428.9
515.3
21%
25%
25%
25%
23%
22%
81%
85%
80%
81%
79%
75%
75%
75%
77%
78%
2006A
2007A
2008A
2009A
2010A
2011A
2012E
2013E
2014E
2015E
Non-life premiums, %
Industry penetration (Gross Premium as % of GDP)

1.0%
Life premiums, %
Industry Density (Gross Premiums/Capita)(N)

4,000
Insurance penetration remains low at 0.7%
0.8%
0.7%
... Albeit with increasing per capita income

2,953.02
3,000
0.6%
2,000
0.4%
0.2%
1,000
0.0%
2006A
I.
2008A
2010A
2012E
2014E
2006A
2008A
2010A
2012E
Source: Chapel Hill Denham Research
2014E

Recent developments
NAICOM increased regulatory capital for Life (N2billion), Non-Life (N3billion), Composite (N5billion) and Reinsurance
(N10billion) in 2005.
In December 2009, NAICOM initiated the Market Development and Restructuring Initiatives (MDRI) project, aimed at
instituting reforms in industry capacity in the Nigerian insurance market. A major thrust being the enforcement of:
Group Life Insurance
Employers Liability
Building under construction
Occupiers liability
Motor Vehicle Third Party Insurance
Health Care Professional Indemnity Insurance
The CBN issued new rules and regulations in 2010 in which Deposit Money Banks had to divest of their non-banking
subsidiaries or establish themselves as holding companies should they choose to continue with their non-banking business.
Compliance with the CBN directive led to Banks' diverstment of non bnnking subsdiaries, which presented merger and
acquisition opportunities as independent insurers sought to increase market share.
In March 2010, the Federal Government passed The Nigerian Content Oil & Gas Development Bill, which mandates the
utilization of Nigerian/local content in all Oil & Gas projects including insurance of all Oil and Gas related risks.
c.70% of oil and gas industry premium is ceded to overseas reinsurers due to low capacity to retain huge risks despite
recapitalisation in 2007.
NAICOM has formed a committee to address this weakness, which may result in additional capital injection by the players
in the oil and gas sub-market.
NAICOM is currently considering a risk-based capaitalisation for insurers, which may also lead to some form of capital raising
and or mergers/acquisitions.
I.
Opportunity Sets in Nigerian Insurance Industry

A compelling investment case
Nigerias GDP and demographic growth

outlook will positively impact the currently
low insurance density of US$19/capita.
Greater compliance of oil and gas companies

with the Local Content Act 2010 as well as
increased participation by local independents
will trigger a stronger growth of the oil and
gas insurance market.
Enforcement of compulsory insurance by

NAICOM being a major driver for industry
penetration
Key Growth Drivers

in the Sector
Highly fragmented market and current low

penetration of 0.7% (compared to c.7% in SA,
3% in Morocco) indicates robust potential for
growth in the Sector.
I.
Insurers strategies to increase penetration

into the retail insurance market could
positively impact premium growth.
The increasing robustness and reforms of the

pension industry further support the growth
of life insurance premium.
10
Comparative Analysis of Nigerian Insurance Companies

Relatively undervalued companies compared to Foreign Peers
LTM P/E Ratios (x)
Foreign Peers
Nigerian Companies
40.0
30.0
20.0
16.4x
9.6x
10.0
0.0
LTM Return on Equity (%)

Foreign Peers
Nigerian Companies
20.0
15.0
11.2%
9.7%
10.0
5.0
0.0
Source: Bloomberg, Chapel Hill Denham Research and Companies Quarterly Reports. Market data as at February 7, 2014. All LTM Ratios based on 9M-2013 figures.
I.
11
Comparative Analysis of Nigerian Insurance Companies

Shareholders Funds (NMn) (LTM)
Market Capitalisation* (NBn)

