Sep 7 (Lagos) -
AIICO Insurance Plc said it had concluded arrangements with Wema Bank Plc (
WEMABANK ) to increase access to retail insurance products leveraging the bank’s robust and efficient retail distribution network.
A statement from the insurer said, “This development followed the recent endorsement by both the National Insurance Commission and the Central Bank of Nigeria.
The Executive Director, Technical,
AIICO Insurance Plc, Adewale Kadri, stated that it was another move by
AIICO to demonstrate its commitment to increase awareness, access and deepen insurance penetration in Nigeria.
“The public can now be linked to AIICO’s bouquet of retail products through Wema Bank’s digital channels anytime and anywhere,” he said.
Shares of
AIICO have been very volatile over the past week. News of a 5 billion private placement investment from an undisclosed investor led to sharp increase in the stock price but after 3 days of increase, it fell over 15% for the last two trading sessions.
Traders will be watching the stock closely again today.
WEMABANK is one of the smallest banks of Nigeria so this news is not likely to cause much excitement among investors. Everyone will wait for the results before making up their mind. That can be late at times but given the love-hate relationship between investors and Insurance sector stocks we can expect that.
reporting for easykobo.com on Friday, Sep 7 2018 from Lagos, Nigeria