BY NKECHI NAECHE- ESEZOBOR— AIICO Insurance PLC said that it is targeting to achieve N66.1 billion Gross written premium (GWP) for the second quarter ending 30th June, 2024.
The insurer disclosed this in its earnings forecast for the six months ending 30th, June, 2024 released on the floor of Nigeria Exchange Limited, (NGX), the insurance firm also projected N40.3 billion as insurance revenue.
It further projected a Non-Life business at rate of 33.4% of the stated GWP while the Ordinary Life, Group Life and Annuity businesses represent 42.1%, 9.4% and 15.1% respectively.
Investment income, according to the company will be largely driven by it’s bond investments and it’s investment in other financial assets.
The notice added that ” following non cash transactions were included in the Statement of Profit or Loss and Other comprehensive income: depreciation of Non-current asset in line with the Group’s policy; amortization of intangible assets and Net fair value gain/loss on financial assets.
The company said that the difference in other expenses is due to the omission of attributable overheads in insurance service expense in 2023.
According to the insurer this results in insurance service expense for 2023 being understated and other expenses being overstated.
Under IFRS 17, overheads which are directly attributable to insurance service are classified under insurance service expenses. Non-attributable expenses are classified as “other expenses”.
