• Contact Us
  • About
  • Advertise
  • Privacy & Policy
Tuesday, September 2, 2025
  • Login
E3P Motor Insurance
  • Home
  • Insurance
  • Pension
  • Business Unlimited
  • OIL & ENERGY
  • Feature
  • News
  • Home
  • Insurance
  • Pension
  • Business Unlimited
  • OIL & ENERGY
  • Feature
  • News
No Result
View All Result
Business Post
No Result
View All Result
Home Insurance

AIICO Maintains Strong Growth Trajectory, Records N12Billion Profit

Staff Reporter by Staff Reporter
July 29, 2024
in Insurance
0 0
0
AIICO Maintains Strong Growth Trajectory, Records N12Billion Profit
0
SHARES
66
VIEWS
Share on FacebookShare on TwitterShare on WhatsApp

AIICO Insurance Plc, a leading insurer in Nigeria, has continued its strong growth trajectory as it declared a profit after tax of N12 billion for the financial year ended December 31, 2023, up from the N5.2 billion it posted during the corresponding period in 2022.

Disclosing these impressive figures to the felicitous shareholders at the 54th annual general meeting of the company in Lagos, its Chairman, Mr. Kundan Sainani, noted that the profit after tax increased by 132.6 percent.

Sainani further disclosed that year 2023 produced other significant gains for the company as a consequence of the meticulous execution of its business strategy, resulting in a gross written premium of N110.1 billion during the review year as against N88.3 billion in 2022.

The result, according to him, was achieved as the company transitioned from using IFRS 4 to IFRS 17 standard, which resulted in the recognition 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.

The AIICO chairman said these results were achieved in the midst of serious socio-economic challenges typified by increases in monetary policy rate, inflation, removal of fuel subsidy, forex scarcity, and the 2023 Fiscal Bill, all of which contributed to the rise of domestic prices.

“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”, he said.

Referencing the dynamics in the economy and projecting into the future, Sainani 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.

On his part, AIICO’s Managing Director/Chief Executive Officer, Mr. Babatunde Fajemirokun, assured the shareholders of high value and better returns on investment in the years ahead.

Fajemirokun said both the board and management were considering devoting a bigger chunk of future profits to dividend payments.

Other major highlights of the annual general meeting included the election of Mrs. Kemi Adewole to the board of AIICO as an Independent Non-Executive Director and the official welcome of Mr. Gbenga Ilori as an Executive Director.

The appreciative shareholders commended the board and management of AIICO for strengthening the company’s fundamentals as well as growing its asset base.

A shareholder, Dr. Alex Adio, commended the company for consistent dividend payments. He urged the board to increase dividend payout next year.

Another shareholder, Dr. Anthony Omojola, praised the company for its share buy-back scheme, noting 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 be & general insurance, health insurance, and investment management services to create and protect wealth for individuals, families, and corporate customers.

Featured picture, Front row left to right: Dr. Donald Kanu (Company Secretary); Mr. Kundan Sainani (Chairman), Mr. Babatunde Fajemirokun (Managing Director/CEO), Mr. Adewale Kadri (Executive Director, Technical)

Previous Post

Leadway Assurance Pays N67.1bn Claims In 2023

Next Post

Fola Daniel To Chair NAIPE Conference Set For October 8th

Staff Reporter

Staff Reporter

Related Posts

Leadway Group Nurtures 33 Young Talents to Transform Nigeria’s Tech Pool
Insurance

Leadway Group Nurtures 33 Young Talents to Transform Nigeria’s Tech Pool

September 1, 2025
SanlamAllianz, Leadway Others Hold IMT 4.0 High
Insurance

SanlamAllianz, Leadway Others Hold IMT 4.0 High

August 30, 2025
CAC Pledges Smooth Transition For 12Month Insurance Industry Recapitalization Timeline
Insurance

CAC Pledges Smooth Transition For 12Month Insurance Industry Recapitalization Timeline

August 27, 2025
Next Post
Fola Daniel To Chair NAIPE Conference Set For October 8th

Fola Daniel To Chair NAIPE Conference Set For October 8th

Please login to join discussion
NEM INSURANCE NEM INSURANCE NEM INSURANCE
  • Trending
  • Comments
  • Latest
Loss Adjusters Receive Charge To Match Speed Of New Developments

