Finance

AIICO insurance grows gross written premium by 21% growth in H1

AIICO responds to misleading allegation of breach of contract

AIICO Insurance Plc has declared a gross premium growth of 21.4 per cent in the first half (H1) ended June 30, 2022.

The insurance company’s unaudited results released on the Nigerian Exchange (NGX) Limited showed that gross written premium rose to N45.5 billion from N37.481billion recorded in the corresponding period of 2021.

The increase arose from year-on-year increase of 39.4 per cent in General Insurance to N15.5 billion. Life Insurance premiums increased by 14.2 per cent y-o-y to N29.6 billion and underwriting income from its Health Maintenance Organization (HMO) increased by 31.4 per cent y-o-y to N599.9 million.

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Operating income in Asset Management declined by 9.5 per cent y-o-y to N697.6 million compared to N770.5 million in H1, 2021.

Profit before income tax from continuing operations increased by 146.9 per cent to N2.2 billion in H1 2022 as against N908.6 million in 2021. The company completed the sale of its stake in AIICO Pensions, recording a profit from discontinued operations of N2.9 billion. As a result, profit for the interim period rose by 51.4 per cent to N4.9 billion in H1 2022 compared N3.3 billion in H1, 2021.

Total assets of the company increased by 8.6 per cent to N241.6 billion as of H1 2022 as against full year, 2021 of N222.4 billion, driven mainly by a growth in cash and cash equivalents.

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Speaking on the results, the managing director and chief executive officer of AIICO Insurance, Babatunde Fajemirokun said: “our half year results are a testament to the resilience of our business model, our focus on creating products that our customers need to navigate uncertain periods in their lives and the trust that our customers have that we will be there when they need us. Every insurance policy we sell is a contract with our customers and a promise that we take very seriously.

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“For us at AIICO Insurance, all our efforts are geared towards ensuring that our customers can believe us when we say that we are here for the long haul, come rain or shine.”

Further analysis revealed that underwriting profit grew by 42.8 per cent to N1.98 billion in H1 2022 and investment and other income in the business also grew by 35.9 per cent to N835.3 million. Claims ratios also improved in H1 2022 verse H1 2021, claims ratios declined to 35.3 per cent from 49.5 per cent in 2021.

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