A Divisional Police Officer (DPO) and several officers have been kílled in an early morning ambush in Delta State, while another DPO is in a crítical condition after a kídnap rescue mission went awry.

The tragic incident, which occurred near Agbarho Rail Station, was revealed by Delta Human Rights Activist, Comrade Israel Joe, in a Facebook post on Monday morning.

In FY 2024, the company reported a consolidated ROE of 9.5%.

General Insurance Corporation of India has seen an improvement in its balance sheet fundamentals, which AM Best assessed as very strong.

The company’s risk-adjusted capitalisation, measured by Best’s Capital Adequacy Ratio (BCAR), has shown a positive trend over the past four years and remained at the strongest level for the fiscal year 2024 (FY 2024).

This is attributed to a significant rise in shareholders’ equity, driven by gains in investment fair value and increased retained earnings. AM Best expects GIC Re to maintain this strong capitalisation over the medium term.

However, the company’s high exposure to domestic equity investments remains a balancing risk.

GIC Re’s operating performance is rated as adequate, supported by a five-year average return on equity (ROE) of 6.5% from FY 2020 to 2024.

In FY 2024, the company reported a consolidated ROE of 9.5%, despite unprofitable underwriting performance and a high combined ratio.

Investment income, particularly from realised gains on equity investments, continues to play a major role in GIC Re’s overall earnings, offsetting the absence of technical profits.

AM Best considers GIC Re’s business profile to be favourable. The company is the 10th largest reinsurer globally, based on AM Best’s most recent ranking of the top 50 global reinsurers.

Domestically, GIC Re holds a dominant market share, averaging 60% to 70% in recent years, benefiting from mandatory reinsurance cessions and a right of first refusal on domestic placements. GIC Re’s underwriting portfolio is diversified by business lines and geography.

Good morning! Here is today’s summary from Nigerian Newspapers:

1. A former Kaduna Governor, Senator Ahmad Makarfi has lost his eldest son, Faisal Ahmad Makarfi. Faisal and two others were reportedly involved in an auto crash along Zaria-Kaduna Expressway on their way from Makarfi town on Saturday evening. A source said Faisal died at a health facility on Zaria road, while doctors were battling to save others.

2. Justice Deinde Dipeolu of the Federal High Court in Lagos has set November 1, 2024 to decide on the Economic and Financial Crimes Commission (EFCC)’s request for the final forfeiture of $2.045 million and assets linked to ex-Central Bank of Nigeria (CBN) Governor, Godwin Emefiele. The court will also rule on the application filed by Emefiele challenging the jurisdiction of the court to entertain the forfeiture proceedings.

3. Vice-President Kashim Shettima has said the low labour force participation occasioned by the staggering unemployment rate in Nigeria must be reversed. Shettima made the promise during the launch of the Nasarawa State Human Capital Development Strategy Document and Gender Transformative Human Capital Development Policy Framework in Lafia, the state capital, on Saturday.

4. At least two residents of Ikpelle community in Agatu Local Government Area of Benue State were killed, while many houses were set ablaze during an attack by gunmen. Locals said the separate incidents happened between Thursday and Friday in Ikpelle and Egwuma communities situated in the rural riverine of Agatu.

5. Gunmen suspected to be cultists on Saturday killed one Adeleke Adeyinka, a councillorship candidate of the All Progressives Congress, APC, in the forthcoming local government election in Ogun State. He was reportedly shot dead in broad daylight at Jide Jones area, Oke Ilewo, Abeokuta.

6. The major opposition political party, Peoples Democratic Party, PDP, has commenced the conduct of its state congress in Kano. The party also vowed to bounce back strong and form a formidable party to reclaim power in 2027.

7. The Peoples Democratic Party, PDP, Governors Forum has called for an emergency meeting on Monday to discuss various issues affecting the party. Reports said that PDP stakeholders were considering the establishment of a caretaker committee to guide the party towards a National Convention to elect a new National Working Committee.

8. The Delta State Police Command has arrested a man for allegedly stabbing a girl after a sex romp in Agbor, Ika South Local Government Area, Delta State. It was gathered that the man simply identified as Mr Daniel, was alleged to have stabbed the sex worker in a brothel, Apple Inn, on Friday night, after an altercation over his refusal to pay the agreed fee.

9. Men of the Ogun State Police Command have arrested 41-year-old Ibrahim Aliu in Papa Olosun, Oja Odan in the Yewa North Local Government Area of the state for allegedly defiling his 12-year-old daughter (name withheld). Aliu was arrested on Thursday after his estranged wife, Temitope Egbebi, lodged a complaint against him at the Oja Odan Divisional Police Office.

10. The Indigenous People of Biafra (IPOB) has denied claims by the Nigeria Army that its members recently attacked soldiers camped at the Aba Branch, Ehime-Mbano in Imo State. Spokesman of the group, Emma Powerful, in a statement he released to newsmen at the weekend, said the claims were not only false but a mockery to the institution itself.