AIICO Insurance grows by 12% to N20.7bn

Underwriting firm, AIICO Insurance Plc has achieved a 12 percent growth in gross premium written from N18.4 billion in 2011 to N20.7 billion in 2012, while its gross premium income also grew by 12 percent from N14.7 billion in 2011 to N16.5 billion in 2012.
Oladele Fajemirokun, the company’s chairman, who disclosed this during the 43rd annual general meeting of the company held in Lagos, also informed the shareholders that the underwriting profit grew by 23 percent from N2.92 billion in 2011 to N3.59 billion in 2012. The annual meeting coincides with the golden jubilee anniversary of the insurance company, having been established in 1963.
“Our investment and other income recorded a 140 percent increase from N1.5 billion in 2011 to N3.6 billion in 2012. Our shareholders’ fund recorded a 17 percent growth from N9.9 billion in 2011 to N11.5 billion in 2012, while total assets for the company increased by 22 percent from N28.55 billion in 2011 to N34.87 billion in 2012,” he noted.
He explained that “the key drivers behind the financial success were our focused growth plan and a culture of high performance. In the years ahead, we are committed to a realignment of strategies in order to harness and optimise emerging opportunities in the market. We are not unmindful of the future challenges and the difficult terrain, but we will be diligent in strategy execution, continue to invest in new business growth, improve in our persistency and optimise technology utilisation in our operations.”
The company will continue to utilise the value chain of its traditional strength in retail business to impact other areas of its operations, Fajemirokun added, saying “the market we operate in is full of opportunities and this gives us confidence and salutary reminder of a bright future.”
Meanwhile, the shareholders at the yearly meeting approved the payment of N554, 416,358.40 as dividend for the financial year ending December 31, 2012, representing eight kobo per ordinary share of 50 kobo each.
Looking ahead, the company’s strategic outlook is to continue to deliver value to its stakeholders, the AIICO boss stated, noting that the organisation will engage its full force to ensure a significant improvement across all areas of its businesses, with maximum focus on revenue generation and optimisation.
The underwriting firm will continue to embrace change and new ideas when these are beneficial to the company’s ongoing evolution, he said, stressing that “we will push ahead with passion for significant top-line growth and for maintaining our market leadership in our traditional lines as well as in emerging retail markets, driving profitability with new products, symbiotic strategic alliances that will bring value to our numerous policy holders, brokers and our agency field-force.”