International Energy Insurance Plc has reported a 700 per cent increase in its share price since 2023, attributing the surge to investor confidence driven by ongoing reforms and positioning ahead of the insurance sector recapitalisation.

The company disclosed this in a statement issued after its Capital Markets Day held in Lagos, where it outlined its performance outlook and strategic direction. It noted that the significant rise in valuation reflects market optimism about its restructuring efforts and readiness to meet new regulatory capital requirements.

According to the firm, the sharp rally in its stock underscores positive investor response to its transformation agenda and preparedness to benefit from industry-wide reforms being implemented by regulators.

Chief Financial Officer, Uyi Osagie, said the performance followed years of deliberate reforms focused on governance, operational efficiency and capital management. He explained that these measures have strengthened the company’s balance sheet, improved underwriting standards and restored market confidence.

Osagie added that the share price growth reflects investor recognition of the company’s improved fundamentals and early alignment with recapitalisation expectations. He noted that the firm had proactively enhanced its capital base in anticipation of regulatory changes, positioning it for sustained growth within the industry.

The Capital Markets Day event, held at the Radisson Blu Hotel, brought together investors, analysts and other stakeholders to review the company’s strategy and assess opportunities within Nigeria’s evolving financial market

The company said discussions at the event also examined broader macroeconomic trends shaping the stock market, with particular emphasis on growth prospects in the insurance sector as the recapitalisation deadline approaches.

It added that the engagement with analysts and institutional investors provided an opportunity to evaluate its readiness to capitalise on emerging opportunities, while reaffirming its commitment to transparency and long-term value creation.

Founded in 1969, International Energy Insurance Plc operates as a specialised insurer covering offshore and onshore energy risks, alongside general insurance services. It is a subsidiary of Norrenberger Financial Group and regulated by the National Insurance Commission.

The Nigerian insurance industry is currently undergoing recapitalisation, with new minimum capital thresholds set at N10bn for life insurers, N15bn for non-life firms, N25bn for composite companies and N35bn for reinsurers, alongside a transition to a risk-based capital framework.

The company had earlier secured shareholder approval to raise about N17.5bn in fresh capital as part of its recapitalisation plans.