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Insurer generates N25.4 billion gross written premium in half-year

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AIICO Insurance Plc office


AIICO Insurance Plc has posted a Gross Written Premium (GWP) of ₦25.4 billion in half-year of 2019, against N19.2 billion recorded in the same period in 2018, indicating 32 per cent increase.The Executive Director/Chief Operating Officer, Babatunde Fajemirokun, who confirmed this to The Guardian in Lagos, noted that the growth was driven by continued performance across the major lines of business of the group- life and corporate and institutional.

“This performance is a demonstration of a focused implementation of renewed strategy, notwithstanding the challenging operating environment,” he said.He noted that in line with the renewed strategic aspirations for market leadership with focus on profitable growth, the company recorded a 42 per cent increase in Profit before tax (PBT) of N3.11 billion, compared to N2.19 billion in H1 2018.

Also, Profit After Tax (PAT) grew by 52 per cent to N2.94 billion, compared to N1.93 billion attained in H1 2018.
“Customer-centric product innovations, sustained investments and automation of our agency salesforce continues to yield dynamic results as we recorded strong growth in our retail life business, which grew by 47 per cent to N15.5 billion (H1 2018: N10.6 billion); and an increase of 14 per cent in our corporate and institutional business to N9.5 billion (H1 2018: N8.2 billion).

“Within the period under review, the Group’s balance sheet improved with total assets growing by 24 per cent to N135 billion compared to N109 billion in December 2018. Also, noteworthy, is the growth in shareholders’ funds, which rose by 14 per cent to N16.6 billion (Dec 2018: N14.5 billion),” he said.

The Head, Technical, Retail Business Division of AIICO, Titilola Okunlola, said the Moneywise Term Assurance, a life cover that guarantees 100 per cent cash back to policyholders when policy elapses without claims, provides our customers with a win-win situation.
“Financial protection for your loved ones within the duration of the policy, if life happens or full refund of premiums should the policyholder survive the period,” she said.

The Head, Corporate and Institutional Business, Adewale Kadri, also said AIICO’s Travel Insurance, which covers local and international trips, has a cover with benefits of up to $200,000.Highlights of cover include loss or theft of baggage; emergency medical expenses; medical evacuation, repatriation or transport to medical centre expenses and follow up treatment in Nigeria and lots more.


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