Prestige Assurance Names Veteran Insurer Sivasankar as Non-Executive Director
Prestige Assurance Plc appointed insurance veteran Mr. Seetharaman Sivasankar as a Non-Executive Director effective August 20, 2026, pending regulatory approval. The announcement, dated August 21 and signed by Company Secretary Mrs. Chidinma Ibe-Louis, comes shortly after NAICOM confirmed the insurer among 50 companies that met the July 31, 2026 minimum capital deadline under NIIRA 2025. Sivasankar brings over 36 years’ experience from India’s National Insurance Company Limited, including roles as Executive Director of New India Assurance and leadership in accounts, branch operations, and corporate claims.
Financially, Prestige Assurance reported a profit after tax of ₦1.05 billion for H1 2026—a 102% jump from ₦519.6 million in H1 2025. Profit before tax rose 97% to ₦1.14 billion, earnings per share improved to 7.93 kobo from 3.92 kobo. While gross premium written fell 16% year‑on‑year to ₦12.83 billion, insurance revenue increased 2% to ₦12.56 billion, indicating better underwriting efficiency.
The board says his expertise will support growth strategy and strengthen governance. With capital compliance secured and strong earnings, the company appears positioned for expansion amid a recapitalised sector.
Will you view this leadership boost and financial uptick as a signal to consider Prestige Assurance for your investment portfolio, or wait to see how the new director shapes strategy over the coming year?