BUSINESS AIICO generates N8.16bn premium income in Q1

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.