Mansard
23.5
20.2
AIICO
23.8
Wapic
13.2
Custodian
Custodian
13.2
AIICO
14.6
Continsure
12.8
Mansard
14.0
Mansard
12.1
Continsure
13.5
Mutual Benefit
9.2
Nem Insurance
9.1
Continsure
11.6
Afrinsure
10.3
AIICO
7.5
19.1
Intenegins
11.5
Custodian
22.2
Cornerstone
4.5
STDinsure
8.7
Sovrenins
9.1
Equity Assurance
4.4
Royalex
8.1
Royalex
8.4
STDinsure
4.2
Wapic
7.9
Nigerins
8.0
Nem Insurance
4.2
Nem Insurance
7.6
Staco
6.4
Oasis Insurance
4.0
Goldinsure
7.1
STDinsure
5.7
Mutual Benefit
4.0
Cornerstone
6.4
Cornerstone
5.0
Nigerins
3.9
Nigerins
5.7
Lasaco
4.9
Lasaco
3.7
Lasaco
5.6
Goldinsure
4.7
Sovrenins
3.4
Prestige
4.2
Intenegins
3.8
Royalex
3.2
Equity Assurance
3.9
Law Union
3.6
Staco
3.1
Law Union
3.8
Prestige
3.5
Goldinsure
2.4
Oasis Insurance
3.8
Wapic
3.3
Law Union
1.7
Mutual Benefit
3.6
Equity Assurance
3.0
Prestige
1.6
Sovrenins
3.1
Oasis Insurance
1.6
Staco
2.4
Afrinsure
1.4
Intenegins
* As at January 31, 2014
I.
Afrinsure
Gross Premium Income (NMn) (LTM)
0.8
Source: Chapel Hill Denham Research
12
Analysis of the Top 3 Publicly Quoted Insurance Companies

A Snapshot
DPI Holdings 24%
Chief M. Ade Ojo 20%
AfricInvest 19%
Mr. Oluwole B. Oshin 16%
DEG 12%
Aureos Africa Fund 7%
Others 45%
Others 57%
Life 51%
Life 78%
Life 13%
Non-Life 49%
Non-Life 22%
Non-Life 87%
N7.83 Billion
N23.80 Billion
N13.53 Billion
Gross Premium: N14.67 Billion

(US$94.19 Million)

(US$58.88 Million)

(US$127.64 Million)
PBT: N995.94 Million

(US$6.39 Million)
PBT: 2.07 Billion

(US$13.29 Million)
PBT: N2.49 Billion

(US$15.99 Million)
PAT: N761.33 Million

(US$4.89 Million)
PAT: N1.85 Billion

(US$11.88 Million)
PAT: N2.16 Billion

(US$13.87 Million)
EPS: 10.99k
EPS: 11.63k
EPS: 35.16k
NAV/share: N1.40
NAV/share: N1.38
NAV/share: N3.26
AIICO Bahamas Ltd 15%

Ownership Structure
Chief (Dr.) Fajemirokun 6%

Others 80%
Contribution to Gross Premium
Market Capitalization
Key Financials
Source: Bloomberg, Chapel Hill Denham Research, Companies 9-month Audited Accounts. Market data as at February 7, 2014
I.
13
AIICO Insurance Plc

Company overview
Business Description
Business Divisions
AIICO Insurance Plc is a provider of life insurance, general insurance,

specialist risk insurance, and financial services in Nigeria to
individuals and corporates.
The company provides a range of life insurance products for
fulfilment of statutory corporate insurance requirements, as well as
tailored solutions that link life insurance to investment options,
education plans, and annuity plans.
The company distributes its products through agent and broker

distribution channels.
Offices in major Nigerian cities including Abuja, Abeokuta, Aba, Benin,
Calabar, Enugu, Ibadan, Kano, Lagos, Onitsha, Owerri, Port Harcourt
and Warri.
AIICO Life
Engaged in the
provision of life
assurance, savings and
investment plans
AIICO Asset
Management
AIICO General
Specializes in insurance
products against
potential losses,
damages and liability
claims
Service offering includes

portfolio management
services, equity and
fixed income, private
equity and real estate
services
Founded: 1963; Headquartered: Lagos, Nigeria; Employs: 301.
Board Members
Name
Chief (Dr.) O. Fajemirokun
Mr. Edwin Igbiti
Mr. Jide Orimolade
Key Management
Title
Chairman
Managing Director/CEO
Title
Mr. Edwin Igbiti
Managing Director/CEO
Oladipo Oguntuga
Chief Investment Officer
Executive Director
HRH (Dr.) O. Akenzua JP
Director
Chief Rasheed Gbadamosi
Director
Sen. Tokunbo Ogunbanjo
Director
Chief Eugene Okwor
Director
Dr. (Ms.) Adenike Fajemirokun
Director
Mr. Henry James Semenitari
Director
Mr. Sonnie Ayere
Director
I.
Name
14
AIICO Insurance Plc

