AIICO shareholders approve N415.8 million dividends
Shareholders of AIICO Insurance Plc have supported the payment of total dividend of N415.81 million declared by the company for the financial year ended Dec. 31, 2018.
The company’s Chairman, Bukola Oluwadiya, informed shareholders at the 49th Yearly General Meeting (AGM) in Lagos that it increased the total dividend in 2018 by 20 per cent. He maintained that the board had decided to move to a progressive dividend policy to deliver superior returns to its shareholders.
“Our plan is to maintain or grow the ordinary dividend per share over time depending on business performance, growth projects and regulatory solvency requirement,” he said.He said that the company during the period under review recorded growth in major business lines.He said that Net Asset Value increased by 39.4 per cent to N15.2 billion from N10.9 billion in the corresponding period of 2017.
The chairman stated that total assets rose by 19 per cent to N109 billion against N92 billion in 2017.“We will continue to strengthen our balance sheet and build a strong financial base needed to propel our company to the next phase of growth,” he added.
Also speaking the Managing Director, AIICO Insurance, Edwin Igbiti, said that the strategic intent of the company over the next five years was to regain market leadership through rapid and profitable growth.
Igbiti, added that the company had redesigned its go-to-market strategy and realigned organisation structure to reflect customer-centric strategy.He stressed that the company would streamline and leverage capabilities across the Group to grow market share, increase shareholder value and build customer-centric capabilities for superior service delivery.
Sunny Nwosu, Founder, Independent Shareholders Association of Nigeria (ISAN), who commended the company for the performance and dividend declared during the period under review,urged it to improve on the dividend payout in the years ahead.He said that the company should strengthen strategies to sustain growth to ensure enhanced return.
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