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Tuesday, March 28, 2023

AIICO Reports 27.1% Growth in Gross Premiums to N69.5 billion for Q3 2022

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AIICO Insurance Plc has announced its unaudited results for the interim period ended 30 September 2022, showing a 27.1% growth in gross premiums to N69.5 billion.

Commenting on the results, Mr. Babatunde Fajemirokun, the Managing Director and Chief Executive Officer said, “Through the third quarter and year-to-date, AIICO Insurance has delivered improved financial performance across the board, supported by sound risk management and a focus on creating value for all stakeholders. We have made good progress on many of the core business drivers despite the complex macro environment.  It is our firm belief that AIICO Insurance is very well positioned for continued profitable growth by supporting our customers and executing our strategy. Our performance year-to-date strengthens our resolve that we are on the right path, in terms of creating the solutions and providing the levels of service and support that our customers expect.” 

Operational developments

  • AIICO Insurance completed the sale of its stake in AIICO Pensions to FCMB Group in Q1 2022.
    • It also completed the process of distribution of FY 2020 bonus (12 shares for every 9 shares held) to shareholders in Q1 2022.
    • The Company’s shareholders ratified a dividend of 2 kobo per share at the Annual General
    Meeting held on May 27, 2022. The dividend was paid to shareholders in June 2022.
    • From 2023, insurers will be required to report based on the IFRS 17 standard. This standard affects how insurance contracts are recognized on an insurer’s balance sheet. The Company’s transition to this standard is progressing as planned and is expected to be ready when the new Standard goes into effect.
    • Customers now have the option of using Paystack on AIICO Insurance E-business platform to purchase or renew their policies. This is another demonstration of AIICO Insurance’s commitment to digitizing our operations and improving the quality of our services to customers.
    AIICO Insurance completed the acquisition of Tangerine Life’s annuity portfolio, improving ability to take advantages of economies of scale and increase returns to shareholders. This added N30 billion to its total assets and liabilities.
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