Loss Adjusters Receive Charge To Match Speed Of New Developments

April 27, 2024
tope smart NIA former chairman

Insurance Milestone: A Beacon To Follow

April 3, 2022
Custodian Investment To Acquire 51% Stake In UACN Property

Penetration: Operators Call For Insurance-In-Action

November 2, 2022
NCRIB And Universal In Pictures

NCRIB And Universal In Pictures

May 4, 2024
Reinsurance Rates May Increase Into 2022, But Momentum To Wane: Fitch

Reinsurance Rates May Increase Into 2022, But Momentum To Wane: Fitch

April 13, 2021
ncrib logo

NCRIB Sets The Stage For Adaramola’s Tenure

June 7, 2023
Preferred PenCom Logo

PenCom Board Crafted To Hedge Setback

February 1, 2021
Linkage Assurance Aligns With Brokers For Growth

Linkage Assurance Aligns With Brokers For Growth

December 6, 2021
PTAD Wipes 21,227 Parastatals Pensioners From Payroll

PTAD Wipes 21,227 Parastatals Pensioners From Payroll

January 31, 2021
Preferred PenCom Logo

PenCom Board Back-To-Work Pass, Gets Tick Over

May 4, 2025
Anchor MD Loses Father

Anchor MD Loses Father

2
Regulators Clear Guinea Insurance  For Private Placement

Regulators Clear Guinea Insurance For Private Placement

2
NAICOM Helmsman Thomas Leads African Insurance Supervisory Authorities

NAICOM Inaugurates Discount Rate Committee To Ease Insurance Contracts Under IFRS 17

2
Insurance Mastercard Joe Irukwu Passes On

Insurance Mastercard Joe Irukwu Passes On

2
AIICO Head office

Car Insurance Takes A New Turn With AIICO, ETAP ‘Redefine Partnership’

2
Authenticity Of Motor Policy, Technology Crowns Policyholders Verifying Partners

Authenticity Of Motor Policy, Technology Crowns Policyholders Verifying Partners

2
NAICOM Helmsman Thomas Leads African Insurance Supervisory Authorities

NAICOM Helmsman Thomas Leads African Insurance Supervisory Authorities

2
Ebere Nwoji Makes It Back To Back As 2023 Print Media Reporter

Ebere Nwoji Makes It Back To Back As 2023 Print Media Reporter

2
Loss Adjusters Receive Charge To Match Speed Of New Developments

Loss Adjusters Receive Charge To Match Speed Of New Developments

2
NAICOM Helmsman Thomas Leads African Insurance Supervisory Authorities

Federal Government & NAICOM Working On New Guidelines For Insuring Government Assets

2
Leadway Group Nurtures 33 Young Talents to Transform Nigeria’s Tech Pool

Leadway Group Nurtures 33 Young Talents to Transform Nigeria’s Tech Pool

September 1, 2025
Fintechs Can Turn Challenges to Opportunities But Not Until They Upgrade Their Domain in Independent Silos To Connected Wallets – Economy Expert

Fintechs Can Turn Challenges to Opportunities But Not Until They Upgrade Their Domain in Independent Silos To Connected Wallets – Economy Expert

September 1, 2025
SanlamAllianz, Leadway Others Hold IMT 4.0 High

SanlamAllianz, Leadway Others Hold IMT 4.0 High

August 30, 2025
PenOp

Jolted by Global Prevalence of Liver Disease PenOp Hosts Session on Damage, Prevention and Management

August 29, 2025
Preferred PenCom Logo

PenCom Expresses Concern Over Absence of Balanced Growth in Expansion of Micro Pension Plan

August 29, 2025
CAC Pledges Smooth Transition For 12Month Insurance Industry Recapitalization Timeline

CAC Pledges Smooth Transition For 12Month Insurance Industry Recapitalization Timeline

August 27, 2025
West Africa Insurance Market Prepares For Climate Change Risks at Upcoming Nigeria WAICA 2025 Education Confab

West Africa Insurance Market Prepares For Climate Change Risks at Upcoming Nigeria WAICA 2025 Education Confab

August 26, 2025
Buyer Power Grows Ahead of 2026 Reinsurance Renewals

Buyer Power Grows Ahead of 2026 Reinsurance Renewals

August 25, 2025
Financial Stability: Insurance Uniqueness Makes Contribution to Economy And Society Broad, Exceptional

Financial Stability: Insurance Uniqueness Makes Contribution to Economy And Society Broad, Exceptional

