AIICO Insurance Records N88.3bn Gross Written Premium

AIICO Insurance Plc was able to pull N88.3 billion Gross Written Premium(GWP) from the risk businesses it underwrote in its full year ended December 31, 2022.

The underwriting firm’s unaudited results for the fiscal year ended December 31, 2022 released on the Nigerian Exchange (NGX) Limited showed that gross written premium grew from N71.6 billion it was in 2021, due to a year-on-year increase of 39.1 per cent in general insurance to N26.5 billion from N19 billion in 2021.

Life insurance premiums increased by 17.6 per cent year-on-year to N61.1 billion compared to N51.9 billion in Q3, 2021 and underwriting income from its Health Maintenance Organization (HMO) increased 73.5 per cent Y-o-Y to N1.6 billion in 2022 from N950.6 million in 2021.

Operating income in asset management declined by 22.2 per cent Y-o-Y to N1.5 billion from N1.87 billion in 2021. Profit before income tax from continuing operations increased to N4.5 billion in full year 2022, higher than N2.8 billion in 2021.

The company said, improved underwriting performance in the insurance and health management businesses supported growth during the year compared to full year 2021, saying, in 2022, the company completed the sale of its stake in AIICO Pensions, recording a profit from discontinued operations to the tune of N2.9 billion.

As a result, net profit for the year rose by 39.5 per cent to N6.9 billion in full year 2022 as against N4.9 billion in 2021.

Speaking on the results, the managing director/CEO of AIICO Insurance, Mr. Babatunde Fajemirokun said: “in 2022, AIICO Insurance reported strong results with N88.3 billion in gross premiums, a record for the company.

“The improvement in our operations is apparent, our financial position is even more stable, and our insurance operations were more profitable in 2022 than in 2021, especially in our general insurance and health maintenance businesses.”

Fajemirokun stated that, “we also continued to see momentum in our areas of strategic focus such as product development, automation and embedding digital across the organization.

“For 60 years, our customers have trusted us with their life savings, a testament to our reputation in the industry and the insurance market. As the company celebrates its diamond jubilee, our hope is that our customers continue to trust us for another 60 years at least, while resting assured that AIICO Insurance will continue to be there whenever we are needed.”

On outlook, Fajemirokun noted that, “AIICO Insurance has made the requisite investments to ensure a smooth transition to the new standard with no impact on our operations. Our financial position and cashflows remains robust, providing a much-needed comfort to our customers that the company is on this journey with them.

“Sound risk management continues to underpin all our strategic decisions, giving us a solid base and reassuring customers that AIICO remains judicious in the management of their savings.”