holiganbet Casibom casibom casibom casibom casibom casibom giriş casibom casibom giriş casibom giriş casibom casibom casibom casibom giriş casibom PORNOOOOO ANAMI SİKİN BEN ANAMI SİKTİRİYORUM CASİB ANAMI SİKT,İLER EYVAHHH DOLANDIRICIYIZ BİZ PARA İÇİN ANAMI SATIYORUM LİNK PORNO YETER AM ACIDI PORNOSU casibom casibom casibom casibom casibom casibom giriş casibom Casibom giriş casibom casibom casibom PİSHİNG ANASINI SİKTİRENLER PİSHİNG ANASINI SİKTİRENLER PİSHİNG ANASINI SİKTİRENLER PİSHİNG ANASINI SİKTİRENLER PİSHİNG ANASINI SİKTİRENLER PİSHİNG ANASINI SİKTİRENLER PİSHİNG ANASINI SİKTİRENLER casibom giriş https://www.zawadzky.edu.co/ casibom Casibom796 HD KALİTEDE PORNO FİLM İZLE HD KALİTEDE PORNO FİLM İZLE HD KALİTEDE PORNO FİLM İZLE HD KALİTEDE PORNO FİLM İZLE HD KALİTEDE PORNO FİLM İZLE casibom casibom casibom Meritking Meritking casibom casibom casibom ultrabet Casibom HD PORNO HD PORNO PORNO HD HD PORN casibom güncel giriş casibom extrabet Casibom resmi giriş https://carisca.knust.edu.gh/casibom/ https://carisca.knust.edu.gh/meritking/ https://carisca.knust.edu.gh/ultrabet/ https://carisca.knust.edu.gh/sahabet/ https://carisca.knust.edu.gh/romabet/ https://carisca.knust.edu.gh/pusulabet/ https://carisca.knust.edu.gh/perabet/ https://carisca.knust.edu.gh/padisahbet/ https://carisca.knust.edu.gh/oslobet/ https://carisca.knust.edu.gh/onwin/ https://carisca.knust.edu.gh/mobilbahis/ https://carisca.knust.edu.gh/milanobet/ https://carisca.knust.edu.gh/matadorbet/ https://carisca.knust.edu.gh/jojobet/ https://carisca.knust.edu.gh/holiganbet/ https://carisca.knust.edu.gh/hitbet/ https://carisca.knust.edu.gh/extrabet/ https://carisca.knust.edu.gh/betvole/ https://carisca.knust.edu.gh/betturkey/ https://carisca.knust.edu.gh/betebet/ https://carisca.knust.edu.gh/bets10/ extrabet casibom casibom https://carisca.knust.edu.gh/marsbahis/ https://bongopix.com/ultrabet/ casibom casibom casibom casibom https://community.onlinedigihub.com/d/2-casibom-giris-hesabiniza-adim-adim-erisim https://community.onlinedigihub.com/d/3-casiboma-hizli-ve-kolay-giris-yapin https://community.onlinedigihub.com/d/4-casibom-giris-rehberi-hizli-ve-guvenli-erisim https://community.onlinedigihub.com/d/24-betnef-giris-adresi-2025 https://community.onlinedigihub.com/d/25-casibom-casibom-giris-casibom-guncel-giris casibom https://community.onlinedigihub.com/d/35-extrabet-extrabet-giris-extrabet-guncel-giris https://community.onlinedigihub.com/d/38-casibom-2025-casibom-en-iyi-slot-casino-sitesi-giris https://community.onlinedigihub.com/d/39-casibom-pazar-giris https://cassiresmi.tumblr.com/ casibom casibom giriş https://carisca.knust.edu.gh/bahislion/ https://carisca.knust.edu.gh/betmatik/ https://carisca.knust.edu.gh/bahsegel/ https://carisca.knust.edu.gh/deneme-bonusu-veren-siteler/ https://community.onlinedigihub.com/d/41-casibom-pazartesi-giris https://community.onlinedigihub.com/d/49-casibom-sali-gunu-giris casibom casibom https://bongopix.com/casibom-giris/ casibom https://github.com/extrabetguncvell/extrabetgirisii/issues/1 https://doctordeshpande.com/casibom-casibom-guncel-giris-adresi-2025/ https://doctordeshpande.com/jojobet-jojobet-giris-adresi-2025/ https://casibomgirisi.onlinedigihub.com/ https://giris-2024.onlinedigihub.com/ https://casibom-giris-org.onlinedigihub.com/ https://bomcak.onlinedigihub.com/ https://casibom-giris-org.onlinedigihub.com/ https://casgnydn.onlinedigihub.com/ https://casiisgeceburda.onlinedigihub.com/ https://gvnligiris.onlinedigihub.com/ https://casibom-giris-resmi.onlinedigihub.com/ https://casibom-giris-resmi.onlinedigihub.com/ https://casibomguncel.onlinedigihub.com/ https://casibomguncelgiris.onlinedigihub.com/ https://casibomgirisguncelpersembe.onlinedigihub.com/ https://casibomgunceltek.onlinedigihub.com/ https://casibo-tkla-tek-gncel-giris.onlinedigihub.com/ https://casibom-telegram.onlinedigihub.com/ Casibom Padişahbet casibom casibom https://bsc.ly/ PİŞSHİNG O .Ç casibom casibom
AIICO Insurance Plc 1953 – 2018: 55 years of robust insurance business in Nigeria - The Revealer
Insurance

