AIICO Insurance Achieves a 22% Growth in Gross Written Premium reach ₦85m, Q3 2023

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AIICO Insurance PLC, a leading player in the insurance industry, has disclosed its unaudited interim condensed financial statements for the period ending on September 30, 2023. The results which were sighted on trading floor of the Nigerian Exchange (NGX) showcase remarkable performance, with substantial increases in key financial metrics.

Financial Highlights: The Group (Figures in thousands of naira)

  • Gross Written Premium: AIICO Insurance PLC reported a significant increase in gross written premium, reaching ₦85,137,765,000 for the third quarter of 2023, reflecting a 22% growth compared to ₦69,502,732,000 in the same period in 2022.
  • Insurance Revenue: The company achieved a remarkable growth in insurance revenue, posting ₦51,308,924,000, a 32% increase from ₦38,896,898,000 in the previous year’s third quarter.
  • Insurance Service Expense: Despite the increased revenue, the expenses related to insurance services also saw growth, totaling ₦43,935,076,000, indicating a 41% increase from the previous year.
  • Net Investment Income: AIICO Insurance PLC reported a substantial rise in net investment income before fair value changes, with a total of ₦23,630,246,000, representing a remarkable 91% increase from the previous year.
  • Profit After Tax from Discontinued Operations: The company demonstrated impressive financial performance, with a profit of ₦6,745,045,000 from discontinued operations, marking a substantial 182% increase from the previous year.
  • Total Comprehensive Income: The total comprehensive income for the period stood at ₦5,698,588,000, showing a notable 35% growth from ₦4,236,454,000 in the same period in 2022.
  • Total Other Comprehensive Income: While total comprehensive income showed substantial growth, total other comprehensive income/(loss) decreased by 45%, reaching ₦ (387,102,000).

AIICO Insurance PLC’s interim financial statements underscore its impressive financial performance and growth, demonstrating its robust position in the insurance industry. The company continues to deliver value to its stakeholders, showing strength and resilience in the ever-evolving financial landscape.

According to the record, these financial results underscore AIICO INSURANCE PLC’s strong performance in the insurance sector and reflect its commitment to delivering value to its stakeholders. The company’s ability to achieve substantial growth in various key financial metrics is a testament to its strategic focus and operational excellence.

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