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IGI ACQUIRES STAKE IN LARGEST RWANDAN INSURANCE COMPANY
11th December, 2008
<font face="Arial"><span style="font-size: 11pt; line-height: 150%; font-family: 'Franklin Gothic Medium','sans-serif';"><font size="2"><font face="Georgia"><st1:country-region w:st="on"><span style="font-size: 11pt; line-height: 150%; font-family: 'Franklin Gothic Medium','sans-serif';">
<p class="MsoNormal" style="margin: 0in 0in 0pt; line-height: 150%; text-align: justify;"><st1:country-region w:st="on"><span style="font-size: 11pt; line-height: 150%; font-family: 'Arial','sans-serif';">Nigeria</span></st1:country-region><span style="font-size: 11pt; line-height: 150%; font-family: 'Arial','sans-serif';">’s leading insurance company, Industrial And General Insurance Plc (IGI) has acquired 35 percent majority stake in Society Nouvelle d’Assurance du <st1:country-region w:st="on">Rwanda</st1:country-region> (SONARWA), <st1:place w:st="on"><st1:country-region w:st="on">Rwanda</st1:country-region></st1:place>’s largest insurance company. The acquisition is in line with IGI’s regional expansion programme which had seen IGI holding majority shares in the National Insurance Corporation (NIC) Limited, Uganda; Network Insurance Company Limited and Network Life Assurance Company Limited, Ghana (now renamed IGI Ghana Limited); and Gamstar Insurance Company Limited, Gambia.<o:p></o:p></span></p></span></st1:country-region></font></font>
<p class="MsoNormal" style="margin: 0in 0in 0pt; line-height: 150%; text-align: justify;"><span style="font-size: 11pt; line-height: 150%; font-family: 'Franklin Gothic Medium','sans-serif';"><o:p><font face="Arial"> </font></o:p></span></p>
<p class="MsoNormal" style="margin: 0in 0in 0pt; line-height: 150%; text-align: justify;"><span style="font-size: 11pt; line-height: 150%; font-family: 'Franklin Gothic Medium','sans-serif';"><font face="Arial">Announcing IGI’s stake in SONARWA at a formal ceremony held in Kigali, Rwanda on Wednesday, April 30, 2008, Mr Remi Olowude, OON, IGI’s Executive Vice Chairman said the acquisition was an opportunity for IGI to contribute to the progress of Rwanda’s economy. “Our partnership with SONARWA is in sync with our stated goal of expanding in the continent and bringing our expertise to affect the lives of the people of the continent, while helping to develop their economies,” he said.<o:p></o:p></font></span></p>
<p class="MsoNormal" style="margin: 0in 0in 0pt; line-height: 150%; text-align: justify;"><span style="font-size: 11pt; line-height: 150%; font-family: 'Franklin Gothic Medium','sans-serif';"><o:p><font face="Arial"> </font></o:p></span></p>
<p class="MsoNormal" style="margin: 0in 0in 0pt; line-height: 150%; text-align: justify;"><span style="font-size: 11pt; line-height: 150%; font-family: 'Franklin Gothic Medium','sans-serif';"><font face="Arial">Olowude emphasized that IGI will not relinquish its responsibility of effectively managing SONARWA to ensure that it turns out to be one of the biggest insurance companies, not only in the East African region, but in the entire African continent. “We will ensure that SONARWA achieves its target growth within the shortest possible time,” he stated.<o:p></o:p></font></span></p>
<p class="MsoNormal" style="margin: 0in 0in 0pt; line-height: 150%; text-align: justify;"><span style="font-size: 11pt; line-height: 150%; font-family: 'Franklin Gothic Medium','sans-serif';"><o:p><font face="Arial"> </font></o:p></span></p>
<p class="MsoNormal" style="margin: 0in 0in 0pt; line-height: 150%; text-align: justify;"><span style="font-size: 11pt; line-height: 150%; font-family: 'Franklin Gothic Medium','sans-serif';"><font face="Arial">The new acquisition in <st1:country-region w:st="on">Rwanda</st1:country-region> would allow IGI to extend its acknowledged expertise in the insurance business to <st1:country-region w:st="on">Rwanda</st1:country-region>, one of the fastest growing economies in <st1:place w:st="on">East Africa</st1:place>, whose insurance market is one of the most vibrant in the region.<o:p></o:p></font></span></p>
