AIICO Insurance Records N75bn Revenue In H1

AIICO Insurance Plc has posted a 14.5 per cent revenue growth to N75 billion, as premiums written hit N104.7 billion for the half-year ended June 30, 2026.

This is as the Company received a new operational licence from the National Insurance Commission (NAICOM), confirming its full compliance with the recapitalisation requirements introduced under the Nigerian Insurance Industry Reform Act (NIIRA) 2025.

The development comes as the company continues to post strong financial results, reinforcing its position as one of the industry’s most resilient and well-capitalised players.

The Company’s unaudited results for H1 showed that Group revenues increased 14.5 per cent year-on-year to N75.0 billion from N65.4 billion in H1 2025. Premiums written grew 2.0 per cent Y-o-Y to N104.7 billion as against N102.7 billion in 2025, while insurance service results improved to N8.1 billion in H1 2026, higher than N7.4 billion in H1 2025.

Profits before taxes increased by 18.9 per cent to N15.1 billion, while profit before tax excluding FX effects rose by 38.5 per cent to N17.3 billion in H1 2026. Profit after tax, excluding FX effects, also increased by 36.2 per cent to N15.3 billion from N11.3 billion in H1 2025. FX losses rose to N1.8 billion in H1 2026, compared to N138.9 million in 2025. Normalised return on equity for the period stood at 29.04 per cent.

Speaking, the managing director and chief executive officer of AIICO Insurance, Mr Babatunde Fajemirokun, said, “The first half of the year has been dominated by the reaction to the new capital requirements following the passing of the NIIRA Act 2025. The impact of this has been felt in our non-life business, where customers have prorated premiums in anticipation of the regulator’s pronouncement regarding companies that are adequately capitalised.”

According to him, this milestone reflects our unwavering commitment to regulatory compliance, financial strength, sound corporate governance, and the long-term sustainability of our business. More importantly, it reinforces our capacity to underwrite risks at greater scale, honour claims and obligations promptly, and continue to protect what matters most to our customers with confidence.

He noted that “we expect a return to normalcy in our corporate business in the second half of the year as clarity in the industry improves. Despite this, our commitment to our customers and their trust in AIICO Insurance to safeguard their interests continue to carry us through.”

With a strengthened capital position, improving earnings profile, and regulatory endorsement, AIICO appears well-positioned to deepen its market presence and pursue new growth opportunities within Nigeria’s evolving insurance landscape.