Headlines – First Ideas Limited


Nigeria’s COVID-19 cases ignore spike across Sub-Saharan Africa

The sharp spike seen in the spread of the new Omicron coronavirus variant in some sub-Saharan African countries is occurring without reflection on Nigeria’s epidemic curve, a week after the variant emerged.

NCC denies moving 5G deadline only after MTN submitted bid

The Nigerian Communications Commission (NCC) has said it was not forced to move the November 24 deadline for the submission of the bid and payment of the ten percent fee of $20 million after it emerged that only MTN Nigeria had complied with the requirement.

BUA Group set to list Food businesses on Nigerian Exchange

BUA Group, Nigeria’s leading foods, infrastructure, mining and manufacturing conglomerate is at the verge of completing the processes to list the shares of its Food businesses –Flour & Pasta, Sugar, Edible Oils, and Rice

Emirates ban: Nigerians’ visa applications to Egypt rise by 900%

Egypt’s ambassador to Nigeria, Ihab Moustafa Awad has disclosed that in the past, Egypt’s embassy in Abuja used to receive about 30 visa applications daily but during the ban of Emirates flights, the number increased to 300 applications

BAT Nigeria establishes N200m farmers’ fund

BATN with a multi-billion Naira investment in Nigeria has launched a N200 million Farmers Fund. The fund is for the re-integration and engagement of over 300 ex-tobacco farmers in the production of food crops such as cassava

LCCI urges authorities to develop rapid economic recovery plan

The Lagos Chamber of Commerce and Industry (LCCI) has called on fiscal and monetary authorities to implement plans and policies that will drive accelerated economic recovery as the year runs to an end. This call was made by Toki Mabogunje, president of, LCCI at the chamber’s 133rd Annual General Meeting

Moody’s Changes Nigeria’s Outlook to Stable, Affirms B2 Ratings

Moody’s Investors Service (“Moody’s”) has today changed the outlook on the Government of Nigeria to stable from negative and affirmed its long-term issuer and senior unsecured ratings at B2. Moody’s also affirmed the Government of Nigeria’s (P)B2 senior unsecured medium-term note program rating.

The change of outlook to stable reflects Moody’s expectation that higher oil prices and some measures taken by the government will help stabilize the sovereign’s credit metrics and support its external position. The ongoing improvements in the macroeconomy and the external position are likely to continue in the next few years, supported by the oil price environment, Nigeria’s new Petroleum Industry Act legislation and the opening of the Dangote refinery that will structurally reduce demand for US dollars. At the same time, Moody’s expects Nigeria’s fiscal deficit to narrow very slowly, with ongoing efforts to increase non-oil government revenue, although weak governance and institutional capacity are likely to hamper execution. General government debt (including central bank funding and promissory notes) is projected to rise gradually, towards 35% of GDP by 2025, stabilizing above 400% of revenue.

Moody’s Affirms Deposit Ratings of 9 Nigerian Banks; Changes Outlook to Stable

Moody’s Investors Service (Moody’s) has affirmed the B2 long-term local and foreign currency deposit ratings as well as senior unsecured ratings, where applicable, of the following Nigerian banks: Access Bank Plc, Zenith Bank Plc, First Bank of Nigeria Limited, United Bank for Africa Plc, Guaranty Trust Bank Plc (recently renamed “Guaranty Trust Bank Limited”), Union Bank of Nigeria plc, Fidelity Bank plc, FCMB (First City Monument Bank) Limited and Sterling Bank Plc. At the same time, the rating agency changed the outlook on all the banks’ long-term deposit ratings to stable from negative.

The rating action reflects Moody’s expectation that higher oil prices and some measures taken by the government will help stabilise the sovereign’s credit metrics, thus stabilising the sovereign credit profile and, in turn, those of the banks. Moody’s affirmed Nigeria government’s long-term issuer ratings of B2 and changed its outlook to stable from negative on 29 November 2021.