August 25, 2025
IMT 4.0 Conference Secures NIA Chairman Speaking Participation

IMT 4.0 Conference Secures NIA Chairman Speaking Participation

August 22, 2025
ADVERTISEMENT

Recent News

Leadway Group Nurtures 33 Young Talents to Transform Nigeria’s Tech Pool

Leadway Group Nurtures 33 Young Talents to Transform Nigeria’s Tech Pool

September 1, 2025
Fintechs Can Turn Challenges to Opportunities But Not Until They Upgrade Their Domain in Independent Silos To Connected Wallets – Economy Expert

Fintechs Can Turn Challenges to Opportunities But Not Until They Upgrade Their Domain in Independent Silos To Connected Wallets – Economy Expert

September 1, 2025
SanlamAllianz, Leadway Others Hold IMT 4.0 High

SanlamAllianz, Leadway Others Hold IMT 4.0 High

August 30, 2025
PenOp

Jolted by Global Prevalence of Liver Disease PenOp Hosts Session on Damage, Prevention and Management

August 29, 2025
Preferred PenCom Logo

PenCom Expresses Concern Over Absence of Balanced Growth in Expansion of Micro Pension Plan

August 29, 2025
CAC Pledges Smooth Transition For 12Month Insurance Industry Recapitalization Timeline

CAC Pledges Smooth Transition For 12Month Insurance Industry Recapitalization Timeline

August 27, 2025
West Africa Insurance Market Prepares For Climate Change Risks at Upcoming Nigeria WAICA 2025 Education Confab

West Africa Insurance Market Prepares For Climate Change Risks at Upcoming Nigeria WAICA 2025 Education Confab

August 26, 2025
Buyer Power Grows Ahead of 2026 Reinsurance Renewals

Buyer Power Grows Ahead of 2026 Reinsurance Renewals

August 25, 2025
Financial Stability: Insurance Uniqueness Makes Contribution to Economy And Society Broad, Exceptional

Financial Stability: Insurance Uniqueness Makes Contribution to Economy And Society Broad, Exceptional

August 25, 2025
IMT 4.0 Conference Secures NIA Chairman Speaking Participation

IMT 4.0 Conference Secures NIA Chairman Speaking Participation

August 22, 2025
NAICOM logo

NAICOM Launches Allcomers Enhanced Website For Transparency and Efficiency

August 21, 2025
NAICOM, Nigeria Police Swing Into Action Raid Suspects over Sale of Fake Motor Insurance Policies

NAICOM, Nigeria Police Swing Into Action Raid Suspects over Sale of Fake Motor Insurance Policies

August 20, 2025
NAICOM Driven Insurance Sector Reform Gets SEC Revolving Endorsement

NAICOM Driven Insurance Sector Reform Gets SEC Revolving Endorsement

August 19, 2025
PenCom DG, Kogi Governor Make Commitments to Improve Workers And Retirees Welfare

PenCom DG, Kogi Governor Make Commitments to Improve Workers And Retirees Welfare

August 18, 2025
NEM Insurance NEM Insurance NEM Insurance
Business Post

We connect brands with buyers and sellers of insurance, pension and also project insurance and allied Businesses to the trending generation. We help the various public to adapt to the constant changes as it would impact, and also enable advertisers to connect, engage and target opportunities on line , in print and in person.

Browse by Category

  • Business Unlimited
  • Feature
  • Insurance
  • News
  • OIL & ENERGY
  • Pension
  • Travel
  • Uncategorized

Recent News

Leadway Group Nurtures 33 Young Talents to Transform Nigeria’s Tech Pool

Leadway Group Nurtures 33 Young Talents to Transform Nigeria’s Tech Pool

September 1, 2025
Fintechs Can Turn Challenges to Opportunities But Not Until They Upgrade Their Domain in Independent Silos To Connected Wallets – Economy Expert

Fintechs Can Turn Challenges to Opportunities But Not Until They Upgrade Their Domain in Independent Silos To Connected Wallets – Economy Expert

September 1, 2025
  • About
  • Advertise
  • Privacy & Policy
  • Contact

© 2023 BusinessPost

No Result
View All Result
  • Home
  • Insurance
  • Business Unlimited
  • OIL & ENERGY
  • Feature
  • News
  • Contact Us
  • About
  • Advertise
  • Privacy & Policy

© 2023 BusinessPost

Welcome Back!

Login to your account below

Forgotten Password?

Create New Account!

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In