AIICO Insurance Plc has reported a strong financial performance for the year ended December 31, 2025, recording Group revenue of ₦137.7 billion, according to its unaudited results released on the Nigerian Exchange (NGX).
The result represents a 27.0 per cent year-on-year increase from ₦108.4 billion in 2024, underscoring the insurer’s continued growth momentum across its core business lines. Gross premiums written also rose by 20.3 per cent to ₦191.8 billion, up from ₦159.4 billion in the previous year, reflecting expanding retail and commercial insurance activities.
Underwriting Margins Recover as Profitability Improves
A key highlight of the 2025 results was a sharp turnaround in underwriting performance. Insurance service results improved to ₦9.5 billion, reversing a ₦3.0 billion loss recorded in 2024, driven by stronger margins across retail and corporate product lines.
Profitability also strengthened on a normalized basis. Normalised profit before tax, excluding one-off foreign exchange items, increased by 63.6 per cent to ₦20.4 billion, while normalised profit after tax rose 54.0 per cent to ₦18.3 billion, compared with ₦11.9 billion in 2024. Unlike the prior year, when earnings were supported by ₦10.9 billion in net FX gains, 2025 results reflected a ₦2.7 billion FX loss, highlighting the resilience of AIICO’s core operations.
Balance Sheet Expansion Signals Financial Strength
AIICO’s balance sheet continued to expand significantly in 2025. Total assets grew by 39 per cent to ₦579.7 billion, from ₦416.5 billion in 2024, while shareholders’ funds rose by 40 per cent to ₦94.3 billion, compared to ₦67.2 billion a year earlier.
Commenting on the performance, Managing Director and Chief Executive Officer, Mr. Babatunde Fajemirokun, said the results reflect disciplined execution and improving earnings quality.
“Our insurance revenue grew by 27.0 per cent to ₦137.7 billion, while normalised profits rose 54.0 per cent year-on-year. This improvement was driven by stronger insurance service results, with service margins recovering to 6.9 per cent from negative levels in the prior year, underscoring the sustainability of our earnings,” he said.
Outlook: Focus on Efficiency, Growth, and Long-Term Value
Looking ahead, AIICO said it remains well positioned to capitalize on emerging opportunities as macroeconomic conditions evolve and investor sentiment toward emerging markets improves.
The company noted that its strategic priorities include deepening customer engagement, enhancing operational efficiency, strengthening its balance sheet, and investing in its operating platform to support sustainable growth.
“Through disciplined capital allocation and prudent risk management, we are focused on building resilience and delivering long-term value for our shareholders and stakeholders,” the company stated.
Conclusion
AIICO Insurance’s 2025 performance highlights a strong recovery in underwriting profitability, robust revenue growth, and expanding balance sheet strength. As Nigeria’s insurance sector undergoes structural reforms and recapitalisation, AIICO appears well positioned to leverage its scale, improving margins, and strategic focus to drive sustainable long-term growth.
