ADVERTISEMENT
  • Hausa Edition
  • Podcast
  • Conferences
  • LeVogue Magazine
  • Business News
  • Print Advert Rates
  • Online Advert Rates
  • Contact Us
Wednesday, September 17, 2025
Leadership Newspapers
Read in Hausa
  • Home
  • News
  • Politics
  • Business
  • Sport
    • Football
  • Health
  • Entertainment
  • Education
  • Opinion
    • Editorial
    • Columns
  • Others
    • LeVogue Magazine
    • Conferences
    • National Economy
  • Contact Us
No Result
View All Result
  • Home
  • News
  • Politics
  • Business
  • Sport
    • Football
  • Health
  • Entertainment
  • Education
  • Opinion
    • Editorial
    • Columns
  • Others
    • LeVogue Magazine
    • Conferences
    • National Economy
  • Contact Us
No Result
View All Result
Leadership Newspapers
No Result
View All Result

AIICO Targets 46% Profit Growth To N17.6bn

Pays N42.5bn claims in six months

by Leadership News
1 year ago
in Business
AIICO
Share on WhatsAppShare on FacebookShare on XTelegram

AIICO Insurance Plc is forecasting a pre-tax profit of N17.6 billion, representing a 46 increase from the N12 billion pre-tax profit posted in the 2023 financial year.

Advertisement

The group’s forecast comes off an impressive 2024 first half, posting a pre-tax profit of N14.4 billion, marking a 98 per cent year-on-year increase from the N7.3 billion pre-tax profit posted in H1 2023. In the first half of 2024, the company also spent N42.5 billion on the payment of claims and other insurance service expenses.

In its earnings forecast, the company projected a gross written premium of N141 billion, marking a 29 per cent growth from the N109.4 billion recorded in FY 2023. The company is also projecting a 27 per cent growth in its insurance revenue to N90.8 billion from N71.6 billion recorded in 2023.

AIICO forecasts an insurance service gain of N3.45 billion, significantly improving from the N1.62 billion loss recorded in 2023.

Also, the company’s revenue from its General Business during the half-year was about N24.3 billion, while it posted an insurance revenue of N23.9 billion from its Life Business. However, the gain posted on the Life Business was about N2.3 billion, while the General Business posted an N871 million loss during the period.

Related News

NBS Report: Ekiti Confident Interventions Will Reduce High Inflation Rate

2 hours ago

All Federal Airports Fully Insured, Runways Under Overhaul — FAAN

7 hours ago

The company is projecting a 39 per cent growth in net income for the 2024 financial year, with a forecasted net income of N16.7 billion, in contrast with the N12 billion recorded in FY 2023.

For the 2023 financial year, AIICO Insurance paid a dividend of 5 kobo per share, representing a dividend payout ratio of 15.2 per cent. With net income projected to increase, it is projected that the company will pay an increased dividend.

The group is on course for its best earning year in history.

In 2023, AIICO Insurance was very high up on the list of claims payments in Nigeria as it paid out claims totalling about N68.3 billion during the year. About 63 per cent of these claims were paid in the second half of the year.

With the company already posting a 70 per cent year-on-year growth in claims payment in the first half of 2024, it is projected that the company may pay out up to N100 billion in claims in 2024. AIICO is projecting a net cash flow inflow of N23 billion from its operating activities with the bulk expected to come from premiums received.

Between 2019 and 2023, AIICO Insurance paid out about N236 billion in claims and other expenses, the highest spend on claims by an insurance company listed on the NGX within that period.

 

 

Join Our WhatsApp Channel

Tags: AIICO
SendShare10173Tweet6358Share

Other News Updates

Business

NBS Report: Ekiti Confident Interventions Will Reduce High Inflation Rate

2025/09/17
Business

All Federal Airports Fully Insured, Runways Under Overhaul — FAAN

2025/09/17
Agriculture

Federal Government Unveils $3.14bn Agric Investment Scheme With FAO

2025/09/17
Business

Upstream Sector Attracts $18.2bn Investment, Unlocks 1.4bn Oil Barrels

2025/09/17
Business

CBN Enlightens Kano Residents About New Banking Initiatives

2025/09/17
Business

Rehoboth City Estate Unveils Wazobia, Smart Housing Project In Abuja

2025/09/17
Leadership Conference advertisement

LATEST

Akwa Ibom Clamps Down On Illegal Schools

Poor Diagnostic Capacity Driving Misdiagnosis Of Acute Fever In Nigeria – US CDC

WAC: Nigeria’s Nathaniel Breaks 38-yr Jinx, Qualifies For 400m Hurdles Final

Governor Adeleke Not Defecting To ADC Or Any Party, Say Osun Government

Stop Painting Dangote As Villain, Ndume Slams Oil Workers

‘Traditional Rulers’ Role Key In Tackling Insecurity’, Says Olu Of Warri

Activities Of ‘Yahoo Boys’ Costing Innocent Nigerians US Visas – EFCC

Anglican Bishop Of Uyo Diocese Owen Ukafia Dies

Police Clear Pastor Adefarasin, Say Object In Viral Video Not Weapon

WAC: Jefferson-Wooden, Jackson Breeze Into Women’s 200m Semifinals

© 2025 Leadership Media Group - All Rights Reserved.

No Result
View All Result
  • Home
  • News
  • Politics
  • Business
  • Sport
    • Football
  • Health
  • Entertainment
  • Education
  • Opinion
    • Editorial
    • Columns
  • Others
    • LeVogue Magazine
    • Conferences
    • National Economy
  • Contact Us

© 2025 Leadership Media Group - All Rights Reserved.