AIICO Insurance Plc has received a new operational licence from the National Insurance Commission NAICOM after the regulator 12 month recapitalisation exercise
A statement by the company cleared that the company did not require additional capital raise to meet the new regulatory benchmark, having maintained a capital base above the revised minimum even prior to the exercise. This positions AIICO among a limited number of operators entering the new era from a position of inherent financial strength.
The licencing milestone coincides with a strong financial performance in the second quarter of 2026, further signaling sustained growth and operational stability. With a gross written premium of N104bn, insurance revenue rose to N74.9bn, representing a 14.5% increase from N65.4bn recorded in Q2 2025. Profit after tax grew by 18.9% to N13.4bn, up from N11.3bn in the corresponding period of the prior year. Total assets also expanded significantly to N661bn, making a 13.2% increase from N584bn reported at full-year 2025.
The performance reflects consistent execution across key business lines, improved underwriting capacity, and sustained customer confidence, which continues to drive top line growth and profitability.
Industry analysts note that the combination of regulatory compliance without dilution and strong earnings positions the company favourably in a more capital-intensive operating environment, where scale, solvency, and governance are expected to differentiate market leaders.
Commenting on the development, the Managing Director AIICO Insurance Plc, Babatunde Fajemirokun state: “This milestone reflects our unwavering commitment to regulatory compliance, financial strength, sound corporate governance, and the long-term sustainability of our business. More importantly, it reinforces our capacity to underwrite risks of greater scale, honour claims and obligations promptly, and continue protecting what matters most to our customers with confidence.”
The company also acknowledged the role of customer loyalty in sustaining its growth trajectory, noting that continued trust and engagement have been central to its performance in an increasingly competitive market.
