AIICO Insurance Plc has announced a profit after tax (PAT) of ₦13.6 billion for the latest financial period, reflecting a 12% increase from the previous year’s ₦12.1 billion.
According to the company’s financial statements filed with the Nigerian Exchange Limited, the growth in profit was fueled by:
- A 45% rise in gross written premium, reaching ₦159.3 billion, compared to ₦110 billion in the previous year.
- A 49% increase in insurance revenue, which climbed to ₦108.2 billion from ₦72.8 billion.
- A 53% surge in net investment income, totaling ₦42.1 billion, attributed to higher returns on fixed-income securities and equities.
Despite the overall positive financial results, AIICO reported a 33% decline in service results, amounting to ₦3.6 billion. This was largely due to:
- Higher claims payments and underwriting expenses, with total claims expenses rising to ₦89.2 billion.
During the review period:
- Total assets increased by 28%, reaching ₦407.8 billion.
- Shareholders’ funds grew by 25%, amounting to ₦64.3 billion.
- Foreign exchange gains on shareholders’ assets stood at ₦3.9 billion, driven by currency revaluation.
Improved Profitability
- Profit before tax (PBT) rose by 21%, reaching ₦15.1 billion from ₦12.5 billion in the prior year.
- Total comprehensive income grew by 8%, reflecting overall stability in financial performance.
AIICO Insurance also disclosed that it has acquired a 5% stake in Infrastructure Credit Guarantee Company Limited (InfraCredit) as part of its strategic investment in the Nigerian financial sector.
With strong financial growth and strategic investments, AIICO continues to reinforce its position as a leading player in the Nigerian insurance market.
