BY NKECHI NAECHE-ESEZOBOR–Leading underwriter, AIICO Insurance Plc, has projected gross written premium growth of N19.938 billion as against N17.6 billion reported in first quarter of 2020.
The company while releasing its earnings forecast for the first quarter 2021 said Gross Written Premium projected for the first quarter 2021 is N19.94 billion representing 30% of 2021 full year budget; The Non-Life business represents 33% of the stated GWP while the Ordinary Life, Group Life and Annuity business represents 50%, 12% and 5% respectively; Investment income will be driven largely by the bond investments; Reinsurance expenses is projected at an average of 16% of Gross Written Premium and this is based on the projected Gross written premium.
The top insurer further projected N1.334 billion profit after tax as against N11.238 billion projection for Q4 2020.
The company further said it expects cash and cash equivalents at the end of the quarter to appreciate from N8.464 billion in same period in 2020 to N8.693 billion.
