AIICO Insurance Grows Full Year Profit after Tax by 146% to N3.1 Billion

AIICO Insurance Plc has grown its profit after tax (PAT) by 146 per cent from N1.3 billion to N3.1 billion for the year ended December 31, 2018. The bottomline from gross written premiums which rose from N32.1 billion in 2017 to N37.7 billion in 2018. Earnings per share increased by 144 per cent from 18 kobo in 2017 to 44 kobo in 2018.

In line with its progressive dividend policy, the board has recommended a 20 per cent increase in dividend payout for approval at the annual general meeting of shareholders. Specifically the dividend is N415.812 million, which translates to six kobo.

Speaking on the results, the Managing Director/CEO, Mr. Edwin Igbiti said: “As a company, we are in the business of bringing relief to our esteemed clients in times of losses. This is evidenced by over 25 per cent growth in gross claims from N23.3 billion in 2017 to N29.1 billion in 2018. From this amount, about 76 per cent was for benefits and claims payment in our Life business with the remaining 24% incurred in the Non-Life business.”

According to him, the company’s financial position remains robust and continues to improve with total assets witnessing a 19 per cent growth from N92.4 billion in 2017 to N109.9 billion in 2018. “Shareholders’ equities also increased by 38 per cent to N14.5 billion, from N10.5 billion in 2017. Our financial position is an indicator of our capacity and ability to continue to provide protection and risk assurance services to our clients over the long-term,” Igbiti said.

Also speaking, the Executive Director / Chief Operating Officer, Mr. Babatunde Fajemirokun, said: “The year 2018 was significant for our company, as it marked the end of a 5-year transformation plan. The meticulous execution of our transformation plans continue to yield expected results with year-on-year improvements in our performance.”