AIICO Insurance Plc has increased its Profit after Tax (PAT) from N3.2 billion in 2018 to N5.9 billion as at the end of the 2019 financial year. This represents an 88% growth. The insurance company’s gross written premiums for FY 2019 also increased by 33% from N37.7 billion in 2018 to N50.1 billion last year.
AIICO’s profit before tax (PBT) for the period under review stood at N6.2 billion, marking an increment of 78% compared to the N3.5 billion achieved in 2018. Its earnings per share (EPS) also increased by 89% from 44 kobo in 2018 to 83 kobo in 2019.
The company’s performance was predominantly driven by growth across all lines of business within the group. Chief Executive Officer, Babatunde Fajemirokun, explained that in the course of 2019, the company undertook a thorough review of its businesses with a clear aspiration to attain market leadership through profitable growth. Based on the progress made so far, he said:
“It is my belief that we are on course and have the right strategy in place to deliver even more sterling performance in the years ahead.
“In accordance with our commitment to the fulfilment of our obligations to our clients, gross claims grew by 6% from N29.0 billion in 2018 to N30.6 billion in 2019. From this amount, about 75% was for benefits and claims payment in our Life business with the remaining 25% incurred in the Non-Life business.”
AIICO’s profit before tax (PBT) for the period under review stood at N6.2 billion, marking an increment of 78% compared to the N3.5 billion achieved in 2018. Its earnings per share (EPS) also increased by 89% from 44 kobo in 2018 to 83 kobo in 2019.
The company’s performance was predominantly driven by growth across all lines of business within the group. Chief Executive Officer, Babatunde Fajemirokun, explained that in the course of 2019, the company undertook a thorough review of its businesses with a clear aspiration to attain market leadership through profitable growth. Based on the progress made so far, he said:
“It is my belief that we are on course and have the right strategy in place to deliver even more sterling performance in the years ahead.
“In accordance with our commitment to the fulfilment of our obligations to our clients, gross claims grew by 6% from N29.0 billion in 2018 to N30.6 billion in 2019. From this amount, about 75% was for benefits and claims payment in our Life business with the remaining 25% incurred in the Non-Life business.”