AIICO Insurance PLC extended its arm of media partnership to members of National Association of Insurance and Pension Association by hosting a workshop on “Financial Reporting And Analysis” for capacity building.
Addressing NAIPCO members, the Managing Director and Chief Executive Officer at AIICO Insurance Plc, Mr Babatunde Fajemirokun, said AIICO is passionate about NAIPCO; his comments, “we are committed to working with you to achieve your objectives as highlighted to us in your proposal.” He was represented at the event by Head, Strategic Marketing and Communications Department, Segun Olalandu.
“We are always passionate about NAIPCO. Whenever issues are raised about NAIPCO, we always think of how to work together because of your critical role as a purveyor of information,” he stated, reiterating that its a deliberate and sustained collaborative partnership to enhance performance while the members co-join this with commitment to professional ethics and good conduct.
While commending NAIPCO for its contribution in creating awareness he reckons that the group is a “very important association and strategic” for the nation’s insurance industry, he assured AIICO’s continuous support.
Earlier in his opening remarks, the Chairman of NAIPCO Chuks Udo Okonta, commended AIICO for their support and pledged the Association’s commitment to work with AIICO for actualization of its corporate objectives. “We are here today because of you. We will never take this for granted. We will ensure that knowledge gained in this training today is used for the growth of the industry. We are indeed grateful.”
Meanwhile, AIICO Insurance Plc in its earnings forecast for the third quarter ending 30 September 2021, projected a N53.82 bn gross written premium (GWP ) representing 75% of the 2021 full-year projection for the third quarter of 2021. Profit after tax is projected to be N3.052 bn.
According to a filing at the Nigerian Exchange, the non-life business represents 28% of the stated GWP while the ordinary life, group life and annuity businesses represent 60%, 10% and 2% respectively. Investment income it clears, will be driven largely by our bond investments and our investment in other short term financial assets.
AIICO is the market leader in Retail Life insurance and retirement services and is a market leader (top 3) in Non-Life insurance in Nigeria. The core insurance franchise is complemented by our leading insurance asset management and health management businesses.
AIICO also owns valuable financial and strategic assets including a controlling stake in Multishield Limited, and a 19% stake in Healthcare International Limited (both healthcare management organizations (“HMOs”)), and AIICO Capital Limited (an asset management wholly-owned subsidiary).