Managing Director/Chief Executive Officer of AIICO Insurance Plc Mr. Babatunde Fajemirokun, AIICO says that the firm recorded Gross Written Premiums of N17.6 billion in its first quarter 2020, up by 23 per cent from first quarter of 2019 of N14.3 billion, its Managing Director/Chief Executive Officer, Mr. Babatunde Fajemirokun, has said.
According to him, the growth is driven by sustained positive performance across the major lines of business of the Group: retail and corporate and institutional businesses.
He said the Group also recorded a 24 per cent increase in Profit Before Tax (PBT) of N1.44 billion, compared to N1.17 billion in Q1 2019, while Profit after tax (PAT) grew by 129 per cent to N1.88 billion, compared to N0.82 billion attained in Q1 2019.
He said: “AIICO delivered excellent first quarter results, demonstrating the overall strength of our company and ability to continue to meet our obligations to stakeholders even in the face of the COVID-19 global pandemic. We are living in a period of uncharted waters and recognise the situation presents both challenges and opportunities. Our resilient business continuity plans and robust technology infrastructure ensured we remained operational throughout the lockdown period. We have rolled out additional digital channels for the convenience and safety of our customers, and our employees have embraced the Work-From-Home (WFH) concept – indeed this is the new normal.
“In light of these outcomes, we recorded strong growth in our retail life business, which grew by 34 per cent to N10.97 billion as against N8.2 billion in the previous quarter; and an increase of six per cent in our corporate and institutional business to N6.2 billion from N5.9 billion.”
‘’Within the period under review, the Group’s balance sheet improved with total assets growing by 11 per cent to N176 billion compared to N159 billion in December 2019. Shareholders’ funds, also rose by 0.28 per cent to N27.99 billion from N27.91 billion in December 2019