AIICO Insurance Records N12 Billion Profit After Tax, Seeks Better Returns in Future

Nigeria-based insurance company, AIICO Insurance Plc, has announced a profit after tax of N12 billion for the financial year ended December 31, 2023. This represents a significant increase of N6.8 billion or 132.6 per cent from N5.2 billion posted during the corresponding period of 2022.

The impressive financial result was achieved despite socio-economic challenges, including increases in monetary policy rate, inflation, fuel subsidy removal, forex scarcity, and the 2023 fiscal bill. According to chairman of the Board of Directors, Kundan Sainani, the company’s performance was boosted by its transition from International Financial Reporting Standard (IFRS) 4 to IFRS 17 and a yield of insurance revenue of N72.6 billion in 2023, compared to N54.8 billion in 2022.

Sainani highlighted that AIICO’s Gross Written Premium also saw a significant increase, reaching N110.1 billion in 2023, up from N88.3 billion in 2022. He attributed the growth to the firm’s meticulous execution of its business strategy.

Moving forward, AIICO is optimistic about its future prospects, with a commitment to providing more favourable terms to customers and strategically investing in opportunities that yield positive returns. The company’s managing director/chief executive officer, Babatunde Fajemirokun, has assured shareholders of high value and better returns on investment in the years ahead.

The company’s shareholder meeting saw a number of notable moments, including the election of Kemi Adewole to the board as an Independent Non-Executive Director and Mr. Gbenga Ilori as an Executive Director. Shareholders commended the board and management for strengthening the company’s fundamentals and growing its asset base.

AIICO Insurance is a leading composite insurer in Nigeria, with a 60-year record of accomplishment in delivering quality service to its clients. Founded in 1963, AIICO provides life and general insurance, health insurance, and investment management services to create and protect wealth for individuals, families, and corporate customers.