CHI Life Assurance Meets NAICOM Recapitalisation Requirement

CHI Life Assurance Limited, has said that it has been certified by the National Insurance Commission (NAICOM) to have met the recapitalisation requirements for the new capital regime in the insurance sector.

CHI a subsidiary of Consolidated Hallmark Holdings Plc,  said this achievement positions it  among Nigeria’s financially strong and well-capitalised life insurance companies, demonstrating its readiness to deliver sustainable value, honour policyholder commitments and support the continued growth of the Nigerian insurance industry.

Managing Director/Chief Executive Officer of CHI Life Assurance Limited, Tope Ilesanmi,  commenting on the company’s new position said: “With a solid financial foundation and an expanding customer base, CHI Life Assurance continues to strengthen its position as a trusted provider of life insurance solutions for individuals, families, SMEs and corporate organisations.Today, CHI Life Assurance stands on a solid financial foundation with shareholders’ fund of N11.2 Billion, Total Assets of N13.7 Billion, Claims Paid of N224 Million, and a Solvency Margin of 110 per cent.

According to him, these indicators underscore our ability to honour claims promptly and provide sustainable financial protection to individuals, families and businesses.

”These financial indicators reflect CHI Life Assurance’s capacity to meet long-term obligations, settle valid claims promptly, protect policyholders’ financial futures and pursue sustainable growth opportunities,” he stated.

Also speaking on the development, the Executive Director, Operations, Patience Ugboajah, said the recapitalisation and successful portfolio integration demonstrate the company’s operational readiness and customer-focused culture.

“Financial strength must always translate into an exceptional customer experience. Our continued investment in people, technology and operational efficiency has positioned us to deliver seamless service while maintaining the highest standards of excellence.

“We remain committed to providing responsive customer support, efficient policy administration and prompt claims settlement. Our goal is to build a life assurance company where every customer feels valued, protected and confident about the future.

“CHI Life Assurance expressed appreciation to its customers, brokers, corporate clients and business partners for their continued trust and support, noting that the successful recapitalisation and strategic portfolio expansion represent significant milestones in its vision to become one of Nigeria’s most respected and customer-centric life insurance companies,” he said.