Capital

AIICO Insurance Targets N11.238 billion Profit In Q4, To Surpass Profit By 498%

Tunde Fajemirokun, MD/CEO Aiico Insurance Plc

BY NKECHI NAECHE-ESEZOBOR–Nigeria’s lead underwriter, AIICO Insurance Plc, said it hopes to surpass a profits forecast of N1.88 billion announced for Q1 2020 by 498 percent to N11.238 billion in fourth quarter (Q4), 2020.

The company released its earnings forecast for the fourth quarter ended 31st December, 2020 to the Nigerian Stock Exchange( NSE) and also projected a gross premium income N62.227 billion when compared to gross written premiums of N17.6 billion for first quarter of 2020.

AIICO Insurance at the end of the 2019 financial year was able to grow its Profit after Tax (PAT) from N3.2 billion in 2018 to N5.9 billion in 2019. This represents an 88% growth. The insurance company’s gross written premiums for FY 2019 also increased by 33% from N37.7 billion in 2018 to N50.1 billion last year.

AIICO’s profit before tax (PBT) for the period under review stood at N6.2 billion, marking an increment of 78% compared to the N3.5 billion achieved in 2018. Its earnings per share (EPS) also increased by 89% from 44 kobo in 2018 to 83 kobo in 2019.

The company’s performance was predominantly driven by growth across all lines of business within the group.

Following the approval to increase the authorized share capital of the company, AIICO’s shareholders’ equity increased by 92% from N14.5 billion in 2018 to N27.9 billion.

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