Enterprise Life Assurance Nigeria Limited has strengthened its financial position with a capital base of more than N18.7bn, giving the insurer significant room to expand its underwriting capacity and pursue new opportunities in Nigeria’s largely underinsured market.
The company’s paid-up share capital is now substantially above the N10bn minimum requirement for life insurers under the recapitalisation framework of the National Insurance Commission.
The development was formally recognised in Abuja, where NAICOM presented Enterprise Life’s Managing Director and Chief Executive Officer, Nelson Akerele, with a new operational licence at a ceremony attended by insurance industry executives and other stakeholders.
The strengthened capital position is expected to enable the insurer to assume larger risks, develop new products and expand its distribution network, while supporting increased investment in technology and digital insurance solutions.
Akerele said the recapitalisation represented more than compliance with regulatory requirements, describing it as a foundation for the company’s next phase of growth.
“This milestone reflects our ambition to build one of Nigeria’s most trusted and innovative life insurance companies. It demonstrates the confidence of our shareholders, the resilience of our business, and our readiness to support the future of insurance in Nigeria.”
He said the company would focus on converting its stronger financial position into tangible benefits for customers through improved products, services and experiences.
According to him, the additional capital would also provide greater capacity to invest in innovation and serve individuals, families and businesses across different segments of the Nigerian market.
The capital raise, which was independently verified by PricewaterhouseCoopers, was backed by Enterprise Group Ghana, the insurer’s parent company. Enterprise Life described the support as evidence of the group’s long-term commitment to its Nigerian operations.
Akerele said the company’s strategy extends beyond meeting the immediate requirements of the recapitalisation exercise, with plans to build a financially resilient and technology-driven insurance business.
“Our vision has always extended beyond meeting today’s requirements. We are building a financially resilient, digitally enabled insurance company that can respond to tomorrow’s opportunities,” he said.
He added that Enterprise Life would continue to invest in technology, strategic partnerships and customer-focused solutions aimed at making insurance more accessible and relevant to Nigerians.
Over the past five years, the insurer has pursued a digital-led model, using technology and partnerships to expand access to life assurance and reach sections of the population that remain outside the formal insurance system.
With the new capital base in place, Enterprise Life is positioning itself for increased underwriting capacity, broader product offerings and expanded distribution as competition intensifies and the Nigerian insurance industry enters a new phase of growth.
