Prestige Assurance Plc has announced the appointment of Mr. Seetharaman Sivasankar as a Non-Executive Director on its Board, effective August 20, 2026, subject to regulatory approval. The disclosure, dated August 21, 2026, was signed by the Company Secretary, Mrs. Chidinma Ibe-Louis, and comes shortly after the National Insurance Commission (NAICOM) listed Prestige Assurance among 50 insurance companies that met the industry's new minimum capital requirements.
Appointment Details and Regulatory Context
According to the company statement, the appointment is subject to the approval of relevant regulators. The statement read: "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 Board expressed confidence that Sivasankar's extensive industry experience would support the company's growth strategy and strengthen its governance structure. The appointment follows NAICOM's confirmation that Prestige Assurance is among the 50 insurance and reinsurance companies compliant with the new capital thresholds under the Nigerian Insurance Industry Reform Act (NIIRA) 2025.
Career and Experience
Sivasankar brings over three decades of experience, having spent more than 36 years at National Insurance Company Limited (NICL) in 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, handling 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 expects his expertise and leadership experience to contribute significantly to the company's long-term growth and expansion plans.
Financial Performance and Recapitalisation
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, a 102% increase from N519.6 million 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. Prestige Assurance is among the companies that met NAICOM's July 31, 2026 deadline for compliance with the new minimum capital requirements introduced under the NIIRA 2025. The recapitalisation exercise, launched in August 2025, provided insurers with a 12-month window to strengthen their capital base. NAICOM has confirmed 50 insurance and reinsurance companies as compliant, marking the conclusion of the industry-wide recapitalisation programme.