AXA Mansard Insurance Plc. Reports 24% Growth in Gross Written Premium

AXA Mansard Insurance plc, a member of the AXA Group announces its financial results for the third quarter ended September 30, 2021.

Financial Highlights and Ratios

Income Statement Highlights

  • Gross Written Premium of N48.78bn, up 24% from N39.46bn in September 2020Net Premium Income of N27.13bn, up 14% from N23.75bn in September 2020
  • Investment and Other Income of N3.25bn, down 50% from N6.56bn in September 2020
  • Operating Expenses of N6.26bn, up 6% from N5.92bn in September 2020
  • Profit before Tax of N5.00bn, down 29% from N7.06bn recorded in September 2020
  • Profit after Tax of N3.81bn, dip 33% from N5.67bn in September 2020

Statement of Financial Position Highlights

Total Assets of N109.94bn, up 16% from N94.44bn as at December 2020

Insurance Liabilities of N41.64bn, up 41% from N29.60bn as at December 2020

Group Shareholders’ Funds of N31.96bn, down 6% from N33.94bn as at December 2020

Insurance Shareholders’ Funds of N27.67bn, dip 6% from N29.37bn as at December 2020

Key Ratios

Operating Expense Ratio of 15% (September 2020: 17%)

Underwriting Expense Ratio of 7% (September 2020: 7%)

Loss / Claims Ratio of 53% (September 2020: 42%)

Re-Insurance Cost Ratio of 23% (September 2020: 29%)

Return on Average Equity of 15% (September 2020: 24%)

Return on Average Asset of 5% (September 2020: 8%)

Earnings per Share of 39.76k (September 2020: 50.74k) 

Financial Summary

Statement of Financial PositionSep-21Dec-20Growth
  N’000 N’000%
Total Assets109,944,51894,439,72016%
Reinsurance Assets13,937,4106,499,653114%
Insurance Liabilities41,636,16829,597,84441%
Investment Contracts9,562,6809,638,767-1%
Shareholders’ Funds31,959,37933,942,870-6%
Statement of Comprehensive IncomeSep -21Sep-20Growth
Gross Written Premium48,783,94139,462,90924%
Net Premium Income27,132,01323,752,78814%
Investment & Other Income3,254,2426,556,970-50%
 Net Claims17,646,98113,975,68026%
Underwriting Expenses3,384,9432,940,89415%
Underwriting Profit8,391,0027,010,83320%
Operating Expenses6,263,6465,924,5086%
Profit Before Tax5,001,3317,059,349-29%
Profit After Tax3,805,8325,671,844-33%

Commenting on the results, Mrs. Ngozi Ola-Israel, the Chief Financial Officer said. “The business remained resilient through the third quarter delivering N48.78bn in revenues, growing 24% YoY from N39.46bn and N8.39bn in underwriting profit, growing 20% YoY from N7.01bn. The decline of 29% and 33% respectively in the PBT and PAT is driven by fair value losses in the current year compared to fair value gains in previous year and gain on disposal of a subsidiary in the previous year which did not re-occur this year. The fundamentals of the business remain strong and we remain committed to continuous improvement in our technical and operational performance as we approach the end of the year.”

Commenting on AXA Mansard’s financials at the end of September 2021, Mr. Kunle Ahmed, the Chief Executive Officer, AXA Mansard Insurance, said“We thank our customers and partners for their continued faith in our security and service delivery, they are responsible for the GWP growth recorded in the third quarter despite the challenging economic terrain. The increase in our claims paid further emphasize our financial strength and capacity to protect businesses in a very challenging economy.  As we wrap up year 2021, we will continue to improve our distribution channels, refine our service delivery and horn our underwriting and technical capabilities for the ultimate benefit of our customers.”


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First Ideas Limited is an investment and financial advisory company established in 1994 to provide advisory services to high net worth individuals, trust funds, financial institutions and medium sized companies in growth sectors.

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