Investors in insurance stocks on the Nigerian Exchange Limited traded 481.1 million shares worth N1.41 billion in 10,655 transactions last week.
This was lower than 523.5 million shares valued at N1.45 billion exchanged across 12,666 transactions in the preceding week.
The market recorded slight declines, with value dropping by 2.5 per cent, volume down 8.8 per cent, and deals dipping by 18.9 per cent.
The Nigerian Exchange Ltd. provided the trading data on Saturday. Sixteen Insurance companies were reported to have traded during the week, with Regency Alliance Insurance leading after transacting 102.6 million shares worth N176.9 million in 1,619 deals.
Lasaco Assurance followed with 55.9 million shares valued at N168.1 million across 584 deals, while AIICO Insurance recorded 36.8 million shares worth N149.5 million in 2,052 transactions.
Veritas Kapital Assurance sold 62.04 million shares worth N135.4 million in 764 transactions, while Sovereign Trust Insurance traded 41.2 million shares valued at N123.5 million across 576 deals.
Nem exchanged 3.9 million shares worth N111.3 million in 459 deals, while Consolidated Hallmark Holdings sold 24.8 million shares valued at N105.2 million in 460 transactions.
Cornerstone traded 15.4 million shares worth N102.6 million across 430 deals, while Mutual Benefits Assurance sold 22.6 million shares valued at N89.4 million in 667 transactions.
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Universal Insurance recorded 54.7 million shares worth N66.4 million in 695 deals, while AXA Mansard sold three million shares valued at N47.7 million in 490 transactions.
Linkage traded 19.6 million shares worth N41.9 million across 291 deals, while WAPIC recorded 8.5 million shares valued at N28.7 million in 484 transactions.
Prestige Assurance exchanged 15.5 million shares worth N28.21 million across 342 deals, while Sunu Assurances transacted 4.98 million shares valued at N27.3 million in 291 transactions.
Lastly, Guinea Insurance traded 9.35 million shares valued at N15.01 million across 451 deals.
The weekly trading data from the NGX reveals a slight cooling in investor activity within the insurance sector.
After a period of significant growth and renewed investor confidence, the sector’s trading volume, value, and the number of deals all saw a decline. This slowdown comes amidst a broader context of the Nigerian insurance industry’s performance, which has seen remarkable gains in recent years.
Factors such as rising interest rates, which have boosted investment income for insurers, and stricter regulatory enforcement, like the “No Premium, No Cover” policy, have contributed to a more profitable environment for many companies.
NAN
