AIICO Insurance Gross Premium Hits N88.3bn In 2022

AIICO Insurance Plc reported a growth of 23.2 per cent in its gross written premium to N88.3 billion for the year ended December 31, 2022.

The insurance company said, this was due to a year-on-year (y-o-y) increase of 39.1 per cent in General Insurance to N26.5 billion. Life Insurance premiums increased by 17.6 per cent y-o-y to N61.1 billion and underwriting income from Health Maintenance Organisation (HMO) increased 73.6 per cent y-o-y to N1.6 billion.

The company’s results released on the Nigerian Exchange Limited showed operating income in Asset management declined by 22.1 per cent to N1.5billion from N1.87 billion in 2021.

Profit before income tax from continuing operations increased to N5.1 billion in full year 2022 as against N2.8 billion in 2021. In 2022, the Company completed the sale of its stake in AIICO Pensions, recording a profit from discontinued operations of N2.9 billion. As a result, profit for the year rose by 53.6 per cent to N7.6 billion in 2022 as against N4.9 billion in 2021.

Total assets increased by 21.6 per cent to N270.3 billion as of full year 2022 compared to N222.4 billion in 2021, while total equity increased by 14.8 per cent to N45.0 billion in 2022 higher than N38.4 billion in 2021. The company proposed a final dividend of three kobo per share.

Speaking on the results, the managing director and chief executive officer 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 while improvement in its operations is apparent as its financial position is even more stable, and its insurance operations more profitable in 2022 than in 2021, especially, in its general insurance and health maintenance businesses.

He 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.

“The recent turbulence in financial markets globally has strengthened our resolve that sustainable growth driven by judicious risk management and a sound asset-liability framework provides financial services firms the best opportunity to fulfil their obligations to their customers. This is why AIICO Insurance has been in business for 60 years.”