The Nigerian Exchange Limited Insurance Index closed 2022 at 11.99 per cent to emerge as the worst-performing index among other sectoral indices, according to findings by The PUNCH.
The Vice President, Highcap Securities, Mr David Adnori, said investors were not happy with insurance companies on the Exchange over their failure to announce annual dividend payout to shareholders.
“That is why investors also don’t demand their stocks. When you have low demand for a sector’s shares, the price will always be low and the return will not be attractive.” International Energy Insurance, Niger Insurance , African Alliance Insurance, Goldlink Insurance, Standard Alliance Insurance , and STACO Insurance have not submitted 2020 and 2021 results and accounts to investing public.
He said, “A recessive economy reduces the disposable income of Nigerians. Here in the country, it is when you feel that you have a surplus that you insure.
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