May 8 (Lagos) - AIICO Insurance Plc reported 2019 results that blew away analyst expectations with Premium income of N 50 billion up from N 37 billion in 2018.
Claims expenses rose slightly to N 25 billion in 2019 from N 23 billion in 2018.
Profit before tax rose by 78% to N 6.23 billion in 2019 from N 3.49 billion in 2018.
Shareholders funds of AIICO group rose to N 27.41 billion in 2019 from N 14.52 billion in 2018. Out of the increase N 5.28 billion is for new shares which will be issued for their investment in the Company's life Insurance development.
Shareholders will also be thinking about the dividend because this is a dividend stock as well and with eps of 83 kobo for the group, memories of the pre-2008 market crash would come rushing back. If you told people 12 years back that this stock will sell for 89 kobo 12 years after - they would have taken you for a joke.
Claims expenses rose slightly to N 25 billion in 2019 from N 23 billion in 2018.
Profit before tax rose by 78% to N 6.23 billion in 2019 from N 3.49 billion in 2018.
Shareholders funds of AIICO group rose to N 27.41 billion in 2019 from N 14.52 billion in 2018. Out of the increase N 5.28 billion is for new shares which will be issued for their investment in the Company's life Insurance development.
Shareholders will also be thinking about the dividend because this is a dividend stock as well and with eps of 83 kobo for the group, memories of the pre-2008 market crash would come rushing back. If you told people 12 years back that this stock will sell for 89 kobo 12 years after - they would have taken you for a joke.