AIICO Insurance Plc has said its Gross Written Premium (GWP), rose to N25.4 billion in half year of 2019 representing a 32 per cent increase over N19.2 billion recorded in the same period in 2018.
This was even as its total assets for the period under review rose by 24 per cent to N135 billion compared to N109 billion in 2018, while the shareholders’ funds increased by 14 per cent to N16.6 billion as against N14.5 billion in 2018.
The growth was driven by continued solid performance across the major lines of business of the group including life and corporate and institutional businesses.
The Executive Director/Chief Operating Officer, Babatunde Fajemirokun, who stated this at a press conference in Lagos, noted that the performance was a demonstration of a focused implementation of the firm’s renewed strategy, in the face of challenging operating environment.
He noted that in line with the renewed strategic aspirations for market leadership with focus on profitable growth, the company recorded a 42 per cent increase in Profit Before Tax (PBT) of N3.11 billion, compared to N2.19 billion in 2018 while the Profit After Tax (PAT) grew by 52 per cent to N2.94 billion, compared to N1.93 billion gotten in half year 2018 respectively.
He said, “Customer-centric product innovations, sustained investments and automation of our agency sales force continues to yield dynamic results as we recorded strong growth in our retail life business, which grew by 47 per cent to N15.5 billion as against N10.6 billion in 2018; and an increase of 14 per cent in our corporate and institutional business to N9.5 billion compared to N8.2 billion in 2018 half year.
On the new capital requirements for the insurance industry, Fajemirokun said: “AIICO has put adequate strategies in place that will ensure we not only meet the new capital requirement for a composite underwriter but also surpass same with sufficient solvency margins.
“Going into the second half of the year, we remain committed to the execution of our strategic objectives while 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”, he declared.