AIICO Insurance recorded a profit after tax of N8.984 billion in its unaudited results for the first quarter ended March 31, 2024.
The Insurance Company Q1 results released on the Nigerian Exchange showed that net profit grew by 523 per cent from N1.442 billion in Q1, 2023 to N8.984 billion under the period review. Earnings per share stood at 24 kobo higher than four kobo in Q1, 2023.
Group revenues under the IFRS 17 standard increased 52.8 per cent year-on-year to N22.7 billion from N14.8 billion in 2023. Total income or net insurance and investment result increased by 535.7 per cent to N10.6 billion as against N1.7 billion in Q1, 2023.
Total assets increased by 5.5 per cent to N335.7 billion as of Q1 2024 from N318.1 billion Q1 2023, while total equity increased by 14.9 per cent to N59.5 billion as of Q1, 2024.
Speaking on the results, the managing director and chief executive officer of AIICO Insurance, Mr. Babatunde Fajemirokun said, “2024 marks a year of strategic execution for AIICO. We take pride in our achievements in 2023, and our clear and streamlined strategy sets a strong foundation for success in 2024. Our strategic objectives, which reflect our core purpose, underscore our unwavering commitment to serving our customers with excellence and integrity while consistently delivering value for shareholders.
CFO of AIICO Insurance, Mrs. Bisola Elias stated that “our first quarter results reflect the strength and resilience of our business model. We achieved significant year-on-year growth in, with profit before taxes from continued operations increasing to N10.3 billion from N1.5 billion.
“Amidst economic headwinds, we delivered strong performance across our business lines and are well-positioned to fortify our firm, leverage our strengths, and invest in our core operations.”
On outlook, AIICO Insurance said “as we navigate the evolving industry landscape and contribute to economic growth, the Company remains focused on being the best performer for our customers. We mitigate risks for our clients while maintaining a strong commitment to regulatory compliance and preserving shareholder capital.
“In alignment with NAICOM’s vision, we offer robust long-term savings plans designed to help our clients achieve financial security and contribute to broader economic development. With a customer-first approach, we refine our offerings by leveraging technology and innovation to meet our clients’ evolving needs, ensuring long-term value and future growth.”
