AIICO Insurance Revenue Hits N65.4bn, Records N102.7bn Premium

Insurance Revenue of AIICO Insurance Plc rose by 34 per cent growth, reaching N65.4 billion in the first half ended June 30, 2025.

The company, in its unaudited results for the period under review, showed that, Group revenues increased 34 per cent year-on-year to N65.4 billion from N48.8 billion in H1 2024. Premiums written grew 17.5 per cent year-on-year to N102.7 billion compared to N87.4 billion in H1 2024.

Insurance service results improved to N7.4 billion in H1 2025 as against N1.8 billion in H1 2024, driven by improved pricing and optimized reinsurance. Profit after tax dropped to N11.269 billion from N12.955 billion achieved in H1 2024.

Speaking on the results, Babatunde Fajemirokun, the managing director and chief executive officer of AIICO Insurance, said, “Our priorities in the second quarter remain clear: focused execution, disciplined capital and risk management, and building resilience against market uncertainties.

“Insurance revenue rose 34 per cent to N65.4 billion; notably, normalised profit before taxes excluding FX effects increased by 96.8 per cent year-on-year to N12.5 billion from N6.3 billion in H1 2024.

“This performance reflects operational momentum and improved risk-adjusted earnings, supported by higher insurance service margins of 11.3 per cent, up from 3.6 per cent in the prior year, a sign of sustainable quality growth.”

On outlook, Fajemirokun stated that, “AIICO Insurance remains focused on navigating today’s complex environment with a balanced approach to risk and capital management. This enables us to preserve financial strength while consistently adapting to our customers’ evolving needs and maintaining stability across market cycles.”