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Chuks Udo Okonta
AIICO Insurance Plc said it reported Gross Written Premium (GWP) of ₦17.6 billion, which is up by 23 per cent from N14.3 billion achieved the same period in 2019.
A statement by the firm’s Head, Strategic Marketing & Communications Department, Segun Olalandu, said the growth is driven by sustained positive performance across the major lines of business of the Group: Retail and Corporate & Institutional businesses.
The Group also recorded a 24 per cent increase in profit before tax (PBT) of N1.44 billion, compared to N1.17bn in Q1 2019. Profit after tax (PAT) also grew by 129 per cent to N1.88 billion, compared to N0.82 billion attained in Q1 2019.
According to the Managing Director/Chief Executive Officer, Babatunde Fajemirokun, “AIICO deliveredexcellent first quarter results, demonstrating the overall strength of our Company and ability to continue to meet our obligations to stakeholders even in the face of the COVID-19 global pandemic. We are living in a period of uncharted waters and recognize the situation presents both challenges and opportunities.
“Our resilient business continuity plans and robust technology infrastructure ensured we remained operational throughout the lockdown period. We have rolled out additional digital channels for the convenience and safety of our customers, and our employees have embraced the Work-From-Home (WFH) concept – indeed this is the new normal”.
Speaking further, Fajemirokun said, “In light of these outcomes, we recorded strong growth in our Retail Life business, which grew by 34 per cent to N10.97bn (Q1 2019: N8.2bn); and an increase of 6 per cent in our Corporate and Institutional business to N6.2bn (Q1 2019: N5.9bn).
Within the period under review, the Group’s balance sheet improved with total assets growing by 11 per cent to N176 billion compared to N159 billion in Dec 2019. Shareholders’ funds, also rose by 0.28 per cent to N27.99 billion (Dec 2019: N27.91billion).
He added that “Insurance has a critical role to play in the economy and business environment in which we operate. With the advent of this pandemic, we are seeing increasing requests from corporates in Nigeria trying to understand how insurance can be deployed as a strategy for building resilience within their businesses.
On the retail side, we are seeing new trends emerge; one of which is the shift towards a low touch world, where close-contact interaction is discouraged. In response, we are positioning to take advantage of these trends and opportunities presented by the COVID-19 pandemic to reshape and disrupt the way we operate, interact and our go-to-market strategy. I am however confident that we will get throughthis difficult times and emerge stronger.”
AIICO Insurance is a leading composite insurer in Nigeria with a track record of serving our clients that dates back over 50 years. Founded in 1963, AIICO provides life and health insurance, general insurance, investment management and pension management services as a means to create and protect wealth for individuals, families and corporate customers.