AIICO Insurance Plans To Rake In N3.05b Profit In Q3 2021
*Annuity business to generate 60% of the projection
One of the top underwriters in Nigeria, AIICO Insurance Plc has released its earnings forecast for the third quarter ending 30 September 20211.
The firm is projecting an N53.82 billion 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 billion.
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 will be driven largely by our bond investments and our investment in other short term financial assets.
AIICO commenced operations in Nigeria in 1963 as an Agency office of American Life Insurance Company (“ALICO”) – at the time, a subsidiary of American International Group (“AIG”).
The Company was incorporated, registered and licensed in Nigeria as American Life Insurance Company Limited – as a wholly-owned subsidiary of ALICO/AIG – in 1970 – to offer Life and insurance services. The Company was renamed American International Insurance Company Limited (“AIICO”) upon the acquisition of a 60% stake by the Federal Government of Nigeria and later listed on the Nigerian Stock Exchange in 1990, after which both shareholders – the Federal Government of Nigeria and AIG divested.
Life and general insurance are strategic business divisions within AIICO
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).