AIICO Insurance Plc 1953 – 2018: 55 years of robust insurance business in Nigeria

L-R: Chairman, Board of Directors, Mr. Bukola Oluwadiya and Managing Director, Mr. Edwin Egbiti, AIICO Insurance Plc

AIICO Insurance Plc, one of the leading insurance firms in Nigeria recently clocked 55 years, in this article Edet Udoh takes a retrospective look at its activities in Nigeria vis-à-vis its contributions and achievements in the nation’s insurance industry.  

Established in 1963, AIICO Insurance Plc is an insurance, pensions management, and asset management Group in Nigeria with market-leading positions in its key business lines.

AIICO Insurance Plc as a leading life insurer in Nigeria provides life and health insurance, general insurance, investment management and pension management services as a means to create and protect wealth for individuals, families and corporate customers in these areas: Life assurance and annuity; General insurance and special risks; Pension management; Health insurance and Asset management.

AIICO Insurance is the largest Life Insurer in Nigeria and a major underwriter for General Insurance business. They are key players in Oil and Gas and rated in the top three for General Insurance business in Nigeria. The Company’s Travel Insurance Unit is currently the market leader in the industry.

AIICO offers a wide range of products and services in General Insurance for Retail and Institutional customers with solid global support which enables it provide sophisticated and high profile options for its teeming clients. Their Stability, Strength, Security and Trust over the years have placed it at a better advantage in all classes of Life Assurance.

The firm’s Asset Management business is supported by a team of experienced professionals, industry analysts and Risk Management specialists who are focused on creating investment strategies that reduce risk and are responsive to client needs. AIICO Asset Management is a specialist business structured to provide the most appropriate investment solutions and strategies for clients.

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 Pension products 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.

Following the insurance industry’s consolidation in 2007, the Company acquired NFI Insurance plc and Lamda Insurance Company Limited (both cumulatively accounting for less than 30% of AIICO’s pre-acquisition gross premiums). The Company subsequently re-certified as both a General Insurance and Life Assurance Company – taking advantage of its legacy, brand, franchise and strong retail distribution network to grow a leading General Insurance business.

As an insurance company, AIICO’s goal is to be the insurer of choice and the leading insurance company in Nigeria – providing life insurance and retirement services as well as risk underwriting to a substantial and diversified client base, which includes corporations, financial institutions, governments and individuals in Nigeria.

AIICO is the market leader in the 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 its leading insurance asset management, pension, and health management businesses. Overall, AIICO is currently the 2nd largest insurance company in Nigeria (by gross premiums).

To take advantage of the opportunities presented by the Pension Reform Act of 2004, AIICO Pension Managers Limited (“APML”) was incorporated in February 2005 and licensed in April 2006 as a Pension Fund Administrator (“PFA”) by the National Pension Commission (“PenCom”), and commenced operations in May 2006.

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 organisations (“HMOs”)), and AIICO Capital Limited (an asset management wholly-owned subsidiary).

Products/Services

As a leading insurer in Nigeria, with domineering presence in both life and general insurance segments of the market, the company  has over the years designed bouquets of innovative and cutting edge insurance products and services.

AIICO’s Products under life segment tailored to meet both individual and corporate customers’ needs include Annuity Plan, Corporate Saving plan; Education Plan; Flexible Endowment Plan; Group Life Insurance; Income investment; Life Celebration Plan; Mortgage Protection Plan; Team Assurance and Three Payment Plans.

