Business

AIICO records 26% growth in gross written premium

AIICO Insurance Plc has reported gross written premiums of ₦31.9 billion, representing 26 rise from the same period in 2019 (Q2’19: N25.4 billion). The growth was driven by sustained positive performance across the major lines of business of the group. A statement made available to New Telegraph 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).

Mr. Babatunde Fajemirokun, the MD/CEO, speaking on the financial results, stated: “Besides our operational resilience and strategic marketing within the period, our brand equity, advanced level of automation and business continuity plans enabled us to quickly adjust our business model to meet the emerging demands of the low touch economy, triggered by the global pandemic. The strong committed relationship we have built with our customers continue to endear them to us for repeat business, new businesses and referrals.

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