KBL Insurance Limited has reaffirmed its commitment to comply with the Nigeria Insurance Industry Reform Act 2025, which has initiated the ongoing recapitalisation process in the sector.
The firm disclosed its stance in a statement, saying that it was fully aligned with the objectives of NIIRA 2025, which are aimed at strengthening public confidence in insurance through improved data management, stronger underwriting discipline and enhanced operational efficiency.
The company noted that it has continued to adopt accurate data reporting standards and technology-driven processes to support industry-wide reforms and promote sustainable growth.
Commenting on the company’s strategic direction, the Managing Director/Chief Executive Officer, Lawal Mijinyawa, described NIIRA and the resulting recapitalisation as opportunities for transformation rather than regulatory burdens.
He said, “At KBL Insurance Limited, we view NIIRA and the recapitalisation programme as strategic levers for deepening trust, improving service delivery and positioning the company for long-term sustainability. Our approach is deliberate, and we are confident in our readiness to meet both present and future expectations of the industry.”
KBL Insurance said it implemented targeted initiatives during the year to strengthen internal control systems, improve operational efficiency and enhance customer experience.
The company added that these measures have reinforced its financial position, ensuring preparedness for the recapitalisation exercise and underscoring its resolve to remain a resilient, well-capitalised and customer-focused insurer.
The insurer also assured customers, brokers and business partners that its operations remain stable and uninterrupted, stressing that all insurance policies, claims obligations and customer services continue to be honoured in full.
According to the company, this reflects its sound financial footing and strict adherence to regulatory requirements as it advances its recapitalisation plans.
As part of its broader capital strategy, KBL Insurance said it is exploring sustainable growth opportunities, prudent risk management practices and strategic partnerships capable of delivering long-term value to stakeholders.
In its outlook for the new year, the company said it plans to deepen investments in technology, data integrity and customer experience and strengthen its capital base in line with regulatory expectations.
KBL Insurance expressed appreciation to its customers, brokers, partners and stakeholders for their trust and loyalty, reaffirming its commitment to transparency, dependable protection and service excellence.
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