Insurance

AIICO Insurance nets N10 billion profit

GMD, AIICO Insurance, Edwin Igibiti

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Chuks Udo Okonta

AIICO Insurance Plc, a financial services company with interest in insurance, pension, health and asset management has recorded N10.24 billion Profit After Tax (PAT) for the financial year ended 31 December 2016. This is a 756 per cent growth from N1.195 billion PAT recorded in 2015.

In the audited financial result submitted to the Nigerian Stock Exchange (NSE), AIICO also posted a profit before tax figure of N11.84 billion as against N1.799 billion during the review year, showing an increase of 558 percent.

The firm’s gross written premium stood at N27 billion during the review year, a drop of 18 per cent as against N32.92 billion in 2015, while the gross premium appreciated by over 188 per cent to close at N30.03 billion from N10.41 billion in 2015.

AIICO being a responsible corporate organisation that takes its customers seriously met its claims obligation during the review year to the tune of N13.09 billion, a 23 per cent increase from N10.67 it paid out in 2015.

As at the end of the 2016, the company’s total assets stood at N77 billion.
Directors of the company will be proposing a dividend of 2 kobo per share as against 0.05 kobo paid in 2015, to its shareholders when they meet for their Annual General Meeting soon.

Established in 1963, AIICO Insurance Plc is an insurance, pensions management, and asset management Group in Nigeria with market-leading positions in its key business lines life assurance and annuity; general insurance and special risks; pension management; health insurance and asset management.

AIICO commenced operations in Nigeria in 1963 as an Agency office of American Life Insurance Company (“ALICO”) – at the time, a subsidiary of American International Group (“AIG”).

Following the insurance industry’s consolidation in 2007, the Company acquired NFI Insurance plc and Lamda Insurance Company Limited.

As an insurance company, AIICO’s goal is to be the insurer of choice and the leading insurance company in Nigeria – providing life insurance and retirement services as well as risk underwriting to a substantial and diversified client base.

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