Business

AIICO Insurance projects N62.23bn gross premium

AIICO Insurance Plc is targeting to achieve N62.23 billion gross premium income for the fourth quarter ending December 2020. In its Q4 earning forecast obtained from the Nigerian Stock Exchange (NSE), the insurance firm also projected N11.24 billion as profit after tax and N11.33 billion as profit before tax for the period. AIICO Insurance reported gross written premiums of N31.9 billion, representing 26 per cent rise from the same period in 2019 (Q2’19: N25.4 billion). According to the insurance firm, the growth was driven by sustained positive performance across the major lines of business of the group.

AIICO in a statement made available to newsmen said the group’s shareholders’ funds increased by 9.39 per cent from N27.9 billion in 2019 to N30.5 billion, driven by the group’s earnings for the period and its strong matching of long term asset and liabilities, despite volatile yields along the yield curve. However, the group’s profit before tax (PBT) reduced by 28 per cent to N2.17 billion, compared to N3.01 billion in Q2’19. The reduction was as a result of changes in product mix in the retail life business due to changes in clients’ preferences. These product preferences were, however, impacted by the lower interest yield environment – leading to a 71 per cent increase in the proportion of premiums that had to be transferred to life funds (shown as change in life fund).

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