AIICO Insurance Plc has announced a gross written premium (GWP) of N45.5billion in the half year 2022, up by 21.4% compared with N37.481billion recorded within the same of in 2021. This was on the back of high inflation environment and currency devaluation.
Inflation rate increased to 18.60% as at end of June 2022, highest in 11 months due to increased food costs, supply chain disruptions, the depreciation of the naira, insecurity, and deteriorating infrastructure.
The growth in gross written premium was due to a y-o-y increase of 39.4% in General Insurance to N15.5 billion (H1 2021: N11.1 billion). Life Insurance premiums increased by 14.2% y-o-y to N29.6 billion (H1 2021: N25.9 billion) and underwriting income from our Health Maintenance Organization (HMO) increased by 31.4% y-o-y to N599.9 million (H1 2021: N456.4 million).
AIICO 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% to N4.9 billion in H1 2022 from N3.3 billion in H1 2021.
Accordingly, the company’s unaudited report obtained from the Nigerian Exchange Limited, shows that AIICO Insurance also earned gross premium income of N40.573 billion or 17.8% from N34.435 billion.