Prior to 1952, The New India Assurance Co. Ltd. Mumbai (India) was operating in Nigeria through an Agency. In 1952, the Company commenced direct operations with the establishment of a branch in Lagos. After establishing its name as a reliable security, NEW INDIA took further steps in consolidating its position in the Nigerian Insurance Market by converting the branch into a wholly owned subsidiary company.
Prestige Assurance Plc was incorporated on the 6th January, 1970 as a Public Company under the name “The New India Assurance Company (Nigeria) Limited” with a nominal share capital of N50,000 divided into 25,000 ordinary shares of N2 each. In 1990, its share nominal value changed to 50k per share. Thereafter in line with the 1997 Indigenization Decree, New India reduced her stake to 40% while local shareholdings rose to 60%. Demonstrating her interest and commitment to intensifying her continued presence in Nigeria, The New India Assurance Company Limited in 2003 increased her shareholding to 51% with the balance 49% held by Nigerian Shareholders till date.
Soon after, the company expanded its operations by opening two branches - Kano and Port Harcourt. In 1992 the company’s name was changed to Prestige Assurance Limited and was subsequently listed on the Nigerian Stock Exchange as a public liability company and became Prestige Assurance Plc.
Today, Prestige operates as a subsidiary company of The New India Assurance Co. Ltd. Mumbai holding a 51% stake in Prestige Assurance Plc. New India is a wholly owned Government of India undertaking, with an asset base of over US$6 billion. The company has been rated ‘A (EXCELLENT)’ by A.M. Best Company of U.S.A. consecutively in the six years.
Consistent with her history and ownership structure, Prestige is a leading Underwriter in all classes of non-life insurance in Nigeria with her large expatriate community (including considerable size of people India origin. Entrepreneurs from as far as China, India and the Middle-East do business in Nigeria abound with significant amount of trade flows in and across these countries.
Prestige Assurance Plc is not only well positioned to do business with these heterogeneous and diverse people but also cute to meet challenges posed in all aspects of her service delivery using our state of the art modern ICT and our highly skilled Human Capital in the increasingly globally competitive business environment.