AIICO Insurance reports 17% increase in profit to N6.71bn
By Kayode Tokede
AIICO Insurance Plc, a major player in Nigeria’s insurance sector has released its report and accounts for the year ended December 31, 2020 with 24 per cent growth in gross premium written to N62.01 billion from N50.14 billion in 2019.
The company also improved its profit after tax for the year by 17 per cent to N6.707 billion from N5.719 billion in 2019.
The Insurance had posted a PAT of N5.2 billion for third quarter period ended September 30, 2020. The figures indicate an increase of 17per cent from N4.5 billion posted in the corresponding period last year.
Gross premiums written in Q3 2020 grew by 27per cent YoY, from N37.0 billion in Q3 2019 to N47.2 billion.
The Managing Director and Chief Executive Officer, Babatunde/ Fajemirokun had said,”Global and local macroeconomic headwinds continue to test the resilience of our business,/ and operating models, as well as our business continuity plans and the strength of our relationships with our customers/ and partners. Our 3rd/ quarter results demonstrate that our business remains/ steady,/ despite the changing client preferences and risk exposures that have accompanied the COVID-19/ pandemic. We have recorded strong top-line growth year-on-year, as well as improved contribution from subsidiaries in our/ Group,/ especially our asset management business.
“In our core insurance business, we will continue to offer innovative products that help our customers/ create and protect their wealth while leveraging the latest technology to meet our clients where they are. In addition,/ strong asset-liability management remains/ a pillar/ of/ our operating model./ As a diversified financial services group, we will continue to ensure that businesses across our/ Group offer attractive products that/ enable/ us create value for all stakeholders.”
He added that, “Our financial position remains strong, inspiring confidence in our ability to assume the risks our customers wish to transfer. We deploy this capital judiciously, generating risk adjusted returns for our shareholders, and ensuring that we can continue to keep our promises.”
