AIICO Insurance to pay shareholders N1.09bn dividends

The Board of Directors of AIICO Insurance Plc has pursuant to the powers vested in it by the provisions of section 426 of the Companies and Allied Matters Act (CAMA 2020) of Nigeria proposed a final dividend of 3 kobo per share for the financial year 2022.

This was contained in the company’s corporate action announcement to the Nigerian Exchange Limited (NGX) and obtained by Nigerian NewsDirect.

According to the company, the dividend is subject to shareholders’ approval and appropriate withholding tax will be paid to shareholders whose names appear in the Register of Members as at the close of business on May 31, 2023.

The statement signed by the company said that on June 15, 2023, dividends will be paid electronically to shareholders whose names appear on the Register of Members as of May 31, 2023, and who have completed the e-dividend registration and mandated the Registrar to pay their dividends directly into their Bank accounts

Shareholders who are yet to complete the e-dividend registration are advised to download the Registrar’s E-Dividend Mandate Activation Form, which is also available on the website of the Registrars.

Shareholders with dividend warrants and share certificates that have remained unclaimed, or are yet to be presented for payment or returned for validation are also advised to complete the e-dividend registration or contact the Registrar.

AIICO Insurance Plc (AIICO) announced its unaudited results for the fiscal year ended 31 December 2022 showing gross written premium grew by 23.3 per cent y-o-y to N88.3 billion in FY 2022 as against N71.6 billion in 2021. This was due to a y-o-y increase of 39.1 per cent in General Insurance to N26.5 billion (FY 2021: N19.0 billion).

Profit before income tax from continuing operations increased to N4.5 billion in FY 2022 from N2.8 billion in 2021.

In 2022, the Company completed the sale of its stake in AIICO Pensions, recording a profit from discontinued operations of N2.9 billion. As a result, profit for the year rose by 39.5 per cent to N6.9 billion in FY 2022 from N4.9 billion.