AIICO Insurance Grows Revenue To N72.4bn In 2023

AIICO Insurance Plc has reported a Group revenue of N72.4 billion under the IFRS 17 standard in its unaudited results for the interim period ended December 31, 2023.

The insurance company results released on the Nigerian Exchange (NGX), showed that Group revenue increased 32.2 per cent year-on-year to N72.4 billion from N54.8 billion in full year 2022.

Profit before income tax from continuing operations increased 215.2 per cent to N9.9 billion in full year 2023 as against N3.1 billion in 2022. The company’s continuing operations have benefited from improved asset-liability management and risk selection, especially in our corporate business, which has reduced the volatility of the company’s financial position. Also, net profit for the period increased to N8.60 billion higher than N5.61 billion in 2022.

Total assets increased by 18.0 per cent to N317.4 billion as of full year 2023 compared to N269.0 billion in 2022, driven mainly by a 16.2 per cent growth in financial assets, which constitutes ca. 82.5 per cent of the total assets.

Meanwhile, general insurance premiums for 2023 increased by 31.2 per cent to N34.8 billion, from N26.5 billion in 2022. In full year 2023, net operating income in the asset management business increased by 23.7 per cent to N1.8 billion from N1.5 billion in 2022.

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Speaking on the results, the managing director and chief executive officer of AIICO Insurance, Mr. Babatunde Fajemirokun said: “reflecting on the company’s performance in the fourth quarter, we take pride in the achievements and resilience displayed amidst the rapidly changing macro environment in 2023. In this prevailing economic landscape, market and inflationary trends influence customer spending leading to shifts in consumer demand.

“This change may be attributed to lower disposable incomes, prompting consumers to seek products with higher yields. Our strategy revolves around building resilient businesses capable of withstanding market fluctuations. We do this by designing products aligned with customer preferences and by delivering a compelling customer experience using technology.”

CFO of AIICO Insurance, Bisola Elias stated that, “for the year-ended December 31, 2023, we delivered strong financial results, achieving meaningful growth in our business lines and upholding a disciplined approach to strategic investments for the future. Profits reached N8.6 billion in our consolidated business, a notable 53.4 per cent increase compared to the previous year.

“Despite challenges posed by the macroeconomic environment and supply constraints, we delivered strong performance, maintaining a disciplined approach to strategic investments for the future hence upholding the strength of our balance sheet.”