The Nigerian society and Total Assets of Life Insurance Companies: 2002 - 2017

Andrew Osaretin IZEKOR

Andrew Osaretin IZEKOR Department of Banking and Finance, Faculty of Management Sciences, University of Benin

Keywords: Inconsequential, level of income, level of savings, life insurance and total assets

Abstract

This study empirically tests for long-run and short-run connection between the level of income, level of savings and total assets of life insurance companies in Nigeria. The data for the study were culled from CBN statistical bulletin and NAICOM database. The ex-post facto research design was applied using the time series econometric techniques, to execute the diagnostic tests and inferential analyses of the data. Consequent upon the data analyses, the study revealed positively significant long-run and short-run relationship between the level of income and the total assets of life insurance companies in Nigeria; while the level of savings has negative and insignificant long-run and short-run relationship with the total assets of life insurance companies in Nigeria. The recommendation of the study among others, advise that the Nigerian government should aspire to diversify the economy, to open more areas for income generation for individuals in the society in order to boost insurance activities.