AIICO Insurance plc started the year on an impressive note as the Nigeria insurer recorded one of the most impressive first quarter results based on data compiled by BusinessDay.
It means that the insurer is developing market penetrating products and also tapping into the immense opportunities in the Nigeria’s $510 billion economy.
For the first three months of the year, AIICO Insurance’s gross premium written rose by 51.13 percent to N8.81 billion, compared with N5.83 billion the same period in the corresponding year (Q1 2013).
The company’s under writing capacity was efficient as net premium income surged by 82.62 percent to N6.96 billion, as against N3.89 billion as of Q1 2014.
The insurer was able to translate the top-line performance to bottom-line growth as profit before tax (PBT) increased by 20.93 percent to N1.15 billion in Q1 2014, from N956.68 million as of Q1 2013.
Profit after tax (PAT) also followed the same growth trajectory as it jumped by 22.60 percent to N914.9 million, as against N746.3 billion as of Q1 2014.
Total underwriting expenses in the review period were up by 82.01 percent to N5.77 billion from N3.17 billion, as of Q1 2013.
In 2013, AIICO Insurance won the marketing magazine and marketing world award as the Insurance Brand of the year due to its underwriting excellent in Nigeria.
AIICO Insurance commenced operations in 1963, and became a public liability company in 1989. In 1990, the company got listed on the Nigerian Stock Exchange.
The company’s share price closed at N0.82 – July 8, 2014, on the floor of the exchange, while market capitalisation was N7.04 billion.
BALA AUGIE
