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This month, leading financial institution, AIICO Insurance PLC is reviewing their financials for 2017 at their Annual General Meeting, scheduled to hold on the 24th of May – and all major stakeholders are expected to be present.
“We experienced significant growth as a company in 2017…” said Edwin Igbiti, MD/CEO of AIICO Insurance, in their published Annual Report – an assertion well backed by the numbers.
The company reported gross premiums of N32.1 billion compared to N27.06 billion for the year ended December 31, 2016, an increase of N5.03 billion or 19%.
Life business marked the overall improved performance, growing 15% from N18.8 billion in 2016 to N21.6 billion in 2017. This growth was driven by the increased popularity of traditional life products – which grew by 29% in 2017 to N16.4 billion from N12.8 billion in 2016.
Non-life business also experienced improved performance – growing from N7.6 billion in 2016 to N8.7 billion in 2017, (c. N1.1 billion or 15%).
Last year, AIICO Insurance focused on further improving its relationships with agents, brokers & various intermediaries, and the significant growth the company experienced has been a result of this forward-thinking strategy.