<p class="MsoNormal" style="margin: 0in 0in 0pt; line-height: 150%; text-align: justify;"><span style="font-size: 11pt; line-height: 150%; font-family: 'Franklin Gothic Medium','sans-serif';"><o:p><font face="Arial"> </font></o:p></span></p>
<p class="MsoNormal" style="margin: 0in 0in 0pt; line-height: 150%; text-align: justify;"><span style="font-size: 11pt; line-height: 150%; font-family: 'Franklin Gothic Medium','sans-serif';"><font face="Arial">Under the terms of the Strategic Partnership arrangement with SONARWA, IGI is required to nominate three (3) Directors to the Board and to appoint a new Management to run the company’s day-to-day operations.<o:p></o:p></font></span></p>
<p class="MsoNormal" style="margin: 0in 0in 0pt; line-height: 150%; text-align: justify;"><span style="font-size: 11pt; line-height: 150%; font-family: 'Franklin Gothic Medium','sans-serif';"><font face="Arial">IGI brings to SONARWA a wide berth of experience acquired from the Nigerian insurance market, one of Africa’s largest insurance market where IGI has been able to increase its market share rapidly within a short period of time.<o:p></o:p></font></span></p>
<p class="MsoNormal" style="margin: 0in 0in 0pt; line-height: 150%; text-align: justify;"><span style="font-size: 11pt; line-height: 150%; font-family: 'Franklin Gothic Medium','sans-serif';"><o:p><font face="Arial"> </font></o:p></span></p>
<p class="MsoNormal" style="margin: 0in 0in 0pt; line-height: 150%; text-align: justify;"><span style="font-size: 11pt; line-height: 150%; font-family: 'Franklin Gothic Medium','sans-serif';"><font face="Arial">The stake in SONARWA is IGI’s third strategic investment in <st1:place w:st="on">East Africa</st1:place> in the last three years. IN 2005, IGI purchased the Ugandan Government’s 60 percent stake in NIC Uganda. NIC had since been turned around into a profitable company which paid dividends to its shareholders for the first time in 2006 and recently paid the largest single claim of <s style="">N</s>851.71 million ($7.22 million) in the East African Region. <span style=""> </span>It has also acquired a banking license in <st1:country-region w:st="on"><st1:place w:st="on">Uganda</st1:place></st1:country-region> and the roll-out arrangements have been concluded for the new venture, Global Trust Bank Limited, to commence trading soon.<o:p></o:p></font></span></p>
<p class="MsoNormal" style="margin: 0in 0in 0pt; line-height: 150%; text-align: justify;"><span style="font-size: 11pt; line-height: 150%; font-family: 'Franklin Gothic Medium','sans-serif';"><o:p><font face="Arial"> </font></o:p></span></p>
<p class="MsoNormal" style="margin: 0in 0in 0pt; line-height: 150%; text-align: justify;"><span style="font-size: 11pt; line-height: 150%; font-family: 'Franklin Gothic Medium','sans-serif';"><font face="Arial">IGI has an impressive track record as the most viable insurance company in <st1:place w:st="on"><st1:country-region w:st="on">Nigeria</st1:country-region></st1:place>. Since its emergence in the Nigerian insurance market 16 years ago, its rapid and prompt claims payment record is second to none. Records showed that in the last five years, i.e., between January 2002 and December 2007, the company paid claims amounting to <s style="">N</s>16.4 billion ($138.98 million). It also generated Gross Premium Income in excess of <s style="">N</s>7.29 billion ($61.8 million) in 2007. With Shareholders’ Fund now in excess of <s style="">N</s>23 billion ($194.92 million) and Assets Base of more than <s style="">N</s>32.75 billion ($277.54 million), IGI Plc is now the largest and best run insurance company in <st1:country-region w:st="on"><st1:place w:st="on">Nigeria</st1:place></st1:country-region>.<o:p></o:p></font></span></p>
<p class="MsoNormal" style="margin: 0in 0in 0pt; line-height: 150%; text-align: justify;"><span style="font-size: 11pt; line-height: 150%; font-family: 'Franklin Gothic Medium','sans-serif';"><o:p><font face="Arial"> </font></o:p></span></p>
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