By Favour Nnabugwu
Insurance companies and other financial institutions
are indebted to commercial banks to the tune of N790billion as at
September 2015, according to the Central Bank of Nigeria (CBN)’s 2015
Quarterly Statistical Bulletin. The indebtedness of insurance companies,
capital market operators and other financial organisations to banks in
the country was N763, 392.26 in December 2014 and rose to N849, 595.55
in August 2015 before it went down to N790, 241.68 as at September 2015.
Insurance
companies’ total assets and liabilities increased by 3.2 percent to
N817.6bn in the third quarter of 2015, representing increases of N25.1bn
or 3.2 percent and N126.8bn or 18.4 percent above the levels reported
in the preceding quarter and the corresponding period of 2014. Total
liquid assets of insurance sector amounted to N152.5bn, indicating an
increase of 5.2 percent above the level recorded in the preceding
quarter.
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