AIICO Insurance Generates Insurance Revenue Of N108.2bn In 2024

The managing director and chief executive officer of AIICO Insurance Plc, Babatunde Fajemirokun said the company ended the year 2024 with insurance revenue of N108.2 billion, exceeding the targets set in its five-year strategy.

He said that “each business line delivered solid results, reinforcing the strength of our business philosophy. As industry evolves, we remain well positioned to navigate regulatory changes that support economic growth and maintain market stability.”

Looking ahead, Fajemirokun noted that “we will continue to serve our clients with excellence while driving long-term value for our shareholders.”

The CFO of AIICO Insurance, Mrs. Bisola Elias said, “for the year ended 2024, profits reached N15.1 billion, a 24.4 per cent increase from N12.1 billion in the previous year.

“This performance reflects our disciplined financial management approach, strategic investments, and a commitment to sustainable business practices, ensuring long-term stability and resilience.”

Reviewing the company’s performance for the year ended December 31, 2024, Group revenues increased 48.8 per cent year-on-year to N108.2 billion from N72.8 billion in 2023.

Profit before income tax increased 26.3 per cent to N15.8 billion in 2024 as against N12.5 billion; while profits after taxes increased 24.4 per cent Y-o-Y to N15.1 billion in full year 2024 from N12.1 billion in 2023, implying a return on equity of 22.5 per cent for the group.

Also, the board of Company proposed a final dividend of seven kobo per share to shareholders for the year under review.Total assets increased by 30.9 per cent to N416.4 billion as of full year 2024 compared to N318.2 billion achieved in 2023, driven mainly by a 28.0 per cent growth in financial assets equivalents, which constitutes ca. 82.0 per cent of the total assets.

Total equity increased by 30.4 per cent to N67.7 billion in 2024 against N51.9 billion in 2023, due to a 52.2 per cent increase in retained earnings to N29.9 billion higher than N19.7 billion from profits made during the year.