Under General Insurance the company offers the following products and services: Auto Insurance; Aviation Insurance; Agriculture Insurance; Boiler Insurance; Builders Liability Insurance; Bond Insurance; Burglary and Home Breaking Insurance; Cash-In-Transit Insurance; Consequential Loss Insurance; Contractor-All-Risk Insurance; Electronic Equipment Policy; Employer’s Liability; Erection-All-Risk Insurance; Fidelity Guaranty; Fire and burglary Insurance and Fire and Special Perils Insurance.

Others are Good-In-Transit Insurance; Home Insurance; Machinery Break-Down Insurance; Machinery Loss-of-Profit Insurance; Marine Cargo Insurance; Marine Hull and Machinery Insurance; Occupiers Liability Insurance; Oil and Gas Insurance; Personal Accident Insurance; Plant-All-Risk Insurance; professional Indemnity; Public Liability Insurance and Travel Insurance.

AIICO Insurance as a strong player in Agriculture Insurance has since commenced operation in this segment.

The firm believes that with an average contribution of 24%, agriculture has remained a significant contributor to Nigeria’s GDP and  being the provider of employment for over 60% of the population, agriculture is pivotal to economic development, and more of the efforts to revive the economy, and reduce significantly the level of poverty.

In response to the dire need for adequate insurance in protecting investments in agricultural sector, AIICO Insurance Plc, an industry leader, is taking strategic position to be a major player in offering Agriculture Insurance in order to deliver the much needed protection to the different players in the agricultural value chain.

Having recently obtained approval of the National Insurance Commission (NAICOM) as an agriculture underwriter, AIICO Insurance is uniquely positioned to offer Agriculture Insurance to Nigerian farmers at all levels, as well as investors looking to tap into the huge potentials of the sector, through its value-based insurance propositions.

The company’s competitive edge is hinged on its understanding of the exact needs of farmers through the application of knowledge and expertise in this line of insurance business.

Commenting on the company’s readiness to play in this space, the Managing Director and Chief Executive Officer, Mr. Edwin Igbiti had confirmed that “NAICOM’s approval underscores the Regulator’s confidence in the Company’s capacity and competence to support the Agricultural sector”.

In its strategic plans to reach more Nigerians and deepen insurance penetration in the country, AIICO has gone into a strategic partnership with Wema Bank Plc to leverage on the bank’s robust and efficient retail distribution network as its distribution channel. This is following the recent endorsement by both The National Insurance Commission (NAICOM) and The Central Bank of Nigeria (CBN).

Adewale Kadri, Executive Director, Technical of AIICO Insurance Plc. stated that it is another move by AIICO to demonstrate its commitment to increase awareness, access and deepen insurance penetration in Nigeria. “The public can now be linked to AIICO’s bouquet of retail products through Wema Bank’s digital channels anytime and anywhere” he said.

Dotun Ifebogun, Head, Retail & SME of Wema Bank stated that the bank is delighted to be partnering with AIICO on this initiative. He said “both organizations have a shared legacy of trust and resilience that has won the loyalty of customers over decades. We look forward to fruitful outcomes on this endeavour to the delight of our highly esteemed customers and the general public”.

Milestone Achievements

The company’s milestone achievements as at 2017, shows why they would continue to be the Insurance Industry leader.

AIICO’s Gross Premium Income, according to report on the company website stood at N21.4 billion as at 2017 at a CAGR of 6.3% over the last 5 years; paid claims amounting to N23.2 billion in 2017 with total Assets of N92.4 billion.

The company vision is: To become the Indisputable leader in all markets we choose to play in. Their mission is: We exist to create and protect wealth for our customers.

2017 Financial results

The firm’s financial results for the year ended December 31, 2017. The company reported gross premiums of N32.1 billion compared to N27.06 billion for the year ended December 31, 2016, an increase of N5.03 billion or 19 per cent and diluted earnings per share for the year were 13 kobo per share, down from 105 kobo per share in 2016.

The Managing Director/Chief Executive Officer, Edwin Igbiti, at a press parley in Lagos, said the firm experienced significant growth as a company in 2017. “We had to significantly increase our capacity and improve our processes to meet up with customer demands. Over the next few years, we have plans to grow our businesses; this means we must invest in technology and people to ensure our processes are more efficient to increase customer service levels,” he added.

Igbiti, who was represented by the firm’s Executive Director Operations, Babatunde Fajemirokun, noted that the company had improved performance in the life business, stressing that the life business grew by 15 per cent from N18.8 billion to N21.6 billion in 2017, adding that the growth was driven by the increased popularity of the firm’s traditional life products, as the ordinary life business grew 29 per cent in 2017 to N16.4 billion from N12.8 billion in 2016.

