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)