Public market overview
Key Financials1
Share Price Performance
(USDmm)
Balance Sheet
Insurance Receivables
Total Assets
Claims Payable
Liability on Insurance contracts
Total Liabilities
Shareholders Equity
Income Statement
GWP
NPI
Claims
Operating Expenses
Net Income
Key Ratios
ROE (Annualised)
ROA
Claims Ratio
2012
2013 9 MONTHS
14.0
224.7
3.9
100.8
150.8
73.0
14.0
284.5
4.8
133.1
193.4
89.9
94.9
66.2
29.9
(14.5)
11.2
116.6
77.3
45.7
(17.9)
4.9
15.4%
5.0%
31.5%
7.3%
2.3%
39.1%
250%
Metric
Share Price as at February 7, 2014 (NGN)
52 Week High (NGN)
52 Week Low (NGN)
Shares Outstanding (M)
Market Capitalisation (NGNm)
Market Capitalisation (USDm)
2013 P/E
2013 P/B
200%
147%
145%
150%
100%
AIICO
Business Mix (By Gross Premiums Earned)
Value
0.91
1.48
0.75
8,800.20
8,184.19
52.55
4.7x
0.6x
ASI
Shareholding Pattern
Bahamas
14%
Non-Life
49%
Life
51%
Fajemirokun
6%
Others
80%
2012 Balance Sheet numbers represent 9month figures, Income Statement numbers are for the full year. Exchange rate of N155.75:US$1
1
I.
15
Mansard Insurance Plc

Company overview
Business Divisions
Formerly called GTAssurance Plc, was a subsidiary of Guaranty Trust

Bank. It was acquired by Assur Africa Holding in 2011 and renamed
Mansard Insurance Plc.
The companys services include life and non-life insurance services,
risk management, investment management and financial advisory
services.
Non-life Business general insurance transactions with individual

and corporate customers, general business insurance plans related to
motor, fire, general accident, marine, bond, engineering, oil and
energy as well as aviation.
Life Business individual life, group life and health insurance .
Asset Management portfolio management services.
100%
100%
Mansard
Investments
Limited
Mansard Health
Limited
Headquartered in Lagos, Nigeria.
Board Members
Name
Mr. Victor G. Osibodu
Key Management
Title
Chairman
Mr. Hakim Khelifa
Director
Mr. Olusola Adeeyo
Director
Mrs. Abiola Ojo-Osagie
Director
Ms. Runa Alam
Director
Mr. Jatin Mukhi
Director
Mr. Karl Weinfurtner
Director
Mr. Idris Mohammed
Director
Mr. Kunle Ahmed
Director
Mrs. Yetunde Ilori
Chief Executive Officer
Mr. Tosin Runsewe
I.
Name
Title
Mrs. Yetunde Ilori
Chief Executive Officer
Mr. Tosin Runsewe

Yomi Onifade
Mr. Kunle Ahmed
Victor Inyang
Chief Client Officer

Deputy General Manager
Div. Dir. Inst. Business Division
Chief Inv. Officer Mansard Inv. Ltd.
Chief Client Officer
16
Mansard Insurance Plc