AIICO Launches Online Customer Self-Service Portal

AIICO has launched a self-service portal and also revamped its multiple payment channels for its customers. This novel initiative is aimed atenhancing our clients’ experience and facilitating deeper engagement.

The Executive Director and Chief Operating Officer, Mr. Babatunde Fajemirokun, while speaking at the launch, reiterated the Company’s commitment to listening to clients and deploying cutting-edge technology solutions to improve overall service delivery. He stated, “We are constantly pushing the boundaries to create unique customerexperience and seamless service. The self-service portal will enable customers’ access up-to-date information about their policies at their convenience, anywhere, anytime every day.”

With a visually appealinginterface, this hands-on and interactive self-service platform provides customers the ease of policy status checks, payments for policy renewal and account management options conveniently.With the portal, customers can also set up recurring payments for automated renewals of their policies.

The Chief Information Officer, Mr. Olusanjo Shodimu, explained that the objective is to engage with customers on a more personal level which ultimately leads to a memorable experience with the company. To achieve this, AIICO has partnered with leading payment platforms such as Flutterwave and Interswitch. Premium remittance and other forms of payments can be effected via the revamped multiple payment channels comprising Point of Sales Terminals (POS), PayDirect (across various bank branches in Nigeria), QuickTeller website and the e-business portal on AIICO’s website.This also aligns with the Company’s strict policy against all forms of cash transactions.

AIICO Insurance Plc remains committed to leveraging state-of-the-art technologies for continuous improvement in its service delivery and operations.

Corporate Governance

AIICO Insurance Plc has consistently improved upon the foundation laid by its founders over 55 years ago. In today’s business environment, it is imperative that a market leader such as AIICO Insurance Plc abide by a set of Corporate Governance Codes and Practices which will further reassure all stakeholders that its business practices have been institutionalized and that the Enterprise has been positioned to deliver value to its Stakeholders.

Having adopted the Codes of Corporate Governance set out by both the National Insurance Commission (NAICOM) in 2009 and The Securities & Exchange Commission of Nigeria (SEC) in 2011, the company has been fastidious in adhering to those codes in addition to also evolving certain business practices which have enhanced their Corporate Governance stature and culture.

AIICO Insurance Plc developed a framework for the business which guarantees the independence and authority of both management and Board of Directors. The Board of Directors maintains its oversight function and effectiveness in the discharge of its responsibilities through a number of Board Committees set up for that purpose. These committees are as follows: Board Establishment and Corporate Governance Committee, Board Finance & General Purpose Committee, Board Real Estate Committee, Board Audit Committee and Board Risk Management & Investment Committee.

The Company’s Board of Directors is made up professionals which include: Chairman, Board of Directors, Mr. Bukola Oluwadiya; Managing Director, Mr. Edwin Egbiti; Executive Director, Mr. Babatunde Fajemirokun; Non-Executive Director, Mr. Kundan Sainani; Non-Executive Director, Mr. Sonnie Ayere; Non-Executive Director, Mr. S.D.A. Sobanjo; Non-Executive Director, Mr. Ademola Adebise and Non-Executive Director, Mr. Samaila Dalhat Zubairu.

The Managing Director/Chief Executive Officer is Edwin Igbiti. Igbiti is supported by other professionals in the day to day running of the firm. They are Babatunde Fajemirokun, Executive Director and Adewale Kadri, Executive Director, Technical.

Others are, Sola AjayiHead, Retail Business; Ayodele BamideleChief Financial Officer; Phil MaduagwuHead, Corporate Services; Abiodun AdebanjoHead, Audit Services; Joseph OduniyiHead, Non Life Technical; Benson OgunyamojuHead, Group Life Business; Donald KanuCompany Secretary; Olusanjo ShodimuChief Information Office and Iyabo AdeniranGroup Head, Brokers Management.

 

 

Edet Udoh

We are The Revealer, a general online news platform based in Nigeria. Our focus amongst others is to provide credible, factual, well researched and balanced news and articles for our teeming readers in business, governments, politics, engineering, science, religion, technology etc. Edet Udoh is the Managing Editor. He is an experienced media person. He has worked extensively with the Champion Newspapers, The Authority Newspapers and the Blueprint Newspaper before starting Revealer Online News platform in 2018. He can be reached with this email address: edetudoh2003@gmail.com or via these phone numbers 08061246427 and 08170080488

Related Articles

Back to top button