AIICO Insurance Plc Records N4.5 Billion Profit

For the year ended December 31, 2022, AIICO Insurance Plc recorded a profit before income tax of N4.5 billion from N2.8 billion recorded in 2021.

This was disclosed in the firm’s unaudited results for the fiscal year ended December 31, 2022, released on the Nigerian Exchange (NGX) Limited.

The report showed that gross written premium grew from N71.6 billion it was in 2021, to N88.3 billion due to a year-on-year increase of 39.1 per cent in general insurance to N26.5 billion from N19 billion in 2021.

Life insurance premiums increased by 17.6 per cent to N61.1 billion compared to N51.9 billion in Q3, 2021 and underwriting income from its Health Maintenance Organization (HMO) increased 73.5 per cent Y-o-Y to N1.6 billion in 2022 from N950.6 million in 2021.

Operating income in asset management declined by 22.2 per cent to N1.5 billion from N1.87 billion in 2021. 

According to the company, improved underwriting performance in the insurance and health management businesses supported growth during the year compared to full year 2021, saying, in 2022, the company completed the sale of its stake in AIICO Pensions, recording a profit from discontinued operations to the tune of N2.9 billion.