Key Financials1
(USDmm)
Balance Sheet
Insurance Receivables
Total Assets
Claims Payable
Liability on Insurance contracts
Total Liabilities
Shareholders Equity
Income Statement
GWP
NPI
Claims
Operating Expenses
Net Income
Key Ratios
ROE
ROA
Claims Ratio
2012
2013 9 MONTHS
13.1
202.7
0.5
12.8
109.0
90.6
5.3
215.2
0.6
13.7
120.8
88.7
64.5
32.8
15.2
(20.1)
22.1
68.8
34.4
15.5
(16.4)
29.7
24.4%
10.9%
23.5%
33.5%
13.8%
22.6%
160%
Metric
52 Week High (NGN)
52 Week Low (NGN)
2013 P/E
2013 P/B
135%
120%
100%
MANSARD
Others
Life
78%
2012 Balance Sheet and Income Statement numbers represent 9month figures. Exchange rate of N155.75:US$1
I.
145%
140%
Non-Life
22%
Value
2.49
2.87
1.79
10,000
25,000
160.51
9.4x
1.8x
ASI
DPI
24%
AfrInvest
19%
DEG
12%
17
Custodian and Allied Insurance Plc

Company overview
Business Divisions
Custodian and Allied Insurance Plc is a wholly owned Nigerian

company.
Custodian was formed from the merger of Custodian and Allied
Insurance Plc and Crusader Nigeria Plc in January 2013.
The company is listed on the Nigerian Stock Exchange.
Its products and services include life and general insurance (travel
insurance, motor insurance, personal, accident insurance).
The company also has trusteeship and pensions businesses.
Custodian operates offices in Lagos (head quarters), Benin, Onitsha,
Kano, Abuja and Port Harcourt.
Board Members
Name
Chief Michael Ade-Ojo
Mr. O. Oshin
Custodian &
Allied
Insurance
Limited
Custodian Life
Assurance
Limited
Custodian
Trustees
Limited
Key Management
Title
Chairman
Managing Director/Founder
Mr. R. Asabia
Director
Mr. Toni Ogunbor
Director
Mr. Ravi Sharma
Director
Mr. I. Dikko
Director
Name
Title
Mr. O. Oshin
Managing Director/Founder
Mr. O. Odunsi
Deputy Managing Diirector
Mrs. Emily Etebe

Mr. Edei Isujeh
Mrs. Olubunmi Aderemi
Mr. Taiwo Oya femi
Chief Financial Officer

Chief Underwiting Officer
Head, Admin & Corporate Affairs
Head, Financial Institutions
Mr. Friday Nwachukwu
I.
Crusader
Sterling
Pensions
Limited
Head, Internal Audit
18
Custodian and Allied Insurance Plc

Key Financials1
(USDmm)
Balance Sheet
Total Assets
Total Liabilities
Shareholders Equity
Income Statement
GWP
NPI
Claims
Operating Expenses
Net Income
Key Ratios
ROE (Annualised)
ROA
Claims Ratio
2012
2013 9 MONTHS
263.1
151.8
111.4
303.5
177.9
125.6
76.0
29.9
13.2
(7.3)
13.1
127.6
38.1
22.4
(14.2)
13.9
11.8%
5.0%
17.4%
14.7%
6.1%
17.5%
200%
Metric
52 Week High (NGN)
52 Week Low (NGN)
2013 P/E
2013 P/B
Value
2.30
2.56
1.30
5,881.86
13,410.65
86.10
4.2x
0.7x
180%
177%
160%
140%
145%
120%
100%
CUSTODYINS
FY20122
ASI
Chief Ade
Ojo
20%
Life
13%
Mr. Oshin
16%
Others
Non-Life
87%
Aureos
7%
2012 Balance Sheet numbers represent 9month figures, Income Statement numbers are for FY 2012 (for Custodian prior to acquisition of Crusader). Exchange rate of N155.75:US$1
2012 Business Mix is Proforma for Crusader Acquisition
1
2
I.
19
II. About Chapel Hill
Overview of The Chapel Hill Denham Group

