AIICO Insurance Plc has declared a profit after tax (PAT) of N12 billion for the financial year ended December 31, 2023, up from the N5.2 billion it recorded during the corresponding period in 2022.
AIICO Insurance, one of the leading insurers in Nigeria, disclosed the result to shareholders at the 54th Annual General Meeting (AGM) of the company in Lagos.
The Chairman, Mr Kundan Sainani, said the profit after tax increased by 132.6 percent.
He further highlighted that year 2023 produced other significant gains for the company as a result of the meticulous execution of its business strategy, leading to a gross written premium of N110.1 billion during the period under review, as against N88.3 billion in 2022.
According to him, the result was achieved even as the company transitioned from using IFRS 4 to IFRS 17 standard, which led to the actualisation of insurance revenue of about N72.6 billion from N54.8 billion in 2022, demonstrating the company’s commitment to transparency and robust financial practices.
Mr Sainani AIICO said the results were achieved amidst heightened socioeconomic challenges exemplified by increases in monetary policy rate, inflation, removal of fuel subsidy, alignment of exchange rates and the 2023 Fiscal Bill, which all contributed to the rise in domestic prices.
He said, “Despite this unsettling landscape, 2023 was another strong year for AIICO, with the firm generating impressive record revenue and substantial growth. Our profits for the period increased by 132.6 percent to N12 billion from N5.2 billion in 2022, reflecting strong underlying performance across our businesses.”
Mr Sainani, while making reference to the dynamics in the economy and projecting to the future said: “AIICO remains resilient and adaptable, ready to provide more favourable terms to its valued customers and strategically invest in opportunities that yield advantageous returns.”
Mr Babatunde Fajemirokun, AIICO’s Managing Director/Chief Executive Officer, assured the shareholders of high value and better returns on investment in the years ahead.
He said both the board and management were considering setting aside a larger chunk of the company’s future profits to dividend payments.
Also at the AGM, Mrs Kemi Adewole was elected to the board of AIICO as an Independent Non-Executive Director, while Mr Gbenga Ilori was officially welcomed as an Executive Director.
Shareholders of the company commended the board and management of AIICO for strengthening the company’s fundamentals and growing its asset base.
Dr Alex Adio, a shareholder, lauded the company for consistent dividend payments and urged the board to increase dividend payout next year.
Dr Anthony Omojola, another shareholder, commended the company for its share buy-back scheme, stating that it would enhance earnings per share and increase share price.
AIICO Insurance is a leading composite insurer in Nigeria, with a 60-year record of accomplishment in delivering quality service to its clients.
Founded in 1963, AIICO provides life and general insurance, health insurance and investment management services to create and protect wealth for individuals, families and corporate customers.
READ ALSO: Oyo LG chairmen dissociate from ALGON, to operate under new association
and then