AIICO insurance declares 206% increase in profit

Aiico insurance its first quarter result, reporting increase in profit to 206 per cent which rose significantly from N1.545   billion in 2021 to N4.734 billion in 2022.

From the released statement on the Nigerian Exchange Limited (NGX) platform, profit before tax recorded revealed a decline of 14 per cent from N1.58 billion in 2021 to N1.356 billion in 2022.

Also, the group declared profit after tax which declined by 11 per cent to N1.506 billion in corresponding period of 2021 to N1.345 billion in the previous period of 2022.

However, gross premium declared appreciated to a 25 per cent to N19.690 in 2021 to N24.7 billion in 2022.

Under the period, the group passed through total expenses of N12.638 billion in corresponding period of 2021 to N17.89 billion in the previous period of 2022, the expenses passed through increased by 41 per cent.

Earnings per share recorded for the period grew by 30 percent from 13kobo in the 2021 to 10 lobo in the 2022.

As net premium moved higher by 17 per cent N14.185 billion in 2021 to NN16.87 billion in 2022.

ln the result released, Aiico   insurance recorded a strong total assets as growth total equity total assets moved strong.

The group recorded gain of total assets to 1o per cent to N244.5 billion in 2022 to N222.4 billion in 2021 result and account for the period ended 31 March 2022.

Meanwhile, total equity grew by 14 per cent from N38.37 billion in 2021 to N 43.58 billion in 2022.

Shareholder fund recorded by the group showed a significant increase of 13 per cent from N38.028 billion in 2021 to N 43.1 billion in 2022.

In addition, the group total liabilities increase by 9 per cent to N200.9 billion in 2022 from N184  billion in 2022.