Prestige Assurance brings in Indian insurance veteran Sivasankar as non-executive director
By Aboki Forex —
Prestige Assurance Plc has appointed Mr. Seetharaman Sivasankar as a Non-Executive Director on its board, effective August 20, 2026, subject to regulatory approval. The appointment was announced in a statement dated August 21, 2026, signed by the Company Secretary, Mrs. Chidinma Ibe-Louis.
The move comes shortly after NAICOM listed Prestige Assurance among 50 insurance and reinsurance companies that met the industry's new minimum capital requirements.
What the company said
"This is to notify Nigerian Exchange Limited (NGX) and the investing public of the appointment of Mr. Seetharaman Sivasankar as a Non-Executive Director on the Board of Prestige Assurance Plc effective 20th August, 2026, subject to regulatory approval," the statement read.
The board said it is confident that Sivasankar's extensive industry experience will support the company's growth strategy and strengthen its governance structure.
Three decades of insurance experience
Sivasankar brings more than three decades of experience in insurance, having spent over 36 years at National Insurance Company Limited (NICL) in India. He is a Commerce graduate and a Fellow of the Insurance Institute of India (FIII).
He served as Head of the Accounts Department at NICL's Divisional Office for about eight years, overseeing financial operations and controls. He later led multiple branch and divisional offices over a 16-year period, where he handled business development and operational management.
He also managed Corporate and Large Claims before being promoted to Chief Manager, where he oversaw the Fire and Engineering Claims portfolio at the head office. After his elevation to Deputy General Manager, he supervised Fire and Engineering businesses, including underwriting, claims management and techno-marketing operations.
In February 2026, he was appointed Executive Director of New India Assurance, one of India's largest insurance companies. Prestige Assurance said it expects his expertise and leadership to contribute significantly to its long-term growth and expansion plans.
Strong first-half numbers
The appointment comes after a strong first-half performance. Prestige Assurance reported a profit after tax of N1.05 billion for the six months ended June 30, 2026, a 102% increase from N519.6 million in the same period of 2025.
Profit before tax rose by 97% to N1.14 billion from N577.3 million a year earlier. Earnings per share improved to 7.93 kobo from 3.92 kobo.
Gross premium written declined by 16% year-on-year to N12.83 billion, but insurance revenue increased by 2% to N12.56 billion, reflecting improved operational efficiency and earnings quality.
Recapitalisation milestone
Prestige Assurance is among the insurers that met NAICOM's July 31, 2026 deadline for compliance with the new minimum capital requirements under the Nigerian Insurance Industry Reform Act (NIIRA) 2025.
The recapitalisation exercise launched in August 2025 gave insurers a 12-month window to strengthen their capital base. President Bola Tinubu signed the new insurance law on July 31, 2025. NAICOM has confirmed 50 insurance and reinsurance companies as compliant with the new capital thresholds, marking the end of the industry-wide recapitalisation programme.