BUSI­NESS AIICO gen­er­ates N8.16bn pre­mium in­come in Q1

Daily Trust - - BUSINESS - From Chris Agabi, La­gos

AIICO In­sur­ance Plc has recorded a pre­mium in­come of N8.16 bil­lion in the first quar­ter of 2014, its Ex­ec­u­tive Di­rec­tor (Tech­ni­cal), Jide Ori­mo­lade, has said.

Ori­mo­lade who stated this at a press brief­ing held in La­gos also said the com­pany tar­gets N31 bil­lion pre­mium in­come in 2014.

He said the man­age­ment of AIICO In­sur­ance Plc has put se­cured struc­tures on the ground to achieve its ob­jec­tive.

Giv­ing a break­down, he said, AIICO gen­er­ated N2.9 bil­lion from gen­eral busi­ness, N1.7 bil­lion from in­di­vid­ual life busi­ness, N916 mil­lion from group life busi­ness and N3.5 bil­lion from an­nu­ity busi­ness.

He said AIICO was repo­si­tioned to ren­der qual­ity ser­vices, adding it was com­mit­ted to prompt pay­ment of claims.

Ac­cord­ing to him, train­ings were be­ing or­gan­ised for its em­ploy­ees on how they can take nec­es­sary de­ci­sions with­out al­ways rush­ing to the head of­fice.

Ori­mo­lade con­firmed that the com­pany was im­ple­ment­ing the “no pre­mium, no cover” pro­vi­sion con­tained in sec­tion 50 of the in­sur­ance act 2003, adding that the pol­icy has helped the in­sur­ance firm in col­lect­ing pre­mi­ums.

He stated that AIICO has part­nered Guar­anty Trust Bank (GTBank) to pro­vide seam­less ser­vices to en­able the pub­lic re­new their life poli­cies for free.

With this de­vel­op­ment, the pub­lic can now re­new their life poli­cies at all GTBank branches in La­gos for free, he said, adding that the part­ner­ship was aimed at pro­vid­ing free ser­vice de­liv­ery.

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