AIICO Insurance To Achieve N63 Billion Gross Premium In Q3 2022

AIICO Insurance Plc says that it has planned to achieve N63.33 billion gross written premium (GWP) for the third quarter ending September 2022.

According to the company's Forecast Profit and Loss Accounts Information for the Q3 earnings obtained from the Nigerian Exchange Limited (NGX) N2.99 billion has also been projected as profit after tax and N3.18 billion as profit before tax for the period.

 A total of N5.2 billion profit was also posted by the firm for the first quarter of the year 2022, which indicates a 441% increase from the N0.96 billion it reported same period last year.

Despite the increase in the general prices of goods and services the company, the company increased its other expenses by over 100% during the period.

In the first quarter of 2022,  AIICO Insurance saw its Gross premium written valued at N25 billion in the first quarter of 2022, which is 25% high compared to the N20 billion in the same period in 2021, while its gross premium income was also recorded an increase of 17% to N20 billion from N17 billion in the first quarter of last year.

In the first quarter of 2022, the net premium income for the period of study was valued at N17 billion, which reflects a 19% increase from N14 billion in the early months of last year.

There was a slight increase of 1% in claim expenses last year, which amount increased to N11 billion from N10.98 billion as the year 2022 continues to be a recovery year for the insurer.

However, the company sustained an underwriting loss of N0.287 against the profit of N27.7 billion in the first quarter of 2022.

Investment and other loss income stood at N4.6 million in the first months of the year, signalling a 119% rebound from the N23 billion loss last year.

Other expenses rose to N5.8 billion in the first quarter of 2022 from N2.8 billion.