AIICO declares N32.1 billion earnings in 2017

AIICO Insurance Plc, in its financial year ended December 31, 2017, declared N32.1 billion gross premiums, compared to N27.06 billion for the year ended December 31, 2016.

This is an increase of N5.03 billion or 19 per cent and diluted earnings per share for the year were 13 kobo per share, down from 105 kobo per share in 2016.

The Managing Director/Chief Executive Officer, Edwin Igbiti, said the firm experienced significant growth as a company in 2017.

“We had to increase capacity and improve processes to meet up with customer demands. Over the next few years, we have plans to grow our businesses and this means we must invest in technology and people to ensure processes are more efficient to increase customer service levels,” he said.

Igbiti, who was represented by the firm’s Executive Director Operations, Babatunde Fajemirokun, noted that the company had improved performance in the life business, stressing that the life business grew by 15 per cent from N18.8 billion to N21.6 billion in 2017.

He noted that the growth was driven by the increased popularity of the firm’s traditional life products, as the ordinary life business grew 29 per cent in 2017 to N16.4 billion from N12.8 billion in 2016.