AIICO Insurance wins 4 Pearl Awards, eyes micro insurance, bancassurance

From left: Creative Manager, AIICO Insurance Pl, Ademola Adenekan, Head, Strategic Marketing & Communications, Atinuke Jose; Head, Corporate Services, Phil Maduagwu; Executive Director, Technical Adewale Kadri and Principal Manager, Non-Life Business) Akinsola Akinsola at the award ceremony in Lagos.

 

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Chuks Udo Okonta

AIICO Insurance Plc. won four awards at the 2017 prestigious Pearl Awards ceremony held yesterday at Eko Hotel, Lagos.

The company emerged winner in two categories of the awards, the Sectoral Leadership Awards and the Market Excellence Awards. The awards are: Sectoral Leadership Award in Financial Services – Insurance Sector; Market Excellence Award for Highest Earnings Yield; Market Excellence for Highest Return on Equity and Market Excellence for Highest Dividend on Equity.

The underwriting firm was also shortlisted for the overall highest award, the Pearl.
The PEARL Awards, an acronym for Performance, Earnings and Returns Leadership, is an organisation that is endorsed by the Securities and Exchange Commission.

Chief Operating Officer, AIICO Insurance Plc, Babatunde Fajemirokun, at a media parley today in Lagos, said the company will continue to sustain the achievements that paved ways for the awards, adding that the firm will continue to always be at the fore-front of change.

From left: Executive Director, Technical, AIICO Insurance Plc, Adewale Kadri; Head, Corporate Services, Phil Maduagwu and CEO, Nigerian Stock Exchange, Oscar Onyema at the award ceremony in Lagos.

He maintained that the firm which is 54 years is at risk of losing the baton as everybody is working towards taking the position the company occupies. He said the toughest thing for the firm is to remain at the top.

On the the firm’s 2017 financial performance, he said the gross premiums earned in the life business reduced 25 per cent to N10 billion from N13.3 billion in 2016 despite the five per cent growth in premiums, adding that the benefits in the firm’s life business, which make up 76 per cent of total claims recorded in 2016 grew 44 per cent compared to 2016. According to him, this is because the life business is much larger today than it was in 2016.

From left: Executive Director, Technical, AIICO Insurance Plc, Adewale Kadri; Head, Corporate Services, Phil Maduagwu and CEO, Nigerian Stock Exchange, Oscar Onyema at the award ceremony in Lagos.

 

“The timing of these benefits payments is largely predetermined based on the contract with our policy holders. This is another area where life and general insurance diverge – in non-life, the timing of these cash flows are uncertain.

“The importance of investments to our life business operations thus becomes apparent – we must invest the premiums efficiently to make sure we can meet our obligations. Investment income is therefore an important indicator of performance in a life insurer and trading in a volatile investment climate such as ours is not only recommended, it is wise.

“In our general business, which consists of short term products and policies, combined ratio reduced from 122 per cent to 102 per cent comparing Q3 2016 to 2017. Our claims ratio also reduced in 2017 from 55 per cent in 2016 to 49 per cent.

AIICO Insurance Plc is a composite insurer with interests in Life, General and Health insurance as well as Asset Management and Pensions,” he said.

Chief Operating Officer, AIICO Insurance a Plc, Babatunde Fajemirokun and Company Secretary, Donald Kanu at the event.

He noted that the firm will in 2018 venture into micro insurance and Bancassurance businesses, stressing that talks are on high gear with a bank on the Bancassurance operations.

On annuity, he said the demand for products has continued to rise in spite challenges witnessed some months ago.

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