Chiamaka Ajeamo 

 AIICO Insurance Plc has announced a Gross Written Premium (GWP) of N17.6 billion, a 23 per cent increase from N14.3 billion recorded same period last year.

The company also recorded a 24 per cent growth in pre-tax profit of N1.44 billion, against N1.17 billion in 2019, while Profit After Tax (PAT) grew by 129 per cent to N1.88 billion compared to N0.82 billion attained 2019.

Commenting on the result, the firm’s Head, Strategic Marketing & Communications Department, Segun Olalandu, said the growth was driven by sustained positive performance across the major lines of business of the Group: retail, corporate and institutional businesses.

According to the Managing Director/CEO, Babatunde Fajemirokun, “AIICO delivered excellent first quarter results, demonstrating the overall strength of our company and ability to continue to meet our obligations to stakeholders even in the face of the COVID-19 pandemic. We are living in a period of uncharted waters and the situation presents both challenges and opportunities.

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“Our resilient business continuity plans and robust technology infrastructure ensured we remained operational throughout the lockdown period. We have rolled out additional digital channels for the convenience and safety of our customers, and our employees have embraced the Work-From-Home (WFH) concept – indeed, this is the new normal”.

Speaking further, he said: “In light of these outcomes, we recorded strong growth in our retail life business, which grew by 34 per cent to N10.97 billion against N8.2 billion in 2019; and an increase of 6 per cent in our corporate and institutional business to N6.2 billion from N5.9 billion in the previous year. “The Group’s total assets increased by 11 per cent to N176 billion from N159 billion in December 2019. While Shareholders’ funds, rose by 0.28 per cent to N27.99 billion from N27.91billion posted the previous year within the same period.

Fajemirokun stressed that “insurance plays a critical role in the economy and business environment in which we operate. With the advent of this pandemic, we are seeing increasing requests from corporates in Nigeria trying to understand how insurance can be deployed as a strategy for building resilience within their businesses.

“On the retail side, we are seeing new trends emerge; one of which is the shift towards a low touch world, where close-contact interaction is discouraged. In response, we are positioning to take advantage of these trends and opportunities presented by the COVID-19 pandemic to reshape and disrupt the way we operate, interact and our go-to-market strategy. I am, however, confident that we will get through these difficult times and emerge stronger,” he affirmed.