AIICO Insurance’s 48th AGM holds May 24
One of the top three life insurers in Nigeria, AIICO Insurance Plc, has concluded plans for its 48th Annual General Meeting (AGM) to give financial reports and accounts for its operations for the year ended December 31, 2017.
The Meeting, according to the Notice by the company, is scheduled for Thursday, May 24, 2018 at the Civic Centre, along Ozumba Mbadiwe Street, Victoria Island, Lagos at 11.00 am.
The Notice reads in part: “Notice is hereby given that the 48th Annual General Meeting of AIICO Insurance Plc will be held at the Civic Centre, Ozumba Mbadiwe Street, Lagos on Thursday, 24th May, 2018 at 11.00 am to transact the following businesses:
Ordinary Business: “To lay before the meeting the Report of the Directors, the financial statement for the year ended December 31, 2017 and the Reports or the Auditors and the Statutory Audit Committee thereon; to declare dividend and to elect/re-elect Directors.
“To appoint KPMG Professional Services as the Auditors to the Company from the end of the Annual General Meeting until end of the next year’s Annual General Meeting to authorize the Directors to fix the remuneration of the Auditors and to elect shareholders as members of the Statutory Audit Committee.”
Under Special Business, the notice says, “That in compliant with Article 5.07 (iv) of the National Insurance Commission (NAICOM) Code of Good Corporate Governance for the insurance industry in Nigeria, the Directors are hereby authorized to appoint an external consultant to conduct the Annual Board Performance Appraisal for the financial year ending December 31, 2018.”
Meanwhile, the company’s financial results for the year ended December 31, 2017 showed a gross premium 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 briefing 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.
Read detail of the Notice via this link: https://www.aiicoplc.com/images/financial_reports/2018_Notice_of_Annual_General_Meeting.pdf
