AIICO Insurance seeks shareholders’ nod to raise additional N3.5bn via rights issue


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Chuks Udo Okonta

AIICO Insurance Plc. is positioning to go above and beyond, leaving no stone unturned in its continued effort to creating and protecting for its customers wealth and deliver value to its stakeholders. This has reflected in its year-on-year upward trajectory in performance in both life and general businesses.

A statement by the firm’s Head, Strategic Marketing & Communications Department, Segun Olalandu, noted that the phenomenal growth of AIICO’s balance sheet has a direct correlation to its customer base which comprises of retail customers across the length and breadth of the nation and corporate/institutional businesses from both the private and public sectors.

In fulfilment of its obligation to its delighted customers, the company has paid out over N90 billion in claims and benefits between 2014 and 2018, resulting in an annual average growth of 27 per cent. “We value the trust our customers have invested in us. This motivates us to continue to deliver value through our commitment to best practices and operational efficiency for superior customer experience” asserted by Babatunde Fajemirokun, the Managing Director & Chief Executive Officer, during a recent engagement with some members of the House of Representatives.

Preparations are in top gear to meet the industry recapitalisation requirements set by the National Insurance Commission (NAICOM). Besides the private placements recently concluded with investments from LeapFrog (a leading private equity firm), an Extra-Ordinary General Meeting is scheduled to be held on March 5, 2020 to get shareholders’ nod to raise additional N3.5bn through rights issue.

AIICO Insurance Plc., a leading life insurer in Nigeria, commenced operations in 1963. It 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.

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