Stanbic IBTC Insurance says it has successfully met and been verified as compliant with the new minimum capital requirements introduced under the Nigerian Insurance Industry Reform Act (NIIRA) 2025, marking a significant milestone in the company’s growth journey and reaffirming its position as one of Nigeria’s leading life insurance providers.
In a statement, the institution said the affirmation places Stanbic IBTC Insurance among a select group of operators to clear one of the most consequential regulatory transformations in the history of Nigeria’s insurance industry.
NAICOM’s exercise, which began in August 2025 and closed on July 31, 2026, tested every licensed insurer and reinsurer in the country against significantly higher capital thresholds.
As a life insurance operator, Stanbic IBTC Insurance was required to meet a minimum capital base of N10 billion under NIIRA 2025, a substantial increase on the thresholds that previously governed the sector. This reflects the company’s strong financial foundation, prudent governance, and disciplined approach to long-term growth.
By achieving compliance, Stanbic IBTC Insurance said it is now well-positioned to underwrite larger risks, honour policyholder commitments with even greater confidence, and continue delivering value to customers and stakeholders.
Chuma Nwokocha, Chief Executive, Stanbic IBTC Holdings, noted that the confirmation reflects the strength of the wider group’s approach to capital planning and governance.
‘Across the Stanbic IBTC group, we take a long view of capital, one that puts our subsidiaries in a position to meet regulatory change from strength rather than scramble to catch up with it. Stanbic IBTC Insurance’s confirmed compliance is consistent with that approach. It reflects the standards of governance and financial discipline we hold across the group, and it is the kind of outcome that gives us confidence in how our subsidiaries are positioned as Nigeria’s financial sector continues to mature.’
Akinjide Orimolade, Chief Executive, Stanbic IBTC Insurance, noted the milestone should be understood in the context of where the industry is heading, not simply where it has been.
‘This confirmation is a moment worth marking, but it is not the finish line. NAICOM has set a new baseline for what it means to operate responsibly in this industry and meeting that baseline required real discipline across our organisation. What matters now is what we do with this position. Nigeria’s insurance industry is entering a phase where scale, governance and financial strength will separate the operators built for the long term from those simply built for today. Our task is to keep building the kind of institution that customers and stakeholders can rely on, not just at this moment, but as the industry continues to evolve.’