AIICO Insurance PBT hits N3.39billion


By Alex C

AIICO Insurance plc has announced a Profit Before Tax (PBT) of N3.39billion for the nine months ended September 30, 2014, resulting in a 241 percent increase over N995millio recorded in the corresponding period of 2013.

The company’s profit after tax grew by 257 percent from N761million in Q3, 2013 to N2.7billion for the period under review.

Gross premium written for the period grew to N27.2billion representing 50 percent growth compared to N18.16bn, while underwriting profit increased by 98 percent from N2.1billion to N4.3billion. The company’s total assets for the Group also grew by 36 percent from N42bn in Q3, 2013 to N57bn in Q3 2014.

Edwin Igbiti, managing director/chief executive officer, AIICO plc, said that the company’s financial performance is evidence of the dexterity and dedication of its people, a customer centric culture and high corporate governance standards.

While also commenting on the 3rd quarter results, Babatunde Fajemirokun, the executive director, said “this is in line with the company’s FY 2014 objectives of strengthening our balance sheet and business model. The upturn in our net earnings is attributable to disciplined underwriting of risks in high-profit segments, improved operational efficiency and focus on value creation.”

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