WCM CAPITAL LIMITED @WCMPLC

Foreign backing: real advantage. But watch for profit repatriation, parent priority conflicts, currency mismatch. Post 4 of 7. ⚠️ Not investment advice. #NGX #WCMCapital #TheInsuranceReset #AXAMansard

SANLAMALLIANZ (Unlisted, new giant) Allianz — world's #1 insurance brand, 7 consecutive years. Sanlam — Africa's largest non-bank financial services. Combined June 2025. 27 African countries. Continues below ...

Three foreign-affiliated giants dominate Nigerian insurance. Here is the complete picture AXA MANSARD (Listed) 57.8% AXA Group France. Q1 2026 revenue: N48.46bn — sector leader. Global capital, governance, digital. Risk: parent priorities set in Paris. Continues below

Post-consolidation, several of these become either standalone players or attractive acquisition targets. Post 3 of 7. ⚠️ Not investment advice. #NGX #WCMCapital #TheInsuranceReset #NIIRA2025

Here is what most people don't know: As of April 2026, no single Nigerian insurer had formally met the new NIIRA recapitalisation requirements. Not one. Among 58 companies. KPMG, Deloitte, EY and PwC are independently verifying capital positions. See more….

The Big Four are the gatekeepers. The names actively raising capital, and potential hidden winners: → Linkage Assurance: N16.3bn offer → Lasaco Assurance: N18.47bn raise → SUNU Assurance: N9.34bn → Universal Insurance: N15bn → Guinea Insurance: N5.8bn rights issue

7. Full audited financials required — not just balance sheets. This is a complete rebuild. Not a tweak. Post 2 of 7. ⚠️ Not investment advice. #NGX #WCMCapital #NIIRA2025 #TheInsuranceReset

NIIRA 2025 does 7 things. Most commentary only discusses 1. Beyond the capital thresholds: 1. Composite insurance prohibited companies must choose life or non-life within 5 years. 2. New mandatory categories: credit life (loans >N10m) + container insurance=entirely new premium.

3. Foreign insurer requirements tightened, consolidated supervision alignment. 4. Annual actuarial valuation mandatory, reporting direct to NAICOM. 5. Digital insurance licensing formalised. 6. Policyholder Protection Fund, Nigeria's NDIC equivalent for insurance. See more…

Sixfold profit growth. Negative returns. The contradiction is the story. 7-part series on Nigeria's biggest insurance reset starts now. #NGX #WCMCapital #TheInsuranceReset #NIIRA2025

NGX H1 2026: 46.8% market return. Every sector up. Except one. NGX Insurance Index: -8.34%, the only negative sector. But in 2024, insurance was the second-best sector: +107.74%. And six major insurers grew combined profits from N36bn in 2019 to N233bn in 2024. See more…

6. This is a valuation event, not a compliance event. Position before the FY2026 reports land. At WCM Capital — this is what we do. Post 5 of 5. ⚠️ Not investment advice. #NGX #WCMCapital #FHCDraft #FUGAZ

3. FCMB: 3x P/E on 158% earnings growth. European disclosure coming. Most asymmetric trade in banking. 4. Zenith and GTCO for dividends now. UBA and Access after CBN verification. 5. Model the 20% capital buffer for Stanbic IBTC and FCMB. Continues below...

Five posts. One framework. Six things to do now. 1. Accumulate UBA and Access ahead of the international earnings transparency event. 2. Watch FirstHoldCo's FY2026 annual report — that is when the international story gets told. Zenith H1 gives the clean peer comparison. ....

The FHC question that remains: international earnings still undisclosed. The framework will force it into the open. At 4.56x the margin of safety is now real. Post 4 of 5. ⚠️ Not investment advice. Prices approximate. #NGX #WCMCapital #FirstHoldCo #FHCDraft

A note on the Zenith comparison: the 5.38x cited for Zenith is based on Q1 annualised. FirstHoldCo's 4.56x is based on two verified quarters. Not yet like for like. Zenith's H1 results will give us the clean comparison. Continues Belo

FirstHoldCo H1 2026: ₦653.5bn PBT. ₦526bn PAT (+81.6%). ₦1.93 trillion gross earnings. Q2 beat Q1 sequentially. At around ₦105.50, forward P/E on annualised H1 PAT: 4.56x. Continues Below...

The foreign portfolio is worth more than the company. Mandatory HoldCo reporting will make that impossible to ignore. Post 3 of 5. ⚠️ Not investment advice. #NGX #WCMCapital #FHCDraft #UBA #AccessHoldings

UBA The bigger winner. 19 African countries + UK, France, UAE, US. International earnings 30-32% of group PBT. The extraordinary number: → UBA foreign subs worth ~₦2 trillion → UBA total NGX market cap ~₦1.99 trillion Continues below...

Two FUGAZ banks win most under the CBN FHC draft. ACCESS HOLDINGS Most HoldCo-ready in FUGAZ. Largest UK book. Already structured for the new framework. Key catalyst: CBN dividend verification timing. Continues below