AIICO Insurance Revenue Rises To N99.8bn In 9 Months

AIICO Insurance Plc has reported Group revenue of N99.8 billion in its unaudited results for the interim period ended September 30, 2025.

The company’s nine-month results showed that Group revenues increased 29.7 per cent year-on-year to N99.8 billion from N76.9 billion in the nine months of 2024, while premiums written grew 17.2 per cent year-on-year to N153.4 billion, compared to N130.9 billion in 2024.

Insurance service results improved to N8.6 billion in the first nine months of 2025 from a loss of N2.5 billion in 2024, reflecting improved pricing discipline and optimised reinsurance.

Profits before taxes improved, while normalised profits, excluding one-off items such as foreign exchange gains, rose by 283.8 per cent to N15.9 billion, compared to N4.1 billion. In comparison, profit after tax also increased by 284.1 per cent to N14.3 billion, higher than N3.7 billion. Earnings in 2024 were supported by a net FX gain of about N13.4 billion, compared to a loss of N1.4 billion as at September 2025.

Speaking on the results, the managing director and chief executive officer of AIICO Insurance, Babatunde Fajemirokun, said, “Our third-quarter results reflect the strength of our diversified business model and disciplined execution across the Group.

“Insurance revenue grew 29.7 per cent to N99.8 billion, while normalised profits excluding FX effects rose 284 per cent year-on-year to N14.3 billion from N3.7 billion in the nine months of 2024. Stronger insurance results drove this, as margins improved to 8.6 per cent from a negative of 3.2 per cent in the prior quarter.”

Fajemirokun stated, “we remain focused on sustaining this momentum by deepening client relationships and investing in technology that helps us meet customers where they are and, through that, delivering consistent, long-term returns for our shareholders.”

On outlook, AIICO Insurance said, “We remain strategically positioned to leverage emerging opportunities as economic conditions evolve. With global interest rates easing and improved investor sentiment toward Nigeria, we are focused on strengthening our balance sheet and operational capacity to meet the evolving needs of our customers. Our disciplined approach to growth, capital allocation, and risk management ensures we continue to deliver long-term value to our stakeholders.”