AIICO Insurance Plc, is running with a profit forecast for Q4 to close at N11.23b a 498 % rise from the N1.88b forecast for Q1 2020.
AIICO ‘s forecast for Q4 sent to the Nigerian Stock Exchange, projected a gross premium income of N62.22b up from N17.6b gross written premium for the first quarter of the year.
AIICO Insurance at the end of the 2019 financial year was able to grow its profit after tax from N3.2b in 2018 to N5.9b in 2019, representing 88% leap. Also, its gross written premium for FY 2019 was N50.1b an increase of 33% over N37.7b recorded for the previous year.
The figure for profit before tax for the period was N6.2b, it raised performance by 78% compared with N3.5b earned in 2018. Its earnings per share (EPS) improved by 89% from 44k in 2018 to 83k in 2019.
The company’s performance was predominantly driven by growth across all lines of business within the group.
AIICO’s shareholders equity also increased by 92% from N14.5b to N27.9b, as a result of the approval to increase the underwriter’s authorised share capital.