: : IGl's Profile
IGI brought a fresh breath of dynamism and innovation into the industry in January 1992. The Company has since established a reputation for the provision and delivery of products and services of high use value not only in general insurance but especially in the specialised areas of oil, energy, aviation, engineering and industrial risks management.
A key source of IGI's staying-power is the stability of the Board of Directors and management. Under the leadership and direction of the Board, the Company's corporate governance principles have continued to impact positively on IGI's growth, earnings capacity and financial strength.
: : The Placement
This private placement provides opportunities for institutional and individual investors who had hitherto expressed interest to have ownership stakes in IGI, a leader in the insurance sub-sector.
: : Branch Network & Global Presence
As a market leader, IGI commenced the implementation of its 10 year strategic business expansion programme in 2004. This coincidentally falls in line with the new minimum capital base prescribed by the regulatory authorities under the current consolidation programme and is a testimony to IGI's forward-looking approach and long term perspective of insurance business.
With 24 branches, IGI is the second largest insurance company in terms of branch network in the insurance industry in Nigeria. This number should increase to a minimum of 100 worldwide before the end of 2010.
As part of IGI's 10 year strategic business plan, the Company's branch network will be complimented with an online presence which is part of its e-commerce strategy.
: : Strategic Vision
In 2005, IGI acquired 60% shareholding in National Insurance Corporation of Uganda with additional responsibility to manage the foremost insurance company in that country. Income is expected from this investment by way of dividend, technical management fees and re-insurance premium.
IGI has also submitted a bid for 100% acquisition of the government shareholding in National Insurance Corporation of Tanzania.
IGI has a long-term view of the insurance business vis-a-vis the opportunities in the East and West African sub-regions where insurance density and penetration are still low.
Investments in these areas are expected to generate handsome income and liquidity.
: : Market Share
IGI is a market leader with a market share of 5.94% which puts the Company as the second largest insurance company in the industry. This is supported by a Gross Premium Income of about N4.5billion and paid up capital of N720.6million as at 31st December, 2005,
: : Consolidation
Postal Life and General Insurance Company, a subsidiary of IGI is in partnership with NIPOST to exploit the business of retail insurance. NIPOST has over 4000 outlets which are used as distribution channels across the country. In view of the new capitalisation requirement, Postal Life and General Insurance Company will merge with the wholesale insurance business of IGI towards evolving a unified insurance institution that would maintain a premiership position in the post consolidation era. Shareholders of IGI and Postal Life and General Insurance Limited would benefit from the operating synergies, economies of scale and geographical spread of the enlarged IGI.
: : Historical Returns
IGI has a history of handsome returns to shareholders and the Company's strategic plan for the future is designed to improve on this. Below are some highlights on returns over the years:
IGI has consistently paid dividend ranging from 10 kobo to 30 kobo per N1 share since 1994. A shareholder who invested N100,000.00 in IGI in 1995 has received a cumulative dividend of N499,167.00 representing a 499% return on investment
The Company also issued bonus shares of 1 for 3 in 1996; 1 for 4 in 1997; 1 for 4 in 1999; 2 for 5 in 2000; 1 for 4 in 2003 and 1 for 7 in 2004 to its shareholders. A shareholder who invested N100,000 in 1995 has received total bonus of shares worth N257,143 in 2004 representing a 257% return on investment; and consequently, a shareholder who invested N100,000 in 1995 has made a total return on investment of 756% in 2004 thus making the shares attractive to investors.
This private placement is a unique opportunity for investors to be a part of IGI's current and future success. |
