AIICO Insurance Plc continues winning stride with reported gross written premiums of N17.6b, up 23% from the same period in 2019 (Q1 2019: N14.3b)
The release by the insurer noted that growth was driven by sustained positive performance across the major lines of business of the Group: retail, corporate and institutional businesses.
The Group also recorded a 24% increase in profit before tax (PBT) of N1.44b, compared to N1.17b in Q1 2019. Profit after tax (PBT) also grew by 129% to N1.88b, compared to N0.82b attained in Q1 2019.
The managing director/chief executive officer, Mr Babatunde Fajemirokun, opens the performance “AIICO delivered excellent first quarter results, demonstrating the overall strength of or company and ability to continue to meet our obligations ti stakeholders even in the face of COVID 19 global pandemic. We are living in a period of unchanged waters and recognise the situation presents both challenges and opportunities. Our resilient business continuity plans and robust technology infrastructure ensured we remained in operation throughout the lockdown. We have rolled out additional digital channels for the convenience and safety of our customers, and our employees have embraced the Work-From-Home (WFH) concept- indeed this is the new normal”.
Mr Fajemirokun speaks further, “In light of these outcomes, we recorded strong growth in our retail life business, which grew by 34% to N10.97b (Q1 2019: N8.2b); and an increase of 6% in our corporate and institutional business to N6.2b (Q1 2019: N5.9b). Within the period under review , the Groups balance sheet improved with total assets growing by 11% to N176b compared to N159b in Dec 2019. Shareholders funds, also rose by 0.28% to N27.99b (Dec 2019: N27.91b). He added that “insurance has a critical role to play in the economy and business environment in which we operate. With the advent of this pandemic, we are seeing increasing requests from corporates trying to understand how insurance can be deployed as a strategy for building resilience within their businesses. On the retail side, we are seeing new trends emerge; one of which is the shift towards a low touch world, where close-contact interaction is discouraged. In response, we are positioning to take advantage of these trends and opportunities presented by the COVID 19 pandemic to reshape and disrupt the way we operate, interact and our go-to-market strategy. I am however confident that we will get through the difficult times and emerge stronger”.
AIICO Insurance is a leading composite insurer in Nigeria with a track record of serving our client that dates back over 50 years. Founded in 1963, AIICO provides life and health insurance, general insurance, investment management and pension services as a means to create and protect wealth for individuals, families and corporate customers.