AIICO Insurance Posts N25.4bn Premium in First Half
AIICO Insurance Plc has reported its financial results for first half of 2019 which showed it achieved gross written premiums of N25.4 billion within the period.
This, the life underwriting specialist stated represents 32 per cent growth over N19.2 billion premium it achieved within the same period in 2018.
The company stated that the growth was driven by the firm’s continued solid performance across its major lines of business which includes life and corporate & institutional businesses.
Executive Director / Chief Operating Officer of AIICO, Mr. Babatunde Fajemirokun, who disclosed this while briefing journalists on the company’s performance during the first half of the year said the performance was a demonstration of a focused implementation of AIICO’s renewed strategy, notwithstanding the challenging operating environment.
He said in line with the firm’s renewed strategic aspirations for market leadership with focus on profitable growth, the company recorded a 42 percent increase in Profit before tax (PBT) having posted N3.11 billion in this regard, compared with N2.19 billion profit it made in the comparable period of 2018.
“Profit after tax (PAT) also grew by 52 percent to stand at N2.94 billion, compared to N1.93 billion attained in H1 2018,” he said.
Speaking further, Fajemirokun said, “customer-centric product innovations, sustained investments and automation of our agency salesforce continues to yield dynamic results as we recorded strong growth in our retail life business, which grew by 47 per cent to stand at N15.5 billion, as against first half 2018.”
He said within the period under review, the Group’s balance sheet improved with total assets growing by 24 per cent, to N135 billion, compared to N109 billion in December 2018.
Commenting on the new capital requirements for the insurance industry, Fajemirokun said AIICO insurance has put adequate strategies in place that would ensure that it does not only meet the new capital requirement for a composite underwriter but also surpasses same with sufficient solvency margins.
“Going into the second half of the year, we remain committed to the execution of our strategic objectives whilst staying focused on our primary purpose of protecting our customers and delivering superior returns to shareholders.
“As we look to the future, we remain guided by our mandate to provide shared protection to every family and business, so they can live life with confidence amidst uncertainty”, the AIICO insurance boss said.
Speaking on the new products, AIICO Moneywise Term Assurance product and travel insurance introduced by the company, Head Technical ,Retail Business Division Titilola Okunlola, described the product as a life cover that guarantees 100 per cent cash back to policyholders when policy elapses without claims.
According to her, the product provides AIICO Insurance customers with a win-win situation such as financial protection for loved ones within the duration of the policy, if life happens or full refund of premiums should the policyholder survive the period.
She listed features and benefits of the products as guaranteed payment of the sum assured, flexible policy tenure between 5 – 20 years, affordable premium, cover amount being determined by policyholder, convenient premium payment options; monthly, quarterly, semi-annual, annual or single premium paymen, as well as possibility of premium payments certificates being used for tax relief, among others.
She also spoke on AIICO’s World Travel and Domestic Air Travel Insurance saying
“In this season of summer holidays, we will like to inform the public of AIICO’s World Travel Insurance, which has a cover with benefits of up to $200,000.
According to her, highlights of the cover include: loss or theft of baggage, emergency medical expenses, medical evacuation, repatriation or transport to medical centre expenses and follow up treatment in Nigeria and lots more.
She said AIICO’s Schengen cover offers more than the embassy standard requirement cover of €30,000.