Prestige Assurance appoints Seetharaman Sivasankar as Non-Executive Director

Prestige Assurance Plc has announced the appointment of insurance industry veteran Mr. Seetharaman Sivasankar as a Non-Executive Director on its Board.

The appointment was disclosed in a statement dated August 21, 2026, and signed by the Company Secretary, Mrs. Chidinma Ibe-Louis.

The move comes shortly after the National Insurance Commission (NAICOM) listed Prestige Assurance among the 50 insurance companies that successfully met the industry’s new minimum capital requirements.

What they are saying

According to the company, Sivasankar’s appointment took effect on August 20, 2026, subject to the approval of relevant regulators.

• “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 expressed confidence that the new director’s extensive industry experience would support the company’s growth strategy and strengthen its governance structure.

Experienced insurance executive

Sivasankar brings more than three decades of experience in the insurance industry, having spent over 36 years at National Insurance Company Limited (NICL), India.

• A Commerce graduate and Fellow of the Insurance Institute of India (FIII), he has held several leadership positions across branch, divisional, regional and head office operations.
• During his career, 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 was responsible for business development and operational management.

Sivasankar also managed Corporate and Large Claims before being promoted to Chief Manager, overseeing the Fire and Engineering Claims portfolio at the company’s head office.

Following 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 experience to contribute significantly to the company’s long-term growth and expansion plans.

Get up to speed

The appointment comes on the back of a strong first-half financial performance by Prestige Assurance.

The insurer reported a profit after tax of N1.05 billion for the six months ended June 30, 2026, representing a 102% increase from N519.6 million recorded in the corresponding period of 2025.

Profit before tax rose by 97% to N1.14 billion from N577.3 million a year earlier, while earnings per share improved to 7.93 kobo from 3.92 kobo.

Although gross premium written declined by 16% year-on-year to N12.83 billion, insurance revenue increased by 2% to N12.56 billion, reflecting improved operational efficiency and earnings quality.

What you should know

Prestige Assurance is among the insurance companies that met NAICOM’s July 31, 2026 deadline for compliance with the new minimum capital requirements introduced under the Nigerian Insurance Industry Reform Act (NIIRA) 2025.

The recapitalisation exercise, launched in August 2025, provided insurers with a 12-month window to strengthen their capital base in line with the provisions of the new insurance law signed by President Bola Tinubu on July 31, 2025.

NAICOM has since confirmed 50 insurance and reinsurance companies as compliant with the new capital thresholds, marking the conclusion of the industry-wide recapitalisation programme.