Introduction
The Chapel Hill Denham Group (Chapel Hill Denham) is a privately held independent investment banking, investment
management, securities trading and principal investments firm.
Chapel Hill was formed in April 2005, commenced business in July 2005 and is licensed by the Securities &
Exchange Commission ("SEC") as an Issuing House and Market Maker.
Chapel Hill Denham emerged from the business combination of the successful practices of Chapel Hill Advisory Partners
Limited and Denham Management Limited in February 2008.
Our firm is focused on providing independent, unbiased advisory and investment services to entities and individuals involved
in investing in and developing Africa's productive infrastructure.
The Chapel Hill Denham Group also offers investment management and securities trading through two subsidiaries - Chapel
Hill Denham Management Limited and Chapel Hill Denham Securities Limited.
Chapel Hill Advisory Partners Limited is registered with the Nigerian Securities and Exchange Commission (SEC) as an
Issuing House.
Chapel Hill Denham Management Limited is the first firm to be awarded a market making license by the Nigerian SEC.
The Chapel Hill Denham Group expanded operations into Ghana in 2012 to form Chapel Hill Denham Securities (Ghana)
Limited, carrying out Financial Advisory, Securities Trading and Principal Investment activities.
II.
ABOUT CHAPEL HILL
21
The Chapel Hill Denham

Nigerias leading independent investment bank
CHAPEL HILL DENHAM
CHAPEL HILL ADVISORY

PARTNERS LIMITED
CHAPEL HILL DENHAM

SECURITIES LIMITED
CHAPEL HILL DENHAM

MANAGEMENT LIMITED
INVESTMENT BANKING
SECURITIES TRADING
ASSET MANAGEMENT
SHARED SERVICES
RISK MANAGEMENT/ LEGAL AND
COMPLIANCE
II.
ABOUT CHAPEL HILL
FINANCE AND OPERATIONS
CORPORATE SERVICES
22
Chapel Hill Denham

With presence in Nigeria and Ghana
Pre-eminent financial services firm committed to excellence

Leading independent investment bank in Nigeria
Leading Stockbroker in Nigeria
Offices in Lagos, Abuja and Accra
INVESTMENT BANKING
SECURITIES TRADING
Trading and Brokerage
Financial Advisory: Share buy
II.
back, Restructuring
Mergers & Acquisitions Advisory:
Divestitures, Buy outs
Equity Capital Market: Initial
Public Offerings, New Listings
Debt Capital Markets: Corporate
and Municipal Bond Issuance
Project Finance: Structured
Finance
Privatisation
ABOUT CHAPEL HILL
Fixed Income Trading

Market Making
Research
ASSET MANAGEMENT
Institutional Investments
Mutual Fund Management
Private Wealth Services
23
Chapel Hill Advisory Partners Limited

Impressive track
Issuing House on the Debut Issuance by a Multilateral Organisation in Local Currency.
First Advisory firm to raise capital via a Book Building Process in the Nigerian capital markets.
First Advisory firm to complete a reverse stock split in the Nigerian capital markets.
First Advisory firm to launch a Share buy-back in the Nigerian capital markets.
Financial Adviser to 4 of the 5 CBN Intervened banks that completed M&A transactions.
Financial Adviser to the first 5 completed insurance mergers in Nigeria.
Financial Adviser to 6 of the 13 banking mergers during the first banking sector consolidation in Nigerian Banking history
(2005).
Leader by volume of debt issuance in a lead capacity in Nigeria.
Consistently out-sold all other Issuing Houses and/or Bookrunners in over 90% of capital raising transactions the firm has
completed, over the past 5 years.
Strong commitment to execution excellence, client focus and integrity.
Led most of the innovative transactions in the Nigerian market.
Sound transaction strategy, operational experience coupled with substantial institutional resources.
Commitment to being the financial advisory and investment management business partner of choice for first order names
and clients.
II.
ABOUT CHAPEL HILL
24
III. Contacts
Contacts
Chapel Hill Advisory Partners Limited
1st Floor, 45 Saka Tinubu Street
P.O. Box 74520
Victoria Island
Lagos
Telephone: +234 1 279 9563/4 | +234 1 461 0691/2
Fax:
+234 1 279 9562 | +234 1 461 0693
Email:
info@chapelhilldenham.com
Website:
www.chapelhilldenham.com
III. CONTACTS
26

The Nigerian Insurance Sector

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FEBRUARY

THE NIGERIAN INSURANCE INDUSTRY

PRIVATE AND CONFIDENTIAL

OVERVIEW OF THE NIGERIAN INSURANCE INDUSTRY

THE CHAPEL HILL DENHAM GROUP

Overview of the Nigerian Insurance Industry