Insurance Firm Revenue Crosses N36.7bn As Premiums Drive Q1 Growth

AIICO Insurance has recorded gross premiums written of N62.6 billion and revenue advancing 11.8 per cent to N36.7 billion in the first quarter of 2026.

The company’ unaudited results for the period ended March 31, 2026 showed that group revenues increased 11.8 per cent year-on-year to N36.7 billion from N32.8 billion in Q1 2025. Premiums written grew 14.2 per cent year-on-year to N62.6 billion as against N54.8 billion achieved in Q1 2025.
Insurance service results improved to N4.2 billion in Q1 2026.

Profits before taxes improved, while normalised profits excluding one-off items such as FX gains rose by 34.0 per cent to N7.3 billion in Q1 2026 from N5.5 billion in Q1 2025. Normalised profit after tax also increased by 32.4 per cent to N6.5 billion from N5.0 billion in Q1 2025. FX losses rose to N1.6 billion in Q1 2026, compared to N25.2 million in 2025.

Speaking on the results, the managing director and chief executive officer, AIICO Insurance, Babatunde Fajemirokun said, “our performance this quarter reflects the continued strength of our core insurance businesses and disciplined execution across the Group, even as market conditions became more volatile.

“As we navigate the evolving environment, our clients continue to rely on us to keep the promises we make to them, and we remain confident in our ability to meet these expectations, as we continue to position our businesses for growth in the years ahead.”

Chief financial officer of AIICO, Bisola Elias said “in Q1 2026, insurance revenue grew by 11.8 per cent to N36.7 billion, while normalized profits excluding FX effects increased by 32.4 per cent year-on-year to N6.5 billion from N4.9 billion in Q1 2025.

“Insurance service margins moderated to 11.4 per cent from 12.4 per cent in the prior year, reflecting a moderation in underwriting margins, while risk selection remained disciplined.”
On outlook, AIICO Insurance said, “given the evolving global and domestic macroeconomic environment, AIICO Insurance continues to focus on the risks most material to its operations while maintaining the flexibility to respond to changing market conditions.

“We remain committed to our core responsibility of managing risks on behalf of our clients through a disciplined assetliability management framework, which supports resilience against market volatility. Supported by strong risk governance and balance sheet strength, we believe that AIICO is well positioned to meet its strategic objectives, and deliver long-term value to